Podcast Summary: Owned and Operated – A Plumbing, Electrical, and HVAC Business Growth Podcast

Episode: "He Lost Everything at 25: Then Built a $250M Home Service Empire"

Date: December 9, 2025
Host: John Wilson
Guest: Ken Goodrich

Episode Overview

This episode features Ken Goodrich, legendary home services entrepreneur known for building and scaling multiple HVAC, plumbing, and electrical businesses (including the $250M Gettle). Ken shares his personal journey—from losing everything at 25, discovering the business side of HVAC, and learning to build, buy, and sell multi-million-dollar operations. The episode covers lessons on management systems, the importance of best practice groups, knowing when to sell or take on partners, building leadership teams, and preparing for industry changes.

Key Discussion Points & Insights

1. Ken Goodrich’s Origin Story (00:00–05:00)

• Getting Started: Ken bought his first business at age 25, after years of working alongside his father in Las Vegas HVAC. He quickly realized technical skills alone weren't enough.
• Turning Point: A bout with the IRS and mass employee turnover led Ken to discover Michael Gerber’s “E Myth Revisited.” The book shaped his approach to systems and process-building.
  • "I didn't know what I didn't know, and I didn't know the business of HVAC." —Ken Goodrich (01:40)

2. The Power of Sharing, Networking, and Best Practices (05:02–08:23)

• Early on, Ken sought out conventions and other operators for learning and mentorship, emphasizing the necessity of intentionally engaging with the broader industry.
• "Share my best practices as a means of currency to get other people to share theirs so we can all grow..." —Ken Goodrich (07:41)

3. Building and Scaling Gettle (08:23–12:12)

• Acquisition: Ken bought Gettle in January 2013 when it was "struggling—$11M in sales, losing $3M, bad reputation."
• Right-Sizing and Branding: Emphasized process implementation and world-class branding (with Roy Williams, “the Wizard of Ads”).
• Result: From 2013 to 2020, Gettle grew to $250M, with 11 locations and 1,000+ employees.
  • "We went from $11 million losing $3M to $250 million with 11 locations and over a thousand employees." —Ken Goodrich (10:54)

4. Serial Entrepreneurship: The Business of Selling Businesses (12:12–20:51)

• Early Exit Plan: Young and in trouble, Ken wrote a business plan not just to survive, but to build and sell.
• Acquisitions & Rollups: Became adept at buying broken or retiring companies, integrating, and scaling.
• Partnership with ARS: Sold early business as part of the original American Residential Services rollup.
• Repeat and Scale: Adopted a cycle—build, fix, scale, and sell, enjoying the “business building business.”

5. Entering the Generator Market (20:51–23:55)

• After selling majority interest in Gettle (2021), Ken pivoted to the standby generator industry—already in 4 markets, aiming for $50M in revenue.
• PE Landscape: Private equity now eyeing generators, similar to home services rollups.

6. When Is the Right Time to Exit or Take on Partners? (23:55–30:35)

• Not Just for Capital: Ken’s philosophy: Only take chips off the table when the outcome is "chunky enough" to be truly life-changing.
• EBITDA Sweet Spot: $20–25M EBITDA is the "sweet spot" for maximizing multiples and partner interest.
  • "20 to 25 million EBITDA is the sweet spot. If you can get to that, you're going to get higher multiples." —Ken Goodrich (27:13)
• "Don’t sell just for relief." Many owners exit prematurely for relief, without enough transformational capital.

7. The Importance of Management Systems and Leadership Development (31:07–36:35)

• Management Systems: Essential to transition out of firefighting:
  • Ken’s companies use MAP (Management Action Programs), but also endorses EOS and Rockefeller Habits.
  • Key aspects: Morning huddles, vital factors meetings, routine process and performance management.
• Call-by-Call Management: First implemented in 2005 (by Jeremy Prevost), it's now industry standard.

8. Leadership in Up and Down Markets (37:10–40:51)

• Efficiency in Scarcity: When leads are down, discipline and efficiency matter most.
  • "You have to act even in the good times with a scarcity mindset... make every single opportunity count." —Ken Goodrich (40:34)
• Call Center Focus: Leaders should observe and optimize the point of first customer contact.

