Making the decision to sell your plumbing company requires careful thought and consideration. As a small business owner, you have built your company from the ground up, invested time and resources, built a loyal customer base, and made sacrifices to better your business. So why should you consider becoming the subsidiary of a parent company?
Joining a nationally recognized brand offers many benefits that can set you up for success, while also mitigating your risks. You'll gain access to established resources, support systems, and industry relationships that will help you grow your business even further. In this blog, we'll explore several of the benefits you can expect from joining P3 Services' nationwide family of plumbing and HVAC companies.
When you bring your company under the umbrella of a large parent company, you'll have access to their existing support infrastructure. In addition to increased funding, parent companies provide a variety of other resources to their subsidiaries. You'll be able to take advantage of their relationships with suppliers and access the latest technology.
Parent companies also have established and time-tested systems and processes they can apply to their subsidiaries to support operations, training, human resources, marketing, sales, and much more. You'll gain access to their sustainable model for business growth and receive guidance on making the strategic modifications to your business model and operational processes that have helped other partner companies succeed.
Related: Best Ways to Streamline a Business: Processes & Workflows
If your company works in the commercial construction industry, being part of a larger organization can help bring in more jobs.
Parent companies with a national footprint have relationships with building owners and general contractors across the country, and will establish their subsidiaries as providers of choice. Once they complete a job in one market, owners and GCs are more likely to hire them to work in other markets as well.
One of the hardest parts of being a business owner is leading your company by yourself. When you come under the umbrella of a large company, you'll join a family of other owners from across the country who share your experiences.
Being part of this peer group provides added support, networking opportunities, and the chance to share knowledge and insights within a community with a shared purpose.
When you own a small business, you often don’t have the money to invest in the latest technological advancements (1) and the newest equipment. You also might not have the time or money to attend training sessions or take advantage of educational opportunities that allow you to use new plumbing techniques and methods.
Selling your plumbing business to a parent company grants you access to their national network of support. They can help you modernize your equipment and enable your employees to attend training on the latest plumbing technology.
It's harder than ever to recruit new technicians, especially with the shrinking construction workforce. Joining a parent company gives you the opportunity to get expert advice and guidance in talent recruitment, training, onboarding, and other HR issues.
With national support, you'll have access to the recruitment tools and techniques that are company-wide best practices. You'll also be able to offer your employees more support, such as better benefits, regular training sessions, and the career advancement opportunities that come with being part of a larger organization.
Small local businesses often don’t have the time or money to sustain a dedicated HR department. This can cause problems like conflicts between employees, inequitable wages, legal and compliance issues, and high employee turnover rates.
There are many scenarios in which HR can be vital to a positive outcome.
Employees can reach out to HR with complaints about workplace harassment, bullying and violence. HR staff can advise management on the best course of action and conduct investigations. HR can also answer employee questions about benefits enrollment and support, especially when it comes to benefits such as health insurance. (2)
When you join a national company, you'll gain access to an existing highly streamlined and functional HR department. The experts in this department can help you recruit experienced, talented employees who are uniquely suited to work for your company. They will also handle onboarding, payroll, conflict resolution, performance assessments and tracking, and other key HR duties.
Related: Employee Turnover: Top Causes & How to Reduce It
As a business owner, you need to stay up to date on the latest local and federal labor, tax, employment, and industry regulations and laws. It can be overwhelming trying to ensure you maintain compliance with laws (3) that change often and are very complex.
Becoming part of a parent company means that you'll have access to their legal department, who can streamline the process of evaluating changes in laws and regulations, and ensure you have the information you need to operate your business appropriately.
Being a business owner often means you must make sacrifices in your personal life in order to protect the future of your business. Owners have a lot on their plates and often get caught up in tasks that have to be done but aren't the best use of their time. Scaling your business to its full potential is difficult without enough support.
Selling to a larger company allows you to reduce your personal workload and focus your time and energy on the elements of your business that are most important to you. By joining a national company, you'll have additional operational support and resources that will allow you focus more on what matters most: growing your business. You may end up with more free time, reduced financial risk, and higher rewards. (4)
Independent local plumbing businesses often have a limited opportunity for growth or expansion in their local market. If you feel like you have taken your business as far as it can go without expanding or competing with larger companies at a national level, you should consider selling your company to a parent company.
Becoming a part of a nationwide company will offer you new opportunities for success, growth, and expansion that can increase the profitability of your business, achieve operational excellence, and allow you to reach new customers. You will have access to professional marketing support, training opportunities, recruiting assistance, and leadership guidance that will help you break into new markets and expand your reach. (5)
If your business has become stagnate or grown as large as it can without additional support, joining a nationwide company can take it to the next level. Their momentum, strategy for the future, and passion for continued growth will be applied to your own company.
Related: The Ultimate Guide to Operational Excellence for Home Services Companies
There are several distinct advantages to being part of a large plumbing company with a national footprint. Additional resources and support, nationwide relationships, and more time to focus on growing your business are all great things to expect from joining the P3 family.
It's understandable that business owners often have reservations about becoming a subsidiary of a parent company. They're concerned about job security for their employees, their brand's previously established reputation in their market, and how much control they'll have to relinquish.
That's why it's important to join the right company, one that treats company owners like partners and technicians like part of a nationwide family.
At P3 Services, we partner with industry-leading plumbing businesses across the US and provide them with the resources, guidance, and support they need to grow and evolve.
Contact our team to inquire about becoming a P3 partner company, or visit our website to learn more. Our experts can help you deliver better services to your customers, build amazing careers for your team, and experience steady growth in your industry and region.
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