Transcript:
Chuck:
Can you give us some tips? What are some of the best tips that you can have when it comes to that social media content and what needs to be put out there versus what's the noise?
Olivia:
Absolutely. So I've gone through ebbs and flows with many different clients throughout the years, and the biggest piece of advice I always tell everyone is don't just publish for the sake of publishing. Right? So I know we all want to honor our employees by saying happy work, a versary or a birthday anniversary. Congratulations on your new dog, things like that.
But it's not going to drive business. At the end of the day, you have to remember you're talking to your clients and your customers and trying to attract new business. So maybe hold off on the minor holidays, happy flag days every once in a while. It's still totally fine to include that in your social media mix, but making sure that you're aligning with your internal goals, right?
So if you really want to publish one service, push one area of your business throughout that quarter. Schedule some posts around that. If you have any active promotions around it, and always make sure that those posts are clear to read. They have a call to action to them, whether it's saying, you know, reach out and call us today with your phone number or including a link to a specific landing page that you want people to go to to take advantage of that promotion kind of copy what you're doing in other spaces to make sure that it's showing up on all the different platforms.
It would be my biggest tip.
Chuck:
How important, though, you know, again, in this service space that we are in, how important would it be to least throw a little bit of that personal touch versus just constantly throwing out the, I'll say, the corporate stuff?
Olivia:
I think it's important to have a good mix, right? So if you're copying what everyone else is doing, you're not going to stand out in the space. But making sure that your posts are visually engaging and different from others, whether it's your specific branding or a different design style you can curate. This is what I love about social media.
This is what I love about social media as well as you can change it up and mix in so many different ways to attract to different audiences. So if you want to get a younger demographic, it can look a lot different. Or if you just want to do text only, you can do text only and keep it simple.
But incorporating a good mix of humor and old business strictly business promotions, things that are relevant like participating and active trends and means that are going on that will fit to your business is a great way to stand out.
Chuck:
Awesome. Thank you Olivia.
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to FUEL VM.
Transcript
Chuck:
Hi, my name is Chuck Gillespie. I'm with the Indiana Plumbing, Heating and Cooling contractors. I am here with Olivia Canter to Fuel VM. Olivia, tell us a little bit about yourself.
Olivia:
Hi, I am Olivia Canter. I started in the digital marketing space many moons ago, specifically in social media and social media management. Now I do a lot more project management, but I'm still very involved in the digital space and we're always trying to help our clients figure out how to optimize their online presence and strategy and grow their business through outreach.
Chuck:
So speaking of growing your business, you know, one of the things in this very competitive environment in the plumbing, heating and cooling space, you know, one of the things we got to make sure we do is, you know, how do how do those consumers find our members? How do they find that person? What are some of the best ways to do that?
Olivia:
So there are a bunch of different things I could recommend, but starting with Google, you want to make sure that your Google business profile is accurate and up to date. They've changed it so many in so many different ways over the years to make it easier to do business with your customers, whether you're promoting a special that you're doing right now, or simply just listing your website and contact information, that should be the bare minimum.
But beyond that, the more active you are on Google, the more visible you'll be in the space. And on the social media side, just making sure that you have, again, correct contact information on every platform that you're responding to inquiries and that you're active because these search engines and platforms want you to use them and be involved. And it also shows your customer that you are involved and you're listening and you're there to help.
Chuck:
So when we talk about that, really it starts with that Google business profile. And that's pretty simple to put it together. Unless you actually want to change the address in fact, in Indiana PHCC. I'm struggling with that right now with our with our address change. But that is that is just step one, right? I mean, that's the absolute minimum you need to be doing.
How easy is that to do.
Olivia:
It's pretty simple. As long as you have someone with administrative access, they are able to go in, depending on what you're trying to ask them to do, whether it's verify an address that can change in severity of how many support tickets and wait times you have to handle in between there. But assigning a profile image or adding contact information, there's a wealth of knowledge within Google itself.
