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Over the last several weeks, I’ve had more than a few testy interactions with ChatGPT and Gemini during searches I’ve asked the AI platforms to run for me. (Let’s just say that “nope, try harder” is a command you’ll find in my chat history.) I say this in recognition that the theme of today’s newsletter might be born entirely from my own frustration with both AI tools and the nonstop conversation about what AI is doing to business… and yet, I share today’s stories—as ever—in hope that they will be useful to you.

Over the July 4th holiday weekend, my colleagues on the small business desk published this fascinating story about how millennials are buying up blue-collar, brick-and-mortar businesses to AI-proof their futures. As business brokers tell it, the type of companies that millennials are now eagerly snapping up are smaller firms with recurring revenue, a solid customer base, expertise in a niche market, and books that are in order. Most in demand are businesses in plumbing, electrical work, pest control, and HVAC (heating, ventilation and air conditioning).

“There’s overall consensus that AI is not going to eliminate them, not yet at least,” says Patrick O’Connell, a consultant who’s worked on some of these acquisitions. “There’s a little bit of a moat in some of the home services if they require licensure” (the way plumbing and electrical work does).

You don’t have to acquire an HVAC business if that’s not your calling, but it’s not a terrible idea. Also not a terrible idea? Reading........

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