Satisfying HVAC License Requirement

by a searcher from University of Washington

6 months ago

Hello,
I am curious if anyone has experience sourcing a board member for a new acquisition that is willing to satisfy the license requirement for an HVAC business. This would be a self funded search deal in Florida. Any commentary on this would be helpful.

Thank you,
Bryan Hanson

1 like
72 views
8 comments

searcher from Southern Methodist University

I've seen deals structured with minority ownership to satisfy the licensing but using verbiage in the contract to restrict that % from owner distributions or profit share, and allowing the buy-out by a certain date or at discretion of the majority owner.

6 days ago | like reply | 1 like

searcher from University of Virginia-Darden - Darden School of Business

I am not sure if a board member will cover it - i think they need to be an employee or owner, but I admit I'm not sure on this. Others also highlighted that most people allowing use of their license will want more control as they'll be responsible for problems and potentially could lose their license and / or be sued.

6 days ago | like reply | 1 like

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