You can Google how to do something on Google, and it will immediately show you the results. But as far as setup and location management, they make it incredibly easy. As long as you have a Gmail account or an email account associated with the business, you should be able to log on in and update. Quite simply.
Chuck:
Awesome! Olivia, thank you for your time today.
Olivia:
You're so welcome.
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to FUEL VM.
Transcript
Chuck:
How can we really bring more value to each and every one of you as members of Indiana, PHCC, and as I've talked to you and Andrew Curtis here with FuelVM is has been a marketing and branding.
How long have you been in business now? About 25 years.
Andrew:
23 this year?
Chuck:
Yeah, yeah. So 23 years. But I have actually worked with Andrew for probably 20 of those 23 myself in various previous organizations, as well as one on one with some, some entrepreneurial stuff that we had, worked on together. So this is definitely somebody I truly trust. And I think that's very important for you as a marketing person to find that marketing people that are doing that.
But we've really got to be looking at this from all different angles of our of our business model. And one of the things I want to do is bring this to the table. I ran podcast at my previous organization. We were getting three or 4 or 500 people coming to our podcasts. They were 35 to 45 to sometimes an hour long.
I understand we don't have those kind of time. So we're really looking at doing this in a 1 to 2 minute, maybe three minute at the most, kind of, avenue. And, and so I wanted to bring to you, you know, this opportunity, but it's also to encourage, you know, those those other members of ours, our associate members, our sponsors and other vendors to really understand that this is something we want to bring to you.
And they we want you to be in this seat that Andrew sitting in right now. So, Andrew, kind of talk to us. Why is this such a great idea and a great opportunity?
Andrew:
Number one, thanks for letting me sit here, frankly, yes.
Chuck:
By the way, fuel is going to be our, our corporate sponsor for this and, doing all the work for us, so it's been wonderful.
Andrew:
Thank you. It look it at a high level. I've had a chance to work within the industry. I've worked with, several, plumbing companies. And so it wasn't just knowing the industry, but frankly, looking at, you as the standard bearer and that you're doing what's,
I think what's interesting is that you have so many companies that could help provide value to your members. And the. You have to make sure that those companies have your members best interests at heart before you're going to choose to invite them to the table.
Yes. And, you know, look, the entire reason that I'm sitting here is that you were kind enough to to invite us, but but we have had a chance to have industry experience and and to understand we just want to be able to share that information with your members because it's advantageous to them. And I think it's really exciting that you can get other corporate members who are willing to come in and say, hey, we can give advice and we can give value to your membership.
And frankly, that's all going to be vetted and be nothing but an advantage to your members.
Chuck:
Yep. And we brought this idea to the executive committee of the board of directors for the, Indiana PHCC. And they're really excited about the idea because it's something else that we're going to be adding to this as we go on is not only great knowledge like this, we're going to be going into various other areas, you know, probably getting into artificial intelligence.
Obviously, you know, a lot of the latest trends, a lot of the latest, you know, products and manufacturing, items that are coming onto the, onto the under the scene, you know, sales, the whole gamut of everything that we're trying to do. So this isn't just going to be a onesie Tuesi thing. It's going to be something that we're going to be moving beyond this.
Now, it may not sound as great as this one because most of them are probably going to be over zoom. But at the same time, you know, it's good that we actually have this space. And if you ever do come to our offices at launch fishers, we can actually set this up and and do it in this, podcast room that we're working in right now.But at the same time, I'm excited about it because, again, brings the value to you, but it also brings the value to our associate members, our sponsors, those folks that really are helping us in and bringing the whole industry up and raising the tide of the entire organizations and the entire profession.
Andrew:
Well, and I've had a chance to see, even before you were associated with, you see, with, with being able to see the, the, the state meeting that you would have here, that was hosted at launch. And it was always interesting to me to be able to see the, the, the wide gamut of, trucks and nameplates and logos that were in the, in the parking lot. And you go, look, there is something here about people that are interested in improving their industry. And I think that's just coming from your membership. But I think this is just that next step of saying what corporate partners and what other areas, of, professional development or support, do your members need?
