WealthNow × ThermAll
Building a $12M–$15M Revenue Exit with 15% EBITDA
ThermAll Heating & Cooling — Prepared for Paul & Kevin Wyatt — Confidential
Strong Foundation. Real Revenue. An Optimization Problem.
ThermAll Heating & Cooling is a well-established HVAC and Electrical business serving Yakima, WA with 27–28 employees and $6.62M in annual revenue. HVAC Install is profitable — the drag comes from service and electrical division losses and an overhead structure that's outpacing gross profit. The infrastructure is intact. The fix is operational.
Business Profile
Current State
This Is Not a Demand Problem. It's a Cost Problem.
ThermAll has 27–28 employees, $6.62M in revenue, and a 41% gross margin. The business isn't struggling for lack of customers — it's structured in a way that converts good gross margin into a net loss. Every gap below has a proven, executable fix.
Gap Analysis: Current vs. Fixed
| Issue | Current State | With WealthNow Fix | Revenue Impact |
|---|---|---|---|
| Net loss of ($313K) | Bleeding cash on $6.62M revenue | Operational restructuring, cost controls installed | Critical |
| Service division losses | Dragging profitability annually | Repriced, restructured, dispatched efficiently | Foundational |
| Electrical division losses | Loss center within ThermAll | Optimized or repositioned for margin | Foundational |
| Payroll burden | High overhead eating gross margin | Productivity review + right-sized team | Very High |
| Membership agreements | Underdeveloped recurring revenue | Membership program built across all customers | High |
“Fix the service and electrical divisions, optimize payroll, and ThermAll transforms from a business losing money into a highly profitable HVAC+Electrical platform worth $9M–$18M.”
Private Equity Is Buying. ThermAll Is Exactly What They Want.
HVAC is one of the most aggressively consolidated verticals in private equity. Established platforms with recurring revenue, commercial relationships, and professional management are what acquirers are chasing — and paying premium multiples to own. ThermAll, once restructured, is that business. The HVAC+Electrical dual-service model makes it even more valuable.
Why ThermAll Commands a Premium
The Window Is Open
PE platforms are consolidating regional HVAC businesses at record pace. A Pacific Northwest HVAC+Electrical company with $12–15M in revenue, 15% EBITDA margins, membership agreement revenue, and a scalable management team becomes a highly attractive acquisition target. The question isn't if the exit happens — it's at what valuation.
Built to Last. Now It's Time to Harvest It.
Paul and Kevin Wyatt have built ThermAll into a $6.62M HVAC and Electrical business in Yakima, WA. They've earned their exit. What's standing in the way isn't the business — it's the operational structure that's destroying margin and suppressing value. WealthNow provides the partner, the system, and the path to the $5M+ combined outcome they deserve.
Owner Profile
Value Creation Levers
Service and Electrical division losses combined with a high payroll burden are the primary suppressors of ThermAll's value. Fixing these unlocks the entire business — and the owners' exit.
“Paul and Kevin's goal is clear: protect the 27–28 employees who helped build this, walk away with $5M+ combined, and see ThermAll become what it was always capable of being. That's exactly what WealthNow delivers.”
— WealthNow Assessment
Six Levers. One Proven System.
WealthNow doesn't experiment on ThermAll. Every lever below has been validated across HVAC and home services businesses — and each one addresses a specific gap that's currently destroying margin and suppressing value.
Conduct SWOT & Full Financial Audit
WealthNow begins with a full SWOT analysis across all three divisions and a deep financial audit. This reveals exactly where the losses are coming from — by division, by employee, by service type — so every subsequent lever is data-driven, not guesswork.
Optimize the Service Division
The Service division is currently a loss center. WealthNow conducts a full diagnostic: labor efficiency, dispatch routing, pricing vs. cost-to-serve, and close rates. The fix is operational — restructure, reprice, and redeploy to get Service to breakeven or better.
Optimize the Electrical Division
The Electrical division losses compound the Service losses and suppress ThermAll's overall valuation. WealthNow analyzes pricing structure, job mix, and labor deployment — then repositions Electrical as a margin contributor, not a drag.
Payroll Productivity & Overhead Reduction
With 27–28 employees on $6.62M in revenue, payroll and overhead are consuming the gross profit. WealthNow installs productivity metrics, right-sizes roles to revenue, and eliminates overhead inefficiencies that aren't tied to revenue generation.
Build Membership & IAQ Program
ThermAll has the customer base but lacks a structured recurring revenue program. WealthNow builds a membership / maintenance agreement program across all customer segments, and expands the IAQ services vertical — creating predictable cash flow and dramatically increasing valuation at exit.
