What HVAC Technicians Must Know about Money before Starting a Business with Greg Crumpton

In this episode of the HVAC Know It All Business Edition Podcast, co-hosts Gary McCreadie and Furman Haynes discuss the business side of HVAC with veteran technician and entrepreneur Greg Crumpton, the Vice President of Service Logic. Having built and sold his own HVAC business, Greg shares invaluable advice for technicians considering the leap into business ownership. Starting as a technician, he rose through the ranks to service manager, general manager, and eventually founded and sold his own HVAC company. This episode focuses on financial literacy, cash flow management, invoicing, and the crucial mindset shifts needed for success as a contractor-turned-owner.    Expect to Learn:  - Why understanding finances is the cornerstone of starting an HVAC business.  - How to price your services correctly and avoid undercharging.  - The importance of cash flow, invoicing terms, and collection strategies.  - Common mistakes new business owners make - and how to avoid them.  - How automation and process improvements can streamline billing and improve profitability. Episode Breakdown with Timestamps: [00:00:00] – Introduction to the Episode [00:00:59] – Greg's Background and the Technician-to-Owner Journey [00:05:09] – Learning the Financial Side of Business [00:09:42] – Pricing, Margins, and Knowing Your Costs [00:13:03] – Invoicing Strategy and Payment Terms [00:17:18] – Automation and Delegation in Billing [00:19:02] – Setting a Competitive Hourly Rate [00:21:52] – Gross Margin vs. Net Profit (EBITDA)   Follow Greg Crumpton on:  LinkedIn: https://www.linkedin.com/in/crumptonskilledtrades/ Instagram: https://www.instagram.com/gregcrumpton/?hl=en Facebook: https://www.facebook.com/gregcrumpton.airtight/ Company's Website: https://www.servicelogic.com/ Company's LinkedIn: https://www.linkedin.com/company/service-logic   Follow Furman Haynes on:  LinkedIn: https://www.linkedin.com/in/furmanhaynes/  WorkHero: https://www.linkedin.com/company/workherohvac/    Follow Gary McCreadie: LinkedIn: https://www.linkedin.com/in/gary-mccreadie-38217a77/  Website: https://www.hvacknowitall.com  Facebook: https://www.facebook.com/people/HVAC-Know-It-All-2/61569643061429/   Instagram: https://www.instagram.com/hvacknowitall1/