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Lessons Learned: A Post- PE Breakdown 2.5 Years Later

To The Point - Home Services VIP Room Podcast

Tue Sep 23 2025

Summary

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.

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Transcript

A (0:00)

Welcome to to the Point Home Services, the podcast where real contractors share real strategies. We cut through the noise and get straight to the point with the contractors that are working in the field right now. If you run a home services business and want to lead, better, grow faster and stay sharp, you're in the right place. Now, before we get started, I need you to do one thing. Only 30% of our listeners are following the show. So stop what you're doing, hit follow.

B (0:26)

And let's get to the point. This is to the Point a Rhino experience voted one of the top home services, marketing and operations podcasts. Cutting through the bullshit and getting to the point.

A (0:47)

What's up, everybody?

B (0:48)

It's your boy Chris on the home.

A (0:51)

To the Point Home Services podcast along.

B (0:53)

With my homie Chad ep in the place to be. Chad. What's up, buddy?

C (0:57)

Nothing much. Just hanging in there. A lot of travel this month. Saw each other last week. Get to see each other next week.

B (1:04)

I know.

C (1:04)

Exciting.

B (1:05)

I know. God, you're so lucky. So lucky. It is. That's. Hey, listen, that is what makes all the travels enjoyable is I get to hang out with you guys a few weeks and then, you know, and I'm okay with being back home and not traveling.

C (1:20)

It does indeed. I'm sure me and my guests would attest, or our guests would attest that the east coast trips are just a touch better than and traveling out West.

B (1:29)

I would disagree. You know, it's quite nice, you know, flying 35 minutes up to Las Vegas for home service freedom, which was a blast. Great event.

C (1:39)

Yep. We were in Orlando. We were in Orlando like four times last year. So I guess last year was the year for east coast.

B (1:47)

Yeah, I, I, I'm grateful for the west coast travel, especially because I started traveling a bunch of places again. And it's just, you know, I feel like they really listened to me when I was asking, you know. Well, I'm excited to have our friend on the podcast. He's been on here a few times. One of my good buddies, Mr. Jason Bueller. Stay cooler with Bueller, dude. JB welcome back to the podcast, buddy.

D (15:05)

Yeah. So in April 2023, there was a lot of buildup that got to that point where we did the deal. And I was so proud of everything that we'd accomplished. And I can remember going through that whole year, you know, from April all the way, even when I came to you to see the podcast in August of 23. And I remember thinking like, man, I'm just riding so high. Like this is such an emotional high. Just being so proud of everything that we had done. And I remember feeling concerned, like I got to land this plane at some point and I hope that I don't land too hard. I hope that when I come down that it's not like a blunt landing. But it felt a little bit that way. And I don't think that it was anybody's fault. I think I just, you know, I came back to reality and that, that fourth quarter, that year was kind of a difficult quarter. If you guys all remember September of 23, October, November, December, those were some tough times for Home Services. There was a lot of people that were feeling the pain and I guess I just didn't want to let anybody down. You know, I didn't want to. I didn't want to feel like my business was going backwards or anything was going wrong. I didn't want to let down the legacy team or Rob or any of those people. A lot of respect for them. Didn't want to feel like it was going backwards. There was a lot of pressure. I think right at that time I was in the middle of doing a tuck in acquisition and it wasn't going the way I thought it was going to go. I was thinking it was going to be easy, but anytime you're trying to merge two teams together, two cultures together, that was a lot more difficult than I thought. And I remember flying out to Rhino to see you thinking, man, I'm not my best self right now. But I just needed to get through it. Sometimes in life you just gotta. You just gotta keep going. And I had to work through some stuff and get back to who I wanted to be. And fortunately I came out of that time period and I've had some really good times since then. So I realized that I was a little off at that time, but I'm really good now.

C (35:04)

Yeah, no, that's awesome. And we had. We did something similar about. That's almost been a year ago where we realized that, like, you know, as we scale, like the frontline, individual contributors, like, lose their voice because there's so many layers of management. It's like, you know, they're complaining about things, it gets to their manager. And the manager's like, well, someone else told me to do this. So it is what it is. And it's like, oh, my God. But what we started doing was we do a town hall with our coo. He does it first Friday of every month. Every field professional is on a zoom call. And it's basically like, here's the state of the business. Here are all the things we're working on. They're allowed to submit feedback or submit questions before the thing, so we can go answer those when we're in there. And it is amazing how many things it has headed off at a pass because there were so much just. It wasn't their fault. It wasn't, you know, it wasn't even their manager's fault. It was just more so like they had made up that they had heard that this change happened. They didn't know why it happened. They, you know, they knew it was different and they just have all these questions. But then when we get somebody who can just say, no, we actually are doing that because of this. Oh, okay, well, that makes sense. That's not a problem anymore. Moving on to the next one. Okay, yeah, okay, that makes sense. And so on and so forth. And I think it's so important what you just said is, you know, even though your business scales and there's layers of management in between, the more that you can push down through to the, to the front line, I think the better off you're going to be. Because communication is like, in these businesses and probably every business, I don't know, I've only worked in two different trades. But the, the. It's like a giant game of telephone. You know, I pass this to somebody, by the time it gets to the installer, he thinks that he's getting paid this. And we're like, hold on a second. That's not what we came up with. It's just crazy. So I commend you for doing that and I'm going to guess that your organization, seeing the fruits of that, you know, hard work and determination to make sure that you're connected with everybody on your team.