Chuck:
So we hope you enjoy these. We will we will do them as long as there's interest and, very excited about bringing you not only information from fuel, visual media and Fuel VM, but also from various other industry, corporates and and and looking forward to seeing what you guys have to say about it. Thanks. Have a good rest your day.
Andrew:
Thank you.
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to Andrew / FUEL VM.
Transcript
Chuck:
Hi. Chuck Gillespie and plumbing, heating and cooling contractors. I'm here with Andrew Curtis again. Andrew, you know, we, earlier we, I had a conversation with Olivia Canter from your company, and we talked about a checklist that you might want to go through, kind of that I'll say it this way. That 100 level checklist kind of walk us through. What do you think are those checklist items that you absolutely need to be thinking about and doing.
Andrew:
When you're talking about a regional business? The end goal is, is that you are able to be found, in your local or regional market
Chuck:
And let me let. Me jump in here real quick, give a identification of what regional is. You think it's a ten mile, 20 mile?
Andrew:
If, let's get real nerdy, we'll get into the checklist in a minute, but but I think you're really taking your street address wherever Google thinks you exist, and then draw about a ten mile ring in every direction. And that's what I would consider a regional area. Okay. When you start thinking about from a Google business profile perspective, okay.
Chuck:
Just want to give everybody an idea of what that was. Let's jump into the checklist.
Andrew:
So, in no particular order, your Google business, profile needs to be completed. And whenever you use that content, it always needs to be completed in the same way. So if you, have your street address abbreviated one way on your Google business profile, it should be consistent on your website and throughout. I think for the regional business, Facebook is an absolute.
Instagram is an absolute. LinkedIn is an absolute, profile and X are absolute. So I would say those along with Google, I would say you need to have at least, 25 star reviews, in hand. You need to have some sort of, mechanism to solicit for positive reviews, not just all reviews, because that can get you in trouble.
But that's that's a different discussion someday. You need to have, an SEO rich website that does a clear job of, being a sales funnel for you. You need to have a plan in place to be able to do some level of social media content, either on a weekly or a monthly basis, not necessarily daily. That's just overkill. You need to have some sort of video element so that you are touching out on the search engines. For YouTube, that's the second largest search engine in the world, and we don't think of it as a search engine. So you want something that's simple? And then I would say you have to have some sort of ad plan.
So, when you think about, search engine marketing, either, Google, Google Display ads or Google Text ads, you can get out into much more aggressive areas, you know, again, TV and radio and streaming video. I would almost say that's not quite on the checklist. But you do need to have something that is a lead generator.
And we can even talk about the Angie's lists and the, the Google guaranteed, aspects of things if you want to get into 200 level. But I would probably say that's your, base, except I did forget one very important part, which is basically your brand. You have to know who your audience is and how you're going to go talk to them and what you are in the market.
Chuck:
Yep. And part of that brand is PHCC, and how we might be and again, goes back to that conversation we had earlier about integrating them both together so that we can raise the tide for everybody. And then your brand is raised above that with everything else that you're doing beyond what everybody else is doing.
Andrew:
Anything you can do to gain the that competitive advantage and, and be able to cut through the noise with an audience and become credible. You can't execute a sale until you're credible. There's just an element to that. That, is an immutable, force of nature.
Chuck:
Without a doubt. Andrew. Thank you.
Andrew:
Thanks, Chuck.
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to Andrew / FUEL VM.
Transcript
Chuck:
Hi. Chuck Gillespie, Indiana Plumbing, Heating and cooling contractors here again with Andrew Curtis. Andrew, you know, last time we talked we talked a lot about the industry standards. And that was kind of the terminology that really jumped out in what was going on. One of the industry standards we're actually getting launched to here in 2025 is the Indiana safety recognition program.
It's going to be something that all Indiana PHHC members, contractor members can take at no cost to them. And it whether you're a solopreneur or you are a multi level organization that has thousands of employees, every single person can, take the survey and get that recognition if they meet the standards that we need. As those folks that get that as they, when they, when they receive that award, how do you see the best way to market that for them to use as a differentiator in the market?
