3x Thesis: Insurance-Adjacent Services- Home warranties, inspections, and mitigation as an investment platform.

Buying a home services business?
Still a smart play.

You get:
– Non-discretionary demand
– Fragmented competition
– Predictable cash flows
– And plenty of exit paths (especially if you stack a few trades together)

But here’s a better question PE firms should ask:

What if instead of owning a service company... you enabled all of them?

The unsexy but high-upside play?
Build a platform that lets home service businesses offer things they can’t do today:
– Home warranties
– Inspections
– Risk mitigation services (fire, mold, water damage)

These are high-margin, recurring-revenue products, exactly what tradespeople wish they could offer.
But most can’t. They don’t have the infrastructure, the billing systems, or the customer lifecycle management to make it work.

So what do you do?
You build it for them.

Think:
– A white-label warranty system
– CRM + inspection tooling
– Subscription billing modules
– Claims workflows
– Compliance baked in

They plug it in, sell more, and keep doing what they do best.
You take a cut, on every transaction, every renewal, every upsell.

Now instead of competing in the same crowded PE auction for a $3M EBITDA HVAC business…
You’re building a platform play with SaaS margins and service-level scale.

You don’t need to hire technicians.
You don’t need to manage call centers.
And you’re not fighting Google Ads auctions for “plumber near me” at $40 a click.

You’re selling picks and shovels in the middle of a gold rush.

Owning a home services business is still a good play.
But building the infrastructure they all rely on?

That’s how you make the jump from platform to ecosystem.