B (38:27)

Yeah, I will say that, you know, I think, I mean you guys know that, you know, the last four months, you know, Anna and I have jumped back into, I mean really be the day to day leaders of this business and, and I learned that I almost got too disconnected like where I was, I knew, I knew so much about everything in this business and even the market and being hands off you. And then jumping back into it I learned like how disconnected I am from all the inner workings of our business. And what has changed? It's been a year, right? I had a year, basically a year and a half break and they put me in roles where I'm focused on things where I used to know like everything in the business and used to hear people ask Gary Vee on how he stays like so sharp in running Vaynermedia with you know, 1500 people and he said he still knows, you know, a little bit about every role. I mean, every position in the business or whatever, that, you know, whatever the department is in his company. So. But he has to actively work on it. I didn't do that, like, you know, so I wasn't paying attention on all the things that the SEO team is doing or all the things that the PPC team was doing or design or whatever, until you have to jump back into it and start to make sure, you know what the hell you're talking about, to be a good leader of people. And though it's not my role, I'm not over operations. I still have to go out in the public and talk about it. I have to understand the market. So, like, jumping back in for me has been like drinking from a fire hose. I'm not gonna say it's not been hard because it has been hard. But I'm not gonna let myself get away from it again. Right. Cause I was like, oh, you know, I can do this. I don't need, you know, it's okay to let other people, like, you know, to build these departments and things like that. I don't have to do every little detail, but I really need to know, like, I need to know the major things. And I felt myself getting disconnected from that. And. And it also allows you to stay more connected to, you know, to your team. You always felt like I was a little bit disconnected. And it's hard to stay connected when you got 240 some odd people or whatever it is, you know. So if I'm not working directly with you, I'm going to shift gears for a second. Okay, sure. I want to talk about. For those that are listening, you know, who are hearing you go through your journey and are encouraged, you know, by knowing that the market is. We believe that 2026 is going to be a great market. And again, it's going to be great for private equity. Great for some of these guys who want to partner with private equity. Maybe let's just talk about a couple, Throw a couple deal structure questions at you. Just answer them. How, okay, do you. And this is the one I love asking anybody. And we haven't done a podcast around private equity partnerships in a while. But would you have negotiated different terms in your deal? Like, now that you kind of know what you did, like whether it be earnouts or equity rollover control, whatever it is, is there anything that you would have maybe negotiated differently in the deal structure with knowing what you know today.

D (49:53)

That's a really good question. Fortunately, I took a lot of time, you know, to think about what I wanted to do. And I listened to, you know, a lot of podcasts and stuff like that on other people. And I can remember, I can remember Ken Goodrich saying, you can only go to the gym and pick your kids up from school for so long before you're going to get really bored again and want to be back in the business. And that really resonated with me. And I remember thinking again, like what My brother told me I need to be engaged, I need to be doing something. So if I'm a contractor out there, I would make sure that I'm either a 100% good with selling the business and not being a part of it anymore, or making sure I'm doing business with somebody that I can stay essentially a marriage with and still be happy and keep my sanity. You know, essentially that's the route that I chose because I wanted to be engaged. And that was something I didn't want to compromise. I didn't want to compromise my. I stayed in it for a few reasons because much like you, I, I don't necessarily have to financially work anymore. But I want to show up for my team and I want to show up for my customers and I kind of want to show up for myself. I want to show up for my family. And I know I'm the best version of myself when I'm engaged. I'm the best version of myself when I'm, when I'm pushing, you know, and I wouldn't compromise that. If you think you're going to be miserable selling it and throwing the sack of cash over your shoulder and walking away, be careful what you're getting yourself into. Just do the homework and then probably follow your instincts. Because there was a time when I first did it. Like I said, when I landed that plane and I came down, I started to question myself a little bit. Well, maybe I should have done this or maybe I should have done that. But ultimately, now it's two, two and a half years later. And I'm really glad with the decision that I made because I made it for all the right reasons. I followed my instincts and I would, I would give that same advice to anybody. Make sure you're following the instincts that are best for you and your family.