Andrew:
The thing that's interesting is that, the the concept of this is not necessarily new. What's new is your application for it very specifically to Indiana. But you've you've seen other successful versions of this, like with, labs or with Good Housekeeping Seal or.
Chuck:
Angie's List
Andrew:
List, Angie's List, great example, great example. And so much of it is just building credibility. It's, not to get real nerdy about the physiology of it, but, consumers, we are lazy thinkers. And the less that a consumer has to think, the quicker they're going to get to the decision. And if you create a version where you say, hey, here's a level of excellence and here is a level of trust, and that this is a way to do that, you are bypassing a lot of that, you know, no nos that come with it. And all of a sudden you get to a yes. And when you're talking about the speed at which somebody is choosing, a vendor, or a contractor in this case, especially for, you know, direct-to-consumer business, any, cheat code you can have is incredibly important. So and it becomes a self-fulfilling prophecy.
You, as an industry advocate, talk about the importance of this and that the public sees it. Then you as the contractor, leverage it. And because it is a point of differentiation and a point of strength for you and a point of credibility with your clients. So, it actually starts to build up from both ends.
But it should be something, you know, again, it's the Good Housekeeping seal.
Chuck:
But, at the same time, even if you're pulling up your van with, you know, onto a, onto a commercial or an industrial construction site, and that sticker sitting on the side of that van that says, you know, 2025 Indiana Safety Award winner, that project manager is going to be pretty excited because they're saying, this guy is going to be a less chance of workman's comp than we probably have otherwise.
So even that credibility at the B2B level is also something that we can really be able to use in this space as well.
Andrew:
Well, and even thinking about the individual contractor who's rolling up in the truck, you know, some of your, your members have, many, many employees. Well, in a lot of ways they may not know, Mike, who's coming up to represent your company because they've always worked with Ed, you know, over here, and, and the fact that they both have that level of credibility, they both have that seal of approval, the speed and the trust that that can ten can be a cheat code out in the market.
Could be a huge, huge advantage.
Chuck:
Awesome. Andrew, thank you very much.
Andrew:
Thanks Chuck
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to Andrew / FUEL VM.
Transcript:
Chuck:
Chuck Gillespie, Indiana Plumbing, Heating and cooling contractors. I'm here again with Andrew Curtis. Andrew. Well, last time we talked about it, we talked a little bit about that integration of using the, you know, you're you're you're you're shifting of competition as well as the, need for recruiting and retention. But let's talk a little bit about being a PHCC member versus a non PHCC member.
And how can we collectively integrate marketing so that PHCC we can rise everybody above the tide. And then our members can simply rise themselves above that.
Andrew:
The, the the thing that's so interesting. And I have this chart I've drawn for clients for, for just years and years and years, and it's about credibility and that you can't execute a sale until you're credible. Your members are being asked by clients to walk into their home. And, for argument's sake, let's say that they had trucks that actually had like, black Sharpie pen, phone numbers in their names written on the sides of their trucks.
You know, how credible would you be rolling down the highway? Now, that sounds absurd, but I've actually seen it. Yeah. Not going to lie?
Chuck:
No. And, you'll hear. You'll hear our members say that a lot. You know, that's why, you know, you see our members trucks, most of them look beautiful.
Andrew:
And a lot of that just speaks to credibility. I mean, you have to be able to have, clients who actually trust in you. And one of the things and that's really where, you being an industry standard in your membership, having an industry standard and saying, look, we are we are guaranteeing that we have a certain level of, success, a certain level of trust, a certain level of expertise by being associated with, IPHCC so that's a, an automatic given.
So you automatically, by being a member. Hey, you are telling the consumers you have a level of, competence that isn't necessarily going to be, with the, the Sharpie marker, trucks. Now, what happens above that? That's where you get into the traditional, competitive battles in marketing. And I think that's where, you know, we've kind of talked about, some of the concepts before of differentiation or not.
