Episode 234: The Current State of the Home Services Market

We’re coming at you LIVE with another episode of To The Point! On this episode, host Chris Yano talks to returning guest Ken Haines, Chairman & CEO of Wrench Group. With over four decades in the industry and an illustrious career, Ken is the perfect person to talk about the current state of home services and what he’s seeing coming down the pipeline.

If you haven’t heard Ken’s first episode, go check it out! Otherwise, let’s dive in!

Where Are We, and Where Are We Headed?

Ken’s been in the industry for over 40 years, and it’s been a heck of a ride. From selling his first company after high school to working as a technician to buying another company, growing it, and then starting Wrench Group in 2015, he’s seen it all. Wrench Group has grown from 3 brands to almost 30 across 15 states and with nearly 8,000 employees.

What he knows is that, while the last 18 months has been a challenge, this industry is resilient and still an amazing space. He has noticed that private equity has slowed down a bit, but he sees the industry as a permanent “Mom n’ Pop” space, with a low barrier to entry. New companies are starting up all the time, and as those grow, history will repeat itself. The bottom line? There is a ton of opportunity for everyone, both newcomers and veterans such as himself.

• The aggressiveness of private equity over the last 8 years
• Interest rates, competitiveness, and the other challenges that presented themselves post-COVID era home services
• What common leadership traits Ken sees in the great leaders in home services
• The timeless importance of focusing on the customer experience
• Why the right fit and a true partnership is so important when in the world of M&A
• How AI and marketing technology trends and tools are shaping the future of home services
• The value of continuously learning and pushing to get better each and every day
• What negotiation tactics and leverage contractors might (or might not) have with OEMs, suppliers, etc
• Why focusing on the fundamentals is still the ticket to success
• And more!

Opportunities Abound

Ken sees the home services industry as a place that will always have opportunities – but those that really rise to the top have some key characteristics. Along with being great operators, being willing to take risks, fail fast, and move on is fundamental. Don’t be afraid to be different, and have a sense of urgency. If you focus on your customers, employees, and doing things the right way, you’ll get where you want to go.

According to Ken, there’s no silver bullet. It’s hard work getting the right people in the right places, holding them accountable, and grinding day in and day out…but when you do? It really is that “simple”. NO. ZERO. DAYS.