What Makes a Business ‘Right’ for Us (and What Doesn’t)

At Split Pine Group, we’re not trying to buy every business. We’re trying to buy the right ones.

That means walking away from opportunities that aren’t a fit, even if the numbers look good on paper.

We’re long-term owner-operators. That changes how we evaluate a company. We’re not just looking at EBITDA. We’re looking at people, process, pride of work, and potential. Because if we’re going to step into your shoes and lead the business into its next chapter, we have to believe in what you’ve built, and see a clear path forward.

So, what makes a business right for us? And what doesn’t?

What We Do Look For

1. Real Work. Real Impact.

We love businesses that do work that matters, often in the trades, services, or industrial sectors. Think electrical contractors, HVAC companies, fabrication shops, or specialty service providers.

These aren’t flashy businesses, but they’re essential. They keep homes running, buildings safe, and communities strong.

We’re drawn to companies that are respected locally, the kind of business people know and trust, even if it’s not well-marketed.

2. A Stable, Repeatable Core

We’re not looking for overnight growth stories. We want businesses that have stood the test of time, with a steady customer base, repeat work, and consistent year-over-year performance.

A little mess in the books? No problem. But there needs to be a foundation we can build on.

Bonus points if the business has:

• Word-of-mouth referrals

• Longtime employees

• Service contracts or recurring work

3. An Owner Who Cares About the Next Chapter

We work best with sellers who care not just about the sale, but about the people and legacy they’re leaving behind.

Maybe you’re ready to retire. Maybe you want to hand things off and finally take a breath. Either way, you want the next owner to do right by your team, not just squeeze the business dry.

We get that. That’s exactly who we are.

4. Opportunities to Improve. Not Overhaul

We’re not afraid of businesses that need some cleanup. In fact, we expect it.Often, we find companies that have grown by doing great work — but never had time to invest in:

• Marketing

• Technology

• Training

• Systems and processes

That’s fine with us. We don’t need it perfect — just solid enough to know that, with the right support, it can grow steadily and sustainably.

What We Don’t Look For

1. Customer Concentration Overload

If 60% of your revenue comes from one client, that’s a big red flag for us. We like diversity, not just in your customer base, but in your revenue streams.

2. Business Built on the Owner’s Back

If you’re the estimator, the crew lead, the office manager, and the rainmaker, and no one else can do what you do, it’s going to be tough to transition.

We’re not looking for a unicorn. We’re looking for a business that can run without one.

That said, if you’ve got a strong #2 or a team that could step up with some support, we’re very interested.

3. Culture Mismatch

We’re not slash-and-burn buyers. We’re not here to cut headcount or “optimize” by squeezing people.

If a business runs on high-pressure sales tactics, revolving-door staffing, or questionable ethics, we’re out.

We’re here to build healthy, long-term companies. That starts with culture.

Final Thought: It’s About Fit, Not Flash

If you’ve built a business you’re proud of, something steady, respected, and real, and you’re looking for someone to carry it forward with care, we’d love to talk.

Even if you’re not sure you’re “ready,” we’re happy to start a conversation.

Because in the end, finding the right fit isn’t about timing the market. It’s about trusting who’s going to carry the torch.