And that battle for customers is just important as the battle for talent and how marketing has become, one, one spear to fight both battles. It it's even for the small business. It's become, so, so, so important to make sure that you understand, how complicated it is.
Chuck:
Andrew, thank you very much.
Andrew:
Thanks, Chuck.
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to Andrew / FUEL VM.
Transcript
Chuck:
Again, Chuck Gillespie into plumbing, Heating and Cooling Contractors Association. I'm here again with Andrew Curtis. Andrew, last time we talked, we talked about this integrated marketing philosophy. And we kind of got into the big 30,000ft viewpoint. Let's break into some very specific pieces. One of the areas that we're really working on is how do we make sure that we differentiate ourselves from the competition, but how do we also help influence people interested in getting into this profession?
So talk about how we might be able to integrate marketing for both changing our, you know, getting our getting ourselves as the competition, but also helping people understand that this has got a great career opportunity.
Andrew:
So, they are kind of two subjects. Let's start with the differentiation. First, something very strange has happened in American marketing in the last ten years where we have gone from being, everybody wanted to be disruptive, and we had to do everything we possibly could to stand out to. Now, you were seeing trends where companies almost want to get into alignment with their competitors and somehow think that that is what is going to lead to dollars because it is the idea being, hey, if I look like I'm part of the industry, then that equals credibility.
The problem is, is that if you look like the lead dog, you never get to be the lead dog. And it just totally ignores so much consumer behavior. So the concept of differentiation in marketing and brand message and everything else still stands. It's just so bizarre to see it happen in the real world right now.
But the second part of your question that I think is really important is when you start talking about, really a concept of talent acquisition and recruiting people to be a part of the industry and being an advocate for the industry, which is really what your role is, is incredibly important. When you say, hey, I am credible and, you know, you have your Good Housekeeping seal or your IPHCC on the side of your truck, that becomes a huge step in credibility.
But when we start talking about talent acquisition, you should be the governor of credibility for your industry. But the specific company that you're talking about has to be able to stand on your own two feet. I've worked with plenty of companies where we were actually doing marketing work, only for talent acquisition. It was really strange to worked in an industry where they couldn't recruit talent because the talent didn't know who they were because they were working in a B2B industry. In a lot of ways, your members are going to run into the same thing. if they look alike, if they're all using the same marketing playbook, you know, what are you using to differentiate yourself with talent that you're trying to recruit? And it's a complicated subject, frankly.
Chuck:
Yeah. And anybody that needs a sticker for the side of their vans, I got plenty of them. So just give me a call. Andrew, thank you very much.
Andrew:
Thanks
PS: If any PHCC members need any assistance with brand, web or (digital) marketing, I’d be happy to introduce you to Andrew / FUEL VM.
Indiana’s PHCC is constantly looking for ways to provide something new / better / different for our members. So have built a series of “short-attention-span-theatre” videos to cover topics to improve our members’ businesses.
Our first series of these videos are with FUEL VM (fuelvm.com) who has been a trusted business collaborator of mine for years. FUEL VM is a digital marketing agency based out of Fishers IN with extensive digital marketing experience (specifically with plumbing). They were kind enough to share some knowledge to support our members.
Transcript
Chuck:
Hi, I'm Chuck Gillespie with the Indiana Plumbing, Heating, and Cooling Contractors. I am here with Andrew Curtis, from FuelVM. I've actually worked with Andrew for almost 20 years now. He is the founder of Fuel, and, really has been able to help us in a lot of ways, especially working with our new website that you've seen. He's done the Greater Indianapolis website as well. Andrew, you know, when it comes to that marketing and branding piece, you know, we really want to get into this area we call integrated marketing. Tell me what integrated marketing is.
