Redwood Services是一家专注于收购住宅管道和HVAC企业的私募股权公司，通过与企业主合作，帮助他们实现业务增长并创造财富。Redwood的商业模式在于为行业内的企业家提供资金、辅导、营销、会计等方面的支持，帮助他们突破发展瓶颈，实现更大的成功。Redwood与企业主的合作模式独特，并非完全收购，而是保留企业主25%的股份，激励他们继续参与经营，并分享企业增长的成果。这种模式不仅帮助企业家实现了财富增长，也为Redwood带来了快速的发展，在短短四年内实现了从零到4亿美元的收入增长。文章还强调了Redwood在选择合作伙伴方面的标准，更看重企业文化和企业家的奋斗精神，而不是单纯追求财务回报。

😊**Redwood Services的商业模式：收购和加速增长** Redwood Services专注于收购美国各地的住宅管道和HVAC企业，并与企业主合作，帮助他们加速业务增长。Redwood提供资金支持，帮助企业购买新设备、增加员工，同时还提供包括辅导、营销、会计、软件和供应商谈判等方面的支持。这种模式旨在帮助那些已经取得一定成就但遇到发展瓶颈的企业家，提供他们所需的资源和帮助，让他们能够更上一层楼。例如，Redwood会为新收购的企业升级车队、购买新设备，并投资管理人才，从而提升企业的整体运营效率和服务质量。Redwood的投资规模从40万美元到5000万美元不等，其中较小的“并购”通常在100万美元左右，涉及100%的收购，这些企业通常有5-20名员工。而对于拥有75-100名员工的大型企业的收购，估值平均在2000万美元左右。

🤔**独特的股权合作模式：激励企业主持续参与** Redwood与企业主的合作模式与传统的私募股权收购模式有所不同。Redwood通常会获得新“合作伙伴”企业75%的股份，而原来的企业主则保留25%的股份。这种模式确保了企业主仍然拥有对企业的部分控制权和利益分享，从而激励他们继续参与经营，并与Redwood共同努力，推动企业的持续发展。Redwood认为，这种股权合作模式能够更好地激发企业主的积极性，让他们更加努力地工作，从而实现企业价值的最大化。例如，Redwood的创始人Richard Lewis就强调，企业主保留的25%股份的价值有可能超过他们最初出售的75%股份的价值，这使得他们更有动力去努力工作，推动企业发展。

🤝**合作伙伴的选择标准：注重企业文化和奋斗精神** Redwood在选择合作伙伴时，并非只看重企业的财务状况，更注重企业的文化和企业主的奋斗精神。Redwood希望与那些真正关心员工福祉、愿意为企业长期发展做出贡献的企业家合作。Redwood的创始人Richard Lewis认为，如果一个企业主首先关心的是自己的企业价值，那么他们可能并不适合与Redwood合作。相反，Lewis希望企业主首先考虑的是“这对我的员工有什么好处？”，这体现了Redwood对企业文化和社会责任的重视。Redwood的合作伙伴可以是60多岁的老人，也可以是夫妻档或父子档，他们来自不同的背景，有着不同的故事。Lewis希望了解潜在合作伙伴的人生经历，了解他们是如何白手起家，一步步建立起自己的企业的。他认为，那些曾经经历过艰辛，并通过自己的努力取得成功的企业家，更有可能与Redwood的价值观相一致，并成为成功的合作伙伴。

In fact, with help from private equity, owners of plumbing and HVAC businesses can even fetch tens of millions of dollars.“Sometimes I’ll literally say, ‘I make millionaires for a living,'” Redwood Services founder and CEO Richard Lewis said.In an interview with Fortune, he estimated his company has minted more than 30 millionaires since he started Redwood four years ago.Redwood, which is backed by the Union Main Group private-equity firm, specializes in acquiring residential plumbing and HVAC businesses around the country and partnering with their owners to accelerate growth. Lewis attributes his firm’s success to its business model of finding entrepreneurs in the trades who still have “gas in the tank” to keep working but have hit a growth ceiling and need some help getting to the next level.That’s where Redwood comes in. Not only does it provide capital to business owners to add employees and equipment, it also offers help with things like coaching, marketing, accounting, software, and negotiating with suppliers.“Day one, we are upgrading fleet, we’re buying fleet, we’re investing in managerial talent,” Redwood Chairman Adam Hanover said. Deals have ranged from $400,000 to $50 million. Smaller “tuck-ins” are typically around $1 million and involve a 100% acquisition. Those businesses have 5-20 employees.Meanwhile, deals for bigger firms that employ 75-100 people have valuations averaging around $20 million. Redwood gets a 75% stake in its new “partner” business, and the original owner keeps 25%.In contrast, other models usually involve full takeovers where the original owner hands the keys to the new PE buyer and steps aside from the business.But for Redwood, that 25% stake is critical—for both sides of the deal. Indeed, Lewis insists the owners keep some skin in the game and believes this ownership model makes Redwood stand out from its competitors.“You own 25% of your entity, and that means you are incented to work your ass off and to really help us grow this business,” he explained. “Because that 25% that you own could very well be worth more than the 75% that you sold us up front.”That’s the case for half of Redwood’s 16 partner firms, as the estimated value of the minority stake now exceeds the amount paid for the majority share, according to Lewis.“There is real financial life-changing generational wealth opportunity that is created with the 25% equity that they are rolling into this partnership with Redwood,” he added.Lewis said he loves making millionaires for a living because the business owners he partners with aren’t “silver spoon people.”Instead, they’re blue collar and often got into the trades by pure necessity to support their families, he added. Then they saw an opportunity to start their own businesses and eventually built them up.But not every plumbing or HVAC business is a good fit for Redwood. Lewis said he’s looking for partners who have more to offer and aren’t just wanting a quick buyout with no involvement afterward.If the first thing an owner asks is how much their business is worth, that’s not for Redwood. Rather, Lewis wants the first question to be “how is this good for my people?” Once he sees that the company’s culture is right, then hell ask about financials in a follow-up conversation.There’s no typical partner. They can be in their 60s, or a husband-and-wife team, or a father-and-son team. Instead of fitting a certain mold, Lewis wants to hear a potential partner’s story.“I want to get to know their personal journey in life, you know, were they given this business by their parents and they’re just there to collect a paycheck?” he explained. “Or were they one of the guys that grew up in the back of a truck and started from scratch and built something special?”To be sure, private equity isn’t new to the trade sector, and Lewis counts 64 other firms he is competing with.But he believes Redwood has a unique approach where he zigs while others zag, translating to explosive growth.“When we started this business four years ago, I was afraid that if everyone’s doing it this way and we’re over here doing it that way, maybe I’m just a complete idiot and this thing is going to fall flat on its face,” he recalled. “Fast forward four years: We’re one of the fastest growing investors in the industry. We’ve gone from zero million of revenue to $400 million of revenue in four years. The business doubles every year, so I think we’re doing something right.”Upcoming event: Join business's brightest minds and boldest leaders at the Fortune Global Forum, convening November 11 and 12 in New York City. Thought-provoking sessions and off-the-record discussions feature Fortune 500 CEOs, former Cabinet members and global Ambassadors, and 7x world champion Tom Brady–among many others.

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