How to Build a Roll-Up to 8-Figure Revenue | Nathan Lindley Interview

Nathan Lindley is the CEO of Lindley Home Services, an HVAC platform that has completed 11 acquisitions across Texas.

But this story almost ended before it began...

After acquiring his first two companies with an SBA loan, Nathan watched revenue collapse, burned through his cash, nearly lost his father's retirement savings and came dangerously close to bankruptcy. The turning point was  a complete rethink of incentives, compensation, and how to build an acquisition platform that actually compounds.

In this conversation, Nathan shares the brutal reality behind his first acquisitions, the lessons that reshaped his operating philosophy, and why he now believes buying a business is really about buying opportunities—not revenue.

Timestamps:
00:00 Introduction: Nathan's 11 acquisitions and $16M run-rate HVAC platform
00:25 The acquisition timeline: from the first deal in 2020 to acquisition #11
01:24 From Christian book publishing to buying HVAC businesses
03:55 Selling real estate to fund the first acquisition
04:33 Buying a one-technician HVAC company—and the costly assumptions that followed
07:58 Losing 40% of revenue almost immediately after closing
10:26 Acquisition #2 makes every problem much bigger
11:20 Running out of cash—twice
14:18 The decision to put everyone on commission
15:15 Every employee quits on the same day
16:21 The Indeed hire who changed the entire business
18:59 The emotional toll: fear, alcohol, and nearly going bankrupt
23:13 One technician outperforms the rest of the company
25:52 Why Nathan waited a full year before doing acquisition #3
27:00 Acquisitions #3 and #4—and buying businesses the second time around
28:46 How his M&A due diligence completely changed
29:30 The "buying at-bats" framework for acquisitions
33:08 Why Lindley spends almost nothing on marketing
34:15 Turning acquired customer databases into new revenue
36:27 Hiring exceptional technicians and building repeatable systems
37:35 The company today: 50 employees across three markets
39:13 How Lindley integrates acquired businesses
42:38 Teaching acquired technicians to double their income
43:17 The acquisitions that didn't work—and why
46:47 Planning an exit and doing it all over again
49:04 Where to connect with Nathan

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.