If someone handed you $5 million… would you buy an HVAC business or a security/alarm business?
In this episode of Owned and Operated, John Wilson is joined by Stephen and Collin from the Entry Exit Podcast to debate where they’d place the bet.
HVAC has massive buyers, big platforms, and strong exit demand — but it’s also weather-driven, cyclical, and much less “truly recurring” than most operators think. Security (especially commercial security) can offer real monthly RMR, faster tech upgrade cycles, and sticky accounts — but it comes with licensing complexity, scope creep, and higher-stakes failure points.
If you’re thinking about acquisitions, roll-ups, or just want a clearer lens on what $5M can actually buy in different trades, this episode is for you.
In this episode, we cover:
- The $5M question: Why the “best” business depends on your goal (sleep-at-night vs. build-to-sell)
- Recurring vs. sticky revenue: Security RMR vs. HVAC memberships (and why they aren’t the same)
- Commercial vs. residential: Where security wins, where HVAC wins, and how each segment behaves
- Roll-ups and multiples: What’s getting bought right now and why commercial fire/security is heating up
- Geography matters: Why Texas (and other growth markets) changes the math
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Host: John Wilson — https://x.com/WilsonCompanies
Guests: Stephen + Collin — https://www.entryandexit.co/
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John Wilson, CEO of Wilson Companies
Jack Carr, CEO of Rapid HVAC
📌 Disclaimer: Some links may include UTM parameters or affiliate relationships, meaning we may earn a commission if you make a purchase. Episodes may feature sponsors, but all opinions expressed are our own.