9. Building and Retaining the Leadership “A Team” (41:21–48:29)

• Favorite Scale: $50M+ revenue is Ken’s favorite business size—affords full executive teams and allows the business to run on vision.
• Recruiting Outside the Industry: Ken values bringing in accomplished talent from other sectors, emphasizing not being intimidated by credentialed hires.
• CFO Hiring Process: Recommends specialized headhunters, rigorous vetting, clarity on work expectations.
• Biggest Red Flag: When finance leaders blame predecessors instead of solving problems.

10. The Role of Best Practice Groups (52:10–56:01)

• Ken’s Affiliations: Nexstar, Certain Path, Service Nation Alliance, Service Roundtable.
• Peer Learning: Emphasizes the outsized value of regular conversations with fellow contractors.

11. Multi-Branch Management: The Next Level (56:01–59:49)

• Current Gap: Industry resources on multi-location management are sparse—Ken recommends Gary Ellix’s new group (The Contractor’s Edge) and offers to mentor others.
• Ken's Routine: Weekly calls by branch with number-focused accountability and peer learnings.

12. Philanthropy and Building the Next Generation (59:49–62:26)

• J. Duncan Goodrich HVAC Technology Lab: Ken’s endowment at the College of Southern Nevada—scholarships, veteran support, and workforce development.
• Ken’s family office gives back via education and trade training.

13. The Opportunity for Young Entrepreneurs & The Thousand Day Plan (62:26–66:44)

• The Silver Tsunami: Huge opportunity as Baby Boomer owners retire and look for buyers/successors.
• Plan for 10x: Every new business starts with a “Thousand Day Plan” to 10x company value.
  • "We are going to come together as a team and make a plan to 10x the value of the business in a thousand days." —Ken Goodrich (63:34)
• Advice to New Owners: Get educated, join a best practices group, learn the business side before you leap.

14. Final Words of Wisdom (70:01–71:30)

• Personal Development = Business Development: Scale the business only as fast as you can scale yourself.
  • "Fix yourself... You need to know the business of HVAC before you become a HVAC business owner." —Ken Goodrich (70:23, 70:30)
• Avoid Burnout: Don’t scale past your management abilities; stabilize, then educate and grow.

Notable Quotes & Memorable Moments

• On Losing Everything:
  • "The IRS came in and garnished my bank accounts and took half my trucks and all my employees quit that Friday." —Ken Goodrich (02:38)
• On Management Systems:
  • "You have to have a management system... Most of us manage like the last dipshit who managed us, who didn’t know how to manage." —Ken (32:07)
• On Leadership Recruiting:
  • "You need the confidence like, I’m building this. And my team has to have the best of the best on it, whether they're smarter than me or not." —Ken (47:16)
• On Growth and Timing Exits:
  • "Make sure that every chunk can materially change your life and give you more choices before you get rid of the goose that lays the golden eggs." —Ken (26:01)
• On Industry Opportunity:
  • "The greatest opportunity of all times right now is the Silver Tsunami... For young guys that can understand fundamentals, you can get into a business and grow and sell it." —Ken (62:26)

Segment Timestamps

• Ken’s Origin Story & E Myth – 00:00–05:00
• Industry Networking, Conventions – 05:02–08:23
• Gettle Turnaround Narrative – 08:23–12:12
• Selling, Buying, Industry Exits – 12:12–20:51
• Moving into Standby Generators – 20:51–23:55
• When to Exit or Take Partners – 23:55–30:35
• Management Systems and Operations – 31:07–36:35
• Leadership for Downturns – 37:10–40:51
• Leadership Team, Talent Acquisition – 41:21–48:29
• CFO Recruiting & Best Practices – 48:29–52:10
• Best Practice Groups Discussion – 52:10–56:01
• Multi-Branch Challenge & Resources – 56:01–59:49
• Philanthropy & Education – 59:49–62:26
• Opportunity & Growth Planning – 62:26–66:44
• Last Lessons & Advice to New Owners – 70:01–71:30

Takeaways

• Process Over Personality: Systems and intentional management are what scale companies beyond the founder’s capacity.
• No Shortcuts: Building a business is about more than just financial hustle—learning, networking, mentoring and best practices are essential.
• Plan to Sell (or at least build value): Every new venture starts with a value creation plan and measurable, time-bound goals.
• Industry is Ripe for the Next Generation: As baby boomers retire, massive opportunity awaits those who know how to scale—and who know when to get help.

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