Andrew:
So in, yesteryear, when you would have a, Yellow Pages ad, the whole point of marketing was, hey, I have a visibility and all of a sudden I can, be able to have a consumer just, dial in your phone number. And that was it. The world is just so complicated and so much so, so different now, and layered, even for the regional business. So now it's, hey, I have to have my Google, Google business profile. And oh, by the way, I have to have reviews, and I have to have social media, and I have to have digital ads and again and then, oh, by the way, that's all going to come down to your website, which is your sales funnel, and then you have, a CRM and you have your follow up to it. The thing is, it's ironic because the world has gotten much faster, but it's created more layers of complexity for the regional and small businesses. But it doesn't have to be scary, but you just have to be aware of all of the pieces and the importance of them.
And so when we say integrated marketing, it's more it's thinking about marketing as more of a relay race. As opposed to before, it was a one or a zero. Am I visible? And I get somebody to call me versus now the consumer has to be able to go qualify you and decide whether you're credible or not.
Chuck:
When it comes to, you know, our membership, we have folks that are one-horse operations all the way up to companies with 12 hundred or 15 hundred, you know, multiple, you know, thousands of employees. What would you say are the 1 or 2 things in this integrated marketing piece that we need to just start with, start with?
Andrew:
I would argue every business really needs to just go through a checklist and there's probably 10 or 12 things on that checklist. And frankly, it would probably bore you to death to to go do this. I am going to say you need to have a, a valid social media profile and a valid website which can execute whether somebody can do business with you and become a lead.
Until those two kinds of areas, and unfortunately, I'm kind of cheating because frankly, when you start talking about social outlets, LinkedIn and Instagram, Facebook, you know, X I mean, those are probably the four biggest ones that I would worry about from a regional perspective. But even thinking about how important all of those are because there's certain user types that are just there.
When you start thinking about it, just age demographics, the social media platforms, are dictated by age groups. Their banding is huge, depending upon which platform you're on. So, so it's kind of interesting because I didn't answer your question, but part of it is your audiences are so complicated.
Chuck:
Yeah, and that makes sense. Andrew. Thank you.
Andrew:
Thanks, Chuck.
PS: FUEL VM built the new INPHCC.com site and GHPHCC.org sites in the past year. If you need any assistance with brand, web or digital marketing, I’d be happy to introduce you.
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Private-equity firms are spending millions of dollars to purchase HVAC, plumbing and electrical companies. Wall Street Journal reporter Te-Ping Chen joins host J.R. Whalen to discuss how it is boosting income for some skilled tradespeople as well as how it impacts services they provide to consumers.
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Source: The Millionaire Next Door Could Be Your Plumber
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
J.R. Whalen: Here's Your Money Briefing from Monday, October 14th. I'm J.R. Whalen for the Wall Street Journal. Private equity money isn't just for the heavy hitters on Wall Street. PE firms are pouring money into skilled trade small businesses, just like the ones in your neighborhood that employ plumbers and HVAC technicians.
Te-Ping Chen: One company that we spoke to that said the technicians at the businesses they acquire get roughly a 20% pay bump through an increase in both wages and bonuses and commissions.
J.R. Whalen: We'll talk with Wall Street Journal reporter Te-Ping Chen after the break. Private equity firms have purchased nearly 800 skilled trade companies since 2022. Wall Street Journal reporter Te-Ping Chen joins me. Te-Ping, some plumbers and HVAC workers are becoming millionaires as a result of private equity buying their businesses. Why are the PE groups doing this?
Te-Ping Chen: So private equity has made inroads in a lot of other industries where they're pursuing similar strategies of buying up these smaller companies and rolling them up into bigger entities. And so the skill trades to a lot of investors seem similarly ripe with opportunity. You're also talking about an industry where it's a lot of recurring, pretty predictable revenue, right? Air conditioners are going to break, boilers are going to need upgrades. And so if you're an investor looking for steady returns, there's a lot to like.
J.R. Whalen: How much are the firms paying for these small businesses?
Te-Ping Chen: It really does range. There are smaller operations that might be getting, say, a million dollar payout. And there are bigger ones that that would be getting eight figure payouts.
J.R. Whalen: Oh, wow. How is this transforming the careers of workers at these companies?
