What does it take to build a home services company that lasts for more than seven decades?
In this episode of To The Point Home Services VIP Room, we sit down with Bobby Ring, President and CEO of Meyer & Depew Co., to talk about the incredible 73-year history behind the company and how a family-owned HVAC business has continued to evolve through multiple generations.
Bobby shares how Meyer & Depew grew from a small commercial-focused company into a thriving $14M HVAC business, the lessons he learned working alongside his father, and what he is doing differently as his own son becomes part of the next generation of leadership.
We also dive into the challenges of working with family, empowering the next generation of leaders, building a culture that lasts, and why Bobby believes contractors need to get really good at their core business before expanding into additional trades.
From failed attempts at adding electrical to deciding whether to eventually sell the business or pass it down, Bobby gives an honest look at the decisions that come with leading an independent home services company.
Plus, the guys discuss why a $10M to $20M business should not be undervalued, the impact of joining Nexstar, how to improve closing rates, and one of the biggest problems in the home services industry: contractors not understanding the true value of what they provide.
If you're building a family business, leading an independent company, or trying to grow your home services business without losing what made it special in the first place, this episode is for you.
Timestamps:
00:00 Welcome to the VIP Room
03:00 Meet Bobby Ring and Meyer & Depew Co.
06:00 The 73-year history of the business
12:00 Bobby’s journey from employee to owner
16:00 Working with family and preparing the next generation
21:00 How to build a culture that lasts
26:00 Empowering leaders and letting go of control
30:00 Generations of comfort and trust
34:00 Marketing a 73-year-old HVAC brand
38:00 Why Meyer & Depew hasn’t added another trade
43:00 Why bigger isn’t always better in home services
46:00 Joining Nexstar and getting better at HVAC
49:00 What’s broken in the home services industry
52:00 Understanding pricing, margin, and the true cost of doing business
55:00 Staying independent or selling the business
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