Install a General Manager
Paul and Kevin cannot exit while running daily operations. WealthNow recruits, vets, and installs a qualified General Manager to lead the 27–28 person team — freeing the owners and creating the leadership layer that acquirers require. This is the exit prerequisite.
From ($313K) Loss to $1.8M–$3M EBITDA
Each lever contributes independently — together, they compound. The same customers, the same service area, the same brand. Just executed at the level the business is capable of.
From ($313K) Loss to $10–12M. The Trajectory Is Clear.
These projections are grounded in what WealthNow has achieved across comparable HVAC and home services businesses — not aspirational modeling. Every number below has a defined lever, timeline, and action behind it.
Key Assumptions
Multiple Paths. All Lead to $9M–$18M.
WealthNow doesn't lock ThermAll into one exit scenario. We build the business to be acquisition-ready — and let market conditions and timing determine which path captures the highest return for Paul and Kevin.
Strategic Acquisition
A dual-licensed HVAC + Electrical business in Yakima with $12–15M revenue, clean financials, and a recurring membership program is exactly the platform regional consolidators are looking to acquire and expand into the Pacific Northwest.
Private Equity Platform
PE consolidators are actively buying HVAC businesses with strong brands, dual service lines, recurring maintenance contracts, and professional management. ThermAll, rebuilt and optimized, checks every box that drives a premium multiple.
Management Buyout
If the installed GM and leadership team want ownership, a structured MBO allows Paul and Kevin a clean, private exit at a fair multiple — without an external sale process and on their own timeline.
Valuation Range
Why Acquirers Pay More
Target Outcome
Exit valuation for ThermAll — achievable in 24–36 months
Structured for Alignment. Built for the Owner's Win.
WealthNow's deal structure is simple and fair. Paul and Kevin receive their full baseline value first — then we share the upside we create together. The combined goal: $5M+ in liquidity for both owners.
The full current valuation of ThermAll goes 100% to the owners at exit. WealthNow takes nothing from the baseline — it's theirs by default.
Every dollar above the baseline is split equally. We only win when the owners win. Our incentive is entirely aligned with theirs.
With WealthNow's system, the exit target is $9M–$18M. Paul and Kevin each walk away with $2.5M+ — the outcome their years of building ThermAll deserve.
Sample Exit Scenarios
* Owners receive: $1.5M–$2.5M baseline (100%) + 50% of upside above baseline. Figures shown using $2M midpoint baseline for illustration.
We source the General Manager, deploy the operational systems, and work the playbook — at our expense. Paul and Kevin don't carry the risk of building what comes next.
Paul and Kevin remain meaningful participants in the upside throughout the process — not just sellers stepping away from what they built.
We only generate return when the exit happens. Your outcome determines ours. That's alignment by design.
Two Futures. One Looks Very Different.
ThermAll is at a crossroads. The path chosen in the next 90 days will define Paul and Kevin's outcome for the rest of their lives.
Without WealthNow
- Business continues to lose ($313K) annually — cash drain accelerates
- Service and Electrical divisions bleed losses with no structural fix
- Owners remain trapped in daily operations with no exit in sight
- ThermAll valued at $1.5M–$2.5M — or less as losses mount further
- 27–28 employees at increasing risk as financial position deteriorates
- Paul and Kevin never reach their $5M+ combined liquidity goal
With WealthNow
- Service and Electrical divisions restructured — losses eliminated within 90 days
- Revenue scales to $12–15M in 24–36 months with proven systems
- General Manager installed — owners step out of daily operations
- Business positioned for $9M–$18M acquisition at premium multiple
- 27–28 employees protected under professional management
- Paul and Kevin walk away with $5M+ combined net — earned and deserved
ThermAll has the brand, the customer base, and the market position.
What it needs is a partner with the system to fix it.
ThermAll. Ready to Scale.
The brand, the customer base, and the dual-license market position are all in place. WealthNow provides the partner, the system, and the path to Paul and Kevin's $5M+ combined exit.
Path to Close
Confirm Interest
Paul and Kevin align on the opportunity and confirm mutual fit before moving to diligence.
Deep-Dive Discovery
WealthNow conducts a full operational and financial assessment of ThermAll — no surprises.
Term Sheet
WealthNow delivers a clear, fair term sheet reflecting the deal structure presented here.
Close & Execute
Partnership is formalized. GM hiring begins. The SWOT audit launches. The 36-month plan is activated.
The Business Is Built.
Now Let's Fix and Scale It.
ThermAll + WealthNow = a $9M–$18M exit, a professionally managed HVAC + Electrical platform, and Paul & Kevin finally getting the outcome their years of building ThermAll deserve.
WealthNow — Exclusive Partnership — Confidential