Owned and Operated Podcast #150: LEGENDS - From Bankruptcy to $75 Million with EcoPlumber and Aaron Gaynor

Release Date: November 5, 2024

Hosted by John Wilson and Jack Carr, Owned and Operated - A Plumbing, Electrical, and HVAC Business Growth Podcast delves into the journey of home service business owners striving for entrepreneurial success. In Episode #150, titled "LEGENDS: From Bankruptcy to $75 Million with EcoPlumber and Aaron Gaynor," the podcast features an inspiring conversation with Aaron Gaynor, the driving force behind EcoPlumbers. This episode offers a deep dive into Aaron’s tumultuous journey from personal and professional lows to building a thriving multi-service business. Below is a comprehensive summary capturing the essence of their discussion.

1. Introduction to Aaron Gaynor's Journey

The episode opens with Aaron Gaynor sharing his harrowing personal and professional struggles that eventually fueled his determination to succeed.

• Aaron Gaynor (00:00): "Lost jobs, lost my house, I lost my car. I mean, I lost everything. I could blame the economy, but the reality was I didn't understand business."

Aaron emphasizes attributing his downfall not to external economic factors but to his limited understanding of running a business.

2. From Bankruptcy to Recovery

Aaron recounts the painful period between 2006 and 2007 when his plumbing company went bankrupt, leading to personal losses and complete financial ruin.

• Aaron Gaynor (04:35): "07. Had bankruptcy, lost jobs, lost my house, I lost my car. I mean, I lost everything. I Mean, I just complete bankruptcy to zero. Ground zero."

As a single father at ground zero, Aaron found himself at his mother's apartment, where a pivotal moment with his three-year-old son ignited his resolve to rebuild.

• Aaron Gaynor (05:00): "I lay in there one night with my son on the couch and I hold him up and I just remember looking right at him and I said, I promise this won't be your life."

3. Building EcoPlumbers

Determined to rise from bankruptcy, Aaron took immediate action by reaching out to family, friends, and former clients to secure small projects and slowly rebuild his business foundation.

• Aaron Gaynor (06:03): "I woke up that next day, I called pretty much the next day I woke up, called my sister, asked her if she'd help me get something started."

He leveraged his relationships and reputation, ensuring quality work to regain trust within the industry, eventually leading to the rebranding of his company to EcoPlumbers.

• Aaron Gaynor (13:43): "So I started building a price book off of what consumers said in there."

4. Key Strategies for Growth

a. Focus on Reviews

Aaron identified early on the importance of accumulating positive reviews to build social validation and enhance the brand's reputation.

• Aaron Gaynor (32:12): "The major goal I had was get more reviews than everybody else."

He strategically utilized platforms like Angie's List and Google to amass thousands of reviews, positioning EcoPlumbers as a trusted name in the industry.

• Aaron Gaynor (31:26): "Now our reviews on Google, there's only three people that three places have more reviews than us in Ohio. You know who they are? Cedar Point, Kings Island, and the Columbus Zoo."

b. Strategic Marketing

Committed to a robust marketing strategy, Aaron invested in multi-year plans encompassing radio, TV, and billboard advertising, even increasing the budget during economic downturns like COVID-19 to maintain market presence.

• Tommy (38:23): "I like that you need to earn the right to get a second vertical, but really, really interesting."

c. Multi-Service Lines

While initially focused solely on plumbing, Aaron strategically expanded EcoPlumbers into HVAC and electrical services. This diversification was driven by market demands and opportunities in energy conservation and new technologies.

• Aaron Gaynor (20:48): "What did that transition look like for you? You went from, I'm a plumber. It's what I know... Now we're going to do HVAC and electrical."

d. Multi-Market Expansion

Recognizing the limitations of operating within a single market, Aaron expanded EcoPlumbers into multiple regions, including Dayton and Cincinnati, to mitigate risks and tap into broader opportunities.

• Aaron Gaynor (42:08): "Four years ago, going into Greenfield from zero to there, two years in Cincinnati now, and Cincinnati is finally getting up and growing."

5. Lessons Learned

a. Importance of Relationships

Building and maintaining strong relationships with vendors and industry peers proved crucial for Aaron’s recovery and growth.

• Chris (55:10): "It's something that's very interesting."

Aaron credits his vendor relationships for providing the necessary support during his company's revival, emphasizing the value of mutual respect and reliability.

• Aaron Gaynor (16:33): "Rick, who's been there and some other people, just that relationship of time is... they've made that money back, plus."

b. Setting Vision and Goals

Setting a bold vision, such as aiming for a $100 million business, helped Aaron attract the right partners and maintain focus through challenging times.

• Aaron Gaynor (27:05): "I have vision and the vision was to grow $100 million service business."

This ambitious goal not only guided his strategic decisions but also inspired his team to strive for exceptional growth.

c. Adaptability and Flexibility

Aaron highlights the necessity of being adaptable, whether it’s pivoting service lines or expanding into new markets, to stay relevant and competitive.

• Aaron Gaynor (55:09): "Be ready to change when it changes and continue to push for growth."

6. Future Outlook and Expansion Plans

Looking ahead, Aaron outlines EcoPlumbers' plans to further stabilize existing markets, enhance membership plans, and explore new territories like Cleveland and Indianapolis. He emphasizes the ongoing commitment to building strong vendor relationships and supporting other small businesses in the industry.

• Aaron Gaynor (49:25): "Can I find a way to help this space in any way?... saving the day and protecting the future."

7. Notable Quotes with Timestamps

• Aaron Gaynor (00:00): "I lost everything. I could blame the economy, but the reality was I didn't understand business."

• Aaron Gaynor (05:00): "I promise this won't be your life."

• Aaron Gaynor (31:26): "Our reviews on Google, there's only three people that have more reviews than us in Ohio."

• Aaron Gaynor (37:22): "Building 100 million dollar business... to build something great takes time."

• Aaron Gaynor (49:25): "My business will be in the business of saving the day and protecting the future."

Conclusion

Episode #150 of Owned and Operated offers an inspiring narrative of resilience, strategic planning, and relentless pursuit of growth. Aaron Gaynor’s transformation from bankruptcy to helming a $75 million multi-service business underscores the importance of setting clear visions, focusing on customer satisfaction through reviews, diversifying service lines, and expanding thoughtfully into new markets. His story serves as a beacon for aspiring entrepreneurs in the home services industry, illustrating that with determination and the right strategies, it is possible to overcome significant setbacks and achieve monumental success.

For more insights and to connect with Aaron Gaynor, visit his LinkedIn profile.