Te-Ping Chen: In a lot of different ways. And obviously there's many different sorts of experiences on the ground and many different kinds of investors that are going to bring different management styles. You do see some where workers complain that they feel like they're getting pushed more to become salespeople than doing repairs, having to upsell customers, et cetera. But you also speak to other workers who feel like they're working for more professionalized kinds of businesses, that as they grow bigger, they have more advancement opportunities and more managerial opportunities. And for owners, obviously there's a lot of upside. Plenty of owners are ambitious for their companies and want to be able to grow and expand their territories and bundle up new services or what have you. And private equity many times can bring the resources that makes that possible in ways that might not have been on their own, especially when they're trying to run a business and are pretty consumed with the day-to-day. There are also private equity firms that would say that their acquisitions end up benefiting the workers. And in some cases they can point to data showing that pay of the average technician does go up post-acquisition. There was one company that we spoke to that said the technicians at the businesses they acquire get roughly a 20% pay bump through an increase in both wages and bonuses and commissions. So depending on who you talk to, it's a mixed picture.
J.R. Whalen: Te-Ping, you were with us a few months ago talking about how there's a shortage of skilled tradespeople. How is this changing things?
Te-Ping Chen: There's a lot that's happening in the industry right now. We have spoken to some private equity companies who are doing things like increasing recruiting budgets and training budgets. So it's possible that some of these private equity-backed companies will be better positioned to help recruit workers. That's one possible outcome. But one other effect that owners we've spoken to have said is that this interest from private equity in some ways is validating almost for people in the skilled trades and maybe can be encouraging for folks too who are considering what path they want to take. Because look, it's not just as one owner in Florida who recently sold, said to us, "You're not just the plumber fixing the toilet. You're now a plumber fixing a toilet who has people from Wall Street courting you." And so that's validating, that's empowering. It's a sense of being seen.
J.R. Whalen: You spoke with the owner of a plumbing business in Arizona who was approached by a private equity-backed company. What was his experience?
Te-Ping Chen: His experience, like a lot of owners in the industry, was that getting a lot of potential investors interested in buying his company. And this has been happening for years now. And he, like many owners, resisted selling feeling like, "I don't want to sell to someone at a state who doesn't know my customers, doesn't know my people." And so he'd said no for a long time. And then he was finally approached by a local, bigger HVAC company that had recently been acquired by a private equity-backed home services firm. And at that point he said yes, because it was a great opportunity. Valuations have been high. It also was a buyer that he felt good about, this feeling that he wasn't just going to be purchased by someone out of state who had no roots. And also he liked the management style of this private equity firm that really places an emphasis on allowing owners to continue to have a big say in management, that still wanting them to keep major stakes in the company. And that kind of ethos and worldview in the end was what ended up being persuasive to him. And he's been happy. He's stuck around and he plans to stick around for another seven odd years until he retires.
J.R. Whalen: What does the influx of all this money mean for the services that these skilled trade companies provide to consumers?
Te-Ping Chen: We are still in the early phases of this sort of investor interest. There's a lot of potential for this to continue to take over more of the industry. I think you will be facing a industry with potentially fewer players that have been rolled up into bigger entities that will be more professionalized and have better technology and better training for their technicians. So maybe instead of waiting around for half the day, you'll have access to snazzy text message system that will let you know when your technician is on route. You'll get faster callbacks and potentially bigger fleets to service you in the case that something breaks in the middle of the night, you might get faster response. And these are all things that can be great for consumers. There is also concern certainly among some homeowners and folk in the industry that this will have the impact of essentially raising prices for consumers because of course, you've got investors who are looking at the bottom line and who are trying to make sure that these companies that they're taking stakes in are operating to the best of their financial ability and meeting their targets. As a homeowner, you may end up potentially with better service and you also likely will be paying more for it.
J.R. Whalen: That's WSJ Reporter Te-Ping Chen. And that's it for Your Money Briefing. This episode was produced by Trina Mannino with supervising producer Melony Roy. I'm J.R. Whalen for the Wall Street Journal. Thanks for listening.
