HVAC company valuations often miss the mark because they:

• Ignore seasonal swings
• Understate CapEx for trucks, tools, or tech
• Treat one-time commercial jobs as recurring
• Fail to adjust for technician wages or owner field labor

📌 Cash flow must reflect recurring maintenance—not a spike from one summer heat wave.

✅ Normalize earnings, fleet replacement, and warranty work to meet SBA standards.