WealthNow × Top Notch
Building a $12M–$15M Revenue Exit with 15–20% EBITDA
Top Notch Heating & Plumbing — Prepared by WealthNow — Confidential
Established Platform. Strong Brand. Trapped Value.
Top Notch Heating & Plumbing is an established HVAC and plumbing platform in the Idaho Falls market with 26 employees, a loyal customer base, and significant turnaround momentum in 2026. The infrastructure, team, and market position are all in place — the opportunity is unlocking the value that's already inside the business.
Business Profile
Current State
Three Phases. One Clear Destination.
Top Notch already has the foundation. The plan isn't to rebuild from scratch — it's to unlock what's already inside the business. A sequenced 24–36 month plan that transforms a solid contracting platform into a premium acquisition target.
Stabilization
- Implement technician scorecards and accountability systems
- Improve service process — convert zero-revenue calls to paid opportunities
- Strengthen call center reporting and classification
- Launch membership growth initiative
- Recruit key leadership where needed
Growth
- Drive membership base from 167 to 500+ active members
- Improve service conversion and replacement lead generation
- Expand plumbing revenue and IAQ / water treatment products
- Improve labor efficiency and dispatch optimization
- Build management depth — reduce owner dependence
Scale
- Business operates without daily owner involvement
- Repeatable systems and predictable profitability in place
- Large membership base generating recurring revenue
- Acquisition-ready platform with documented processes
- Position for $10M+ premium exit to PE or strategic buyer
Top Notch's customer base, brand reputation, and multi-trade infrastructure are all intact. The plan doesn't build a new business — it removes operational drag and lets the real business emerge.
From operational turnaround today — a $10M–$15M exit with execution.
The Revenue Is Already Here. It's Just Being Left on the Table.
Top Notch has 26 employees, $6M+ in revenue, a strong call center, and an established Idaho Falls market position. The business isn't struggling for lack of demand — it's structured in a way that loses revenue on the majority of every service call. Every gap below has a proven, executable fix.
Gap Analysis: Current vs. Fixed
| Issue | Current State | With WealthNow Fix | Revenue Impact |
|---|---|---|---|
| Zero-revenue calls | 55% of all service calls produce $0 | Service process tightened — every call monetized or triaged | Critical |
| Membership base | Only 167 active members | 500+ members generating recurring revenue and higher conversion | Foundational |
| Replacement leads | Only 5.6% of calls → replacement opportunities | Technician training improves opportunity identification rate | Very High |
| Call center visibility | 15,733 calls; weak reporting / classification | Full reporting stack — lead tracking, conversion, attribution | High |
| Callback rate | 121 callbacks — rework destroying margin | First-visit quality program — callbacks cut by 50%+ | Medium |
“Fix the service call conversion, build the membership base, and Top Notch transforms from a business fighting to break even into a highly profitable HVAC platform worth $10M–$15M.”
Private Equity Is Buying. Top Notch Is Exactly What They Want.
HVAC and plumbing are two of the most aggressively consolidated verticals in private equity. Established multi-trade platforms with recurring membership revenue, commercial relationships, and professional management are what acquirers are chasing — and paying premium multiples to own. Top Notch, once restructured, is that business.
Why Top Notch Commands a Premium
The Window Is Open
PE platforms are consolidating regional HVAC and plumbing businesses at record pace. A multi-trade Idaho company with $10M–$15M in revenue, 15–20% EBITDA margins, and a growing membership base commands 7–10× EBITDA from acquirers — putting exit value squarely in the $15M–$20M range. The question isn't ifthe exit happens — it's at what valuation.
A Strong Platform. Primed for the Right Partner.
Top Notch has built a genuine multi-trade HVAC and plumbing platform in Idaho Falls. The infrastructure, team, and market position are all in place. What's needed now is the operational discipline, membership engine, and management depth to unlock the business's true value — and deliver a $10M+ exit. WealthNow provides the partner, the system, and the path to get there.
Business Profile
Value Creation Levers
With 88% booking conversion on 2,679 lead calls and only 167 active members, Top Notch is already capturing interest — it just isn't converting it into recurring revenue. That's the highest-leverage fix in the business.
“Top Notch's goal is clear: reduce the owner's daily burden, scale the business to its true potential, and create a $10M+ liquidity event. That's exactly what WealthNow delivers.”
— WealthNow Assessment
Six Levers. One Proven System.
WealthNow doesn't experiment on Top Notch. Every lever below has been validated across HVAC and home services businesses — and each one addresses a specific gap that's currently suppressing revenue, margin, and exit value.
Fix Service Call Conversion
55% of 2,573 service calls reviewed produced zero revenue. WealthNow installs a structured call-to-close process: technician checklists, opportunity identification training, service advisors, and dispatch triage protocols to ensure every call generates a revenue outcome — repair, replacement quote, or membership enrollment.
Scale the Membership Program
Top Notch has only 167 active members — but members convert at 16% on service opportunities vs. significantly lower for non-members. WealthNow builds a structured membership engine: pricing, offer packaging, technician enrollment scripts, and renewal tracking to grow from 167 to 500+ active members.
Build the Replacement Lead Pipeline
Only 5.6% of service calls identified replacement opportunities — well below industry benchmarks of 15–20%. WealthNow trains technicians on equipment assessment protocols, installs scorecard accountability, and creates a replacement lead tracking system so every aging unit gets flagged and followed up.
Expand Plumbing & IAQ / Water Treatment
Top Notch operates in two trades — HVAC and Plumbing — but the plumbing division and IAQ/water treatment remain underleveraged. WealthNow builds out dedicated capacity, membership offers, and cross-sell programs that turn every HVAC customer into a plumbing lead and vice versa.
Clean Up Call Center Reporting
With 15,733 total calls and 2,679 identified lead calls, Top Notch has a high-volume contact center — but weak reporting and classification. WealthNow installs full lead tracking, booking attribution, and conversion reporting so management can see exactly where revenue is being made or lost in real time.
Install Leadership Accountability Systems
90-day priorities include technician scorecards, opportunity management, and a weekly leadership accountability cadence. WealthNow builds the operating rhythm: KPI dashboards, weekly leadership reviews, technician performance tracking, and management hiring where needed to reduce owner dependence.
From Operational Loss to $1.5M–$2.5M EBITDA
Fix the service call conversion, build the membership base, and Top Notch transforms from a business fighting to break even into a highly profitable HVAC platform worth $15M–$20M.
From $6M Underperforming. The Trajectory Is Clear.
These projections are grounded in what WealthNow has achieved across comparable HVAC and home services businesses — not aspirational modeling. Every number below has a defined lever, timeline, and action behind it.
Key Assumptions
Multiple Paths. All Lead to $15M–$20M.
WealthNow doesn't lock Top Notch into one exit scenario. We build the business to be acquisition-ready — and let market conditions and timing determine which path captures the highest return for the owner.
Strategic Acquisition
A multi-trade Idaho HVAC and plumbing platform with strong brand recognition, recurring membership revenue, and a professional management team is exactly what regional consolidators want to acquire and expand across adjacent markets.
Private Equity Platform
PE consolidators are actively buying HVAC and plumbing businesses with strong brands, diverse service lines, recurring membership contracts, and professional management. Top Notch, rebuilt, hits Phase 2 at 7–8× ($10.5M–$12M) and commands 8–10× as a fully scaled platform — the most likely exit path.
Management Buyout
If the installed operations manager and leadership team want ownership, a structured MBO allows the owner a clean, private exit at a fair multiple without an external sale process — preserving the team and culture built over time.
Valuation Range
Why Acquirers Pay More
Target Outcome
Exit valuation for Top Notch — achievable in 24–36 months
Structured for Alignment. Built for the Owner's Win.
WealthNow's deal structure is simple and fair. The owner receives the full baseline value first — then we share the upside we create together. The goal: a $15M–$20M liquidity event that delivers real, life-changing financial freedom.
The $3M baseline valuation of Top Notch goes 100% to the owner at exit. WealthNow takes nothing from the baseline — it's theirs by default.
Every dollar above the baseline is split equally. We only win when the owner wins. Our incentive is entirely aligned with theirs.
With WealthNow's system, the exit target is $15–20M. The owner walks away with a transformative liquidity outcome — the reward their years of work deserves.
Sample Exit Scenarios
* Owner receives: baseline (100%) + 50% of upside above baseline. Figures shown using $3M baseline valuation for illustration. Net outcome will vary based on final terms and debt structure.
We source the operations manager, deploy the systems, and work the playbook — at our expense. The owner doesn't carry the risk of building.
The Top Notch owner remains a meaningful participant in the upside throughout the process — not just a seller stepping away.
We only generate return when the exit happens. Your outcome determines ours. That's alignment by design.
Two Futures. One Looks Very Different.
Top Notch is at a crossroads. The path chosen in the next 90 days will define the owner's outcome — and the legacy of everything they've built.
Without WealthNow
- Business continues to lose money — operational drag compounds over time
- 55% of service calls keep producing zero revenue with no structural fix
- Membership base stays at 167 — recurring revenue never materializes
- Owner remains trapped in daily operations with no exit in sight
- 26-employee team at increasing risk as financial position deteriorates
- A strong platform worth far less than its potential — or sold at a discount
With WealthNow
- Service process fixed — zero-revenue calls converted to paying outcomes
- Membership base scaled to 500+ — recurring revenue engine fully running
- Revenue scales to $10M–$15M in 24–36 months with proven systems
- Operations manager installed — owner steps out of daily grind
- 26 employees protected under professional management and accountability
- Owner walks away with a $15M–$20M liquidity event — earned and deserved
Top Notch has the brand, the team, and the market position.
What it needs is a partner with the system to scale it.
Top Notch. Ready to Scale.
The brand, the customer base, and the market position are all in place. WealthNow provides the partner, the system, and the path to a $10M+ exit.
Path to Close
Confirm Interest
Owner aligns on the opportunity and confirms mutual fit before moving to diligence.
Deep-Dive Discovery
WealthNow conducts a full operational and financial assessment of Top Notch — no surprises.
Term Sheet
WealthNow delivers a clear, fair term sheet reflecting the deal structure presented here.
Close & Execute
Partnership is formalized. Ops manager hiring begins. The 36-month plan is activated.
The Platform Is Built.
Now Let's Scale It.
Top Notch + WealthNow = a $10M–$15M exit, a professionally managed HVAC and plumbing platform, and an owner who finally gets the outcome their years of work deserves.
WealthNow — Exclusive Partnership — Confidential