Topic: Q3 Reflections
Guest: Dan Gordon & Donnie Shelton
In this episode we discuss:
How Donnie stayed at a "hipster hotel" in Boston at PestWorld
How higher interest rates and mortgage rates over 7 percent may affect the pest control industry
How JPMorgan Chase CEO Jamie Dimon said a recession is likely in next six to nine months
