The Herring Group

Happy Fourth of July from The Herring Group!

As we celebrate America's independence, we're grateful for the freedoms and opportunities that allow business owners, leaders, and teams to pursue their vision, build great companies, and create meaningful careers.

Wishing you and your family a safe and relaxing Fourth of July. May you get to spend it with those who matter most.

Private equity is reshaping the landscape industry—and for many owners, the question isn't if they'll be approached by a buyer, but when. Valuations are significantly higher than they were a decade ago, creating opportunities for business owners considering their next move.

Before pursuing a sale, it's critical to understand what drives private equity firms, how they create value, and what life looks like after the transaction. PE brings capital, but it also brings new expectations, increased accountability, and a different pace of business.

Whether you're planning an exit or simply competing against PE-backed companies, understanding their incentives and strategies can help you make smarter business decisions.

Read the full article: https://herring-group.com/profitable-preivate-equity-exit/

Private equity and making a ‘green exit’. Private equity (PE) firms’ investments in landscape companies continue to accelerate. Ten years ago, most owners never imagined a financial buyer would be interested in their business. Today, many are receiving unsolicited calls, emails and offers regularly.

Private equity has changed the industry. Valuations are near double what they were a decade ago. That will not last forever.

Charlie Munger said it best. "Show me the incentives, and I will show you the outcome." Understanding what drives a PE firm takes away the mystery.

One example from our white paper: a firm earned $880,000 in management fees and $5.9 million in carried interest. That gap explains almost everything about how PE thinks and moves.

This matters whether or not you ever plan to sell. PE-owned companies move faster, invest more aggressively, and operate with tighter financial discipline. They put pressure on every owner in their market.

This is your chance to learn the rules of the game you are already in.

I recently wrote an article in Management about our exclusive white paper: "The Green Exit: What Landscape Businesses Need to Know About Private Equity" to give you that footing. Read the full white paper, free here:
https://herring-group.com/privateequity

Some landscapers run better than others. Better margins. Better retention. Less chaos.

It's not luck. It's how they run.

On June 25, Bryan Gyllen of DeSantis Landscapes and Greg Herring of The Herring Group sit down with Lex Mason to talk about what the best operators actually do differently.

No slides. No pitch. One hour.

What the Best Landscapers Do Differently
Thursday, June 25 | 10 AM CT | Free

Register at the link.
https://us02web.zoom.us/webinar/register/WN_HwqKf2jlQTWMmHFdIRt37Q

I regularly write for the landscape industry, both for Landscape Management and for our own blog on The Herring Group website. Over the years, I have found that BrightView offers one of the best real‑time windows into the trends shaping the rest of the industry.

In their most recent earnings call ending Q1 2026, BrightView announced its first year-over-year growth in more than two years. That growth reflects a focused, consistent effort since Dale Asplund became CEO in 2023.

However, beneath that announcement is the more important story: even with revenue growth, BrightView’s margins continue to decline.

In the article, I discuss BrightView’s growing sales force, sales force production rates, customer retention stats, and fuel surcharges. Of course, I also show you their trended income statements. I think you will find this information not just interesting, but also helpful in your business.

You can read the full article here: https://herring-group.com/brightview-finally-grows-but-margins-shrink/

Writing these articles is an example of the financial leadership that The Herring Group brings to the landscape industry. We recognize that most owners hate being their company’s financial leaders, so we do things that they do not want to do, like pricing and operational reporting. If you want to talk about financial leadership and our focus on healthy pr*fit margins and life margins, let’s talk.

BrightView Finally Grows, But Margins Shrink After 30 months of waiting, BrightView’s CEO got to say the words investors and employees want to hear: the company’s land maintenance business grew. Revenue in that segment was up 4.0% in the quarter ended March 31, 2026 — the first year-over-year increase since the third quarter of 2023. For...

We had a great time with The Herring Group leadership team in Albuquerque last week.

We enjoyed being together and had some productive and energizing conversations about where we’re headed as a company and how we can keep serving the industry well.

Grateful for this team and the work ahead!

Oil prices are climbing again. In a recent poll, we asked landscape leaders how they are handling fuel surcharges this time around:

22% — Yes, adding fuel surcharges to all contracts
11% — Yes, adding fuel surcharges to new contracts/orders
67% — No fuel surcharges at all

That means two‑thirds of companies are absorbing rising fuel costs with no adjustment to pricing.

Here’s the challenge: fuel, fertilizer, and chemical costs all move with energy prices. When prices rise, margins can erode quickly. Sometimes faster than owners realize. In one recent review, a 37% increase in gas prices translated into nearly a full percentage point drop in operating margin.

Hoping it settles down isn’t a strategy. Clear, proactive pricing is.

If you are unsure whether your current pricing structure can absorb another spike or if you want a second set of eyes on how fuel, equipment, and overhead flow through your numbers, we can help.

Start here >> https://lnkd.in/gS9xnCpp

A small adjustment now can protect your margin later.

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