Podcast Summary: To The Point - Home Services Podcast

Episode: Lessons Learned: A Post-PE Breakdown 2.5 Years Later
Date: September 23, 2025
Host(s): Chris Yano, Chad Peterman
Guest: Jason Bueller, GM of Bueller Air Conditioning (Legacy Service Partners, Jacksonville, FL)

Episode Overview

This episode dives deep into the real-world aftermath of a private equity (PE) acquisition in the home services industry. Chris and Chad sit down with their friend and repeat guest, Jason Bueller. Two and a half years after selling Bueller Air Conditioning to Legacy Service Partners, Jason reflects on his journey—covering operational shifts, personal highs and lows, leadership transformation, and advice for others contemplating a similar path.

Key Discussion Points & Insights

1. Setting the Stage: Growth & PE Acquisition

• Bueller's Growth Story:

  • Bueller AC grew from $3M to $18M in four years (previously discussed on episode 187).
  • In 2021, the company was acquired by Legacy Service Partners; Jason remained as GM, rolling significant equity into the platform.
  • As of this episode, Bueller expects to finish 2025 at $24–25M revenue, maintaining ~20% EBITDA.
  • Jason continues as GM and now helps mentor neighboring Legacy brands.

  "This year we should finish somewhere between 24 and 25 million annual revenue. And year to date, we are at about 20% EBITDA, which is... extremely proud of that."
  — Jason Bueller, [10:44]

2. The Post-Deal Emotional Rollercoaster

• From High to Hard Landing:

  • Jason described the months post-deal as an “emotional high,” but recognized the inevitable “landing” as reality reasserted itself amid operational pressures and market headwinds.
  • The end of 2023 was a tough period across the industry; Jason felt responsible for team and partner expectations, especially during a challenging tuck-in acquisition.

  "I remember thinking like, man, I'm just riding so high...I hope that when I come down... it's not like a blunt landing. But it felt a little bit that way."
  — Jason Bueller, [15:05]

• Self-Imposed Pressure:

  • The weight Jason felt was largely self-driven, not imposed by Legacy.
  • He learned the importance of long-term vision and trusting the process—resisting the urge to be discouraged by short-term setbacks.

  "Tough times don't last, but tough people do. I needed to have better vision...the long term vision, even with that acquisition, has been fine. But in the short term, I struggled."
  — Jason Bueller, [17:49]

3. Evolving Roles & Leadership Lessons

• Navigating Leadership Change:

  • Leadership departures are inevitable as companies scale; Jason shared candidly about the personal toll and the need for continual evolution.
  • New team members have stepped up, and the company hasn't "missed a beat."

  "Everybody always wants to say, oh, it's just business. It's just business. It's not though, when you bet so hard on yourself and the team..."
  — Jason Bueller, [27:18]

• Staying Engaged as a Leader:

  • Jason realized that disengagement led to organizational drift. Returning as a hands-on GM reenergized both him and the business, especially in recruiting and process oversight.
  • Emphasized the importance of engaging the front line and being present in daily operations.

  "When you're not engaged, it's a problem...I'm involved in a lot of the processes that I probably missed a lot...I became very remotivated to get where I needed to go."
  — Jason Bueller, [31:40]

4. The Realities of PE Partnership

• Benefits of the Platform:

  • Access to other fast-moving, innovative brands accelerated Bueller’s adoption of technology and best practices—e.g., AI answering services, marketing strategies, and vendor relationships.
  • Having peers to call on for quick answers or advice has been invaluable.

  "There's just a lot of technology that I was probably slower to adapt...I probably would not have done [radio branding] on my own...So that was an example. There’s been a lot of benefit there and a lot of confidence..."
  — Jason Bueller, [22:09]

• Maintaining Culture Amid Growth:

  • The culture at Bueller was preserved by proactively setting expectations with Legacy and consistently earning trust through good results and transparency.
  • The company’s “secret sauce” (brand, pay plans, products, culture) remained largely unchanged post-acquisition.

  "We were pretty upfront about the things that were important to us before we ever did a deal with them, and they've really allowed us to do that."
  — Jason Bueller, [24:11]

5. Deal Structure & Retrospective Advice

• Would He Change Anything?

