A seemingly great HVAC business in Las Vegas takes a twist as the hosts uncover surprising details.

Business Listing - https://www.bizbuysell.com/business-opportunity/keys-to-las-vegas-casino-hotels/2363607/

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In this episode, the Acquanon team dives into a Las Vegas-based HVAC service company listing—initially appearing as a promising deal with strong financials. With guest Travis Jamison joining the hosts, they explore the business’s margins, customer concentration, and ultimately uncover that the “HVAC” label may actually refer to a more niche and fire-safety-related service. Things take a surprising turn when they accidentally identify the owner behind the listing, shedding light on how critical relationship-based contracts and context can be when analyzing a potential acquisition.

Key Highlights:

- HVAC business listing with $9M asking price and $2.4M in cash flow
- High customer concentration with large Las Vegas casino clients
- Discovery that the business might actually be commercial kitchen exhaust cleaning
- Concerns about the accuracy of financials and potential underpricing
- Discussion on how relationships drive value and risk in service businesses
- Financing challenges for businesses in the $5–9M range
- Broader conversation on the changing face of Las Vegas and its impact on service demand

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