  • Early on, Jason considered taking more cash upfront, but in hindsight, wishes he'd taken more risk (more equity in the second "bite").
  • He has no regrets staying engaged for the long haul.

  "If I could do it over again, I may have bet a little harder on myself because I'm that confident that we're getting where we're trying to go."
  — Jason Bueller, [41:10]

• What Should Owners NOT Compromise On?

  • Know yourself: either be sure you want to fully exit, or pick a partner and structure that lets you stay fully engaged. Don’t compromise on your need for purpose and engagement.
  • Ensure you're protected if things radically change (“be okay with it all falling apart”).

  "Make sure you're following the instincts that are best for you and your family... Make sure the platform itself is something that you want to be a part of."
  — Jason Bueller, [49:53, 53:18]

• Chris’ PSAs:

  • Partners (or their key people) can change—structure your deal to protect yourself no matter what happens.
  • Be ready for the reality that you may need to “fight” for your business and team even after a deal.

  "Be okay with it completely falling apart and... you’ve negotiated the right deal that allows you to do whatever you need to next..."
  — Chris Yano, [52:11]

6. Tactics for Scaling & Staying Connected

• Hands-On Tactics That Work:

  • Involvement in daily/weekly meetings with all departments.
  • Direct participation in recruiting and interviewing, resulting in better hiring outcomes.
  • Holding the line on successful processes (e.g., keeping project manager follow-ups).
  • Town halls and regular frontline communication (inspired by other leading operators).

  "I started going back to every service meeting, trying to be a part of every install meeting, every sales meeting... being present... has been really refreshing."
  — Jason Bueller, [34:04]

Notable Quotes & Memorable Moments

• On Getting Through Difficult Times:

  "Tough times don't last, but tough people do."
  — Jason Bueller, [17:49]

• On Private Equity and Control:

  "I'm not here because I have to be here...I'm here because I want to be here. And I didn’t do a private equity deal to sell out. I did it to scale and grow."
  — Chris Yano, [42:45]

• On Leadership Engagement:

  “When you’re not engaged, it’s a problem.”
  — Advice from Jason’s older brother, [31:40]

• On What Not to Compromise When Selling:

  "Make sure you’re following the instincts that are best for you and your family."
  — Jason Bueller, [49:53]

• The “Memory Dividend” Philosophy:

  "Everybody’s worried about their financial dividend...but in life you really need to chase the memory dividend. The memory dividend is taking advantage of the moment and going and doing the things and sharing them with the people that you love..."
  — Jason Bueller, [55:31]

Timestamps for Key Segments

| Timestamp | Segment | |------------|---------| | 10:44 | Jason shares current company status (24–25M revenue, 20% EBITDA) | | 15:05 | Post-acquisition high, reality sets in, emotional and business challenges | | 17:49 | Lessons learned from tough times & importance of vision | | 22:09 | Tech, marketing, and peer learning accelerated by PE platform | | 24:11 | How culture and autonomy were maintained post-sale | | 27:18 | Handling leadership changes; it’s personal, not ‘just business’ | | 31:40 | Pivotal moment returning to day-to-day leadership; impact on recruiting and morale | | 41:10 | Reflections on deal structure – would have rolled more equity | | 49:53 | Advice: Don’t compromise on engagement/purpose when selling | | 55:31 | Explanation of “memory dividends” and its importance | | 57:08–59:00| Lighter moments: sharing the origin and impact of the “memory dividend” concept |

Closing Reflections

Jason’s journey shows that:

• Success after PE isn’t automatic—it’s based on engagement, adaptability, and vision.
• Partners and platforms can make or break your happiness post-sale—choose carefully and know what you want.
• Scaling doesn’t mean letting go of involvement; sometimes diving back in is exactly what the business and leader needs.
• Beyond financial wins, prioritize experiences, relationships, and “memory dividends.”

Final Words

"Surround yourself with the dreamers, the doers, the believers, the people who believe in you even when you don't believe in yourself."
— Jason Bueller, [61:40]

Zero days.
— (Jason’s signoff, [62:09])

For anyone considering a sale or partnership, this episode provides hard-earned perspective on both the business mechanics and the emotional journey—in true "get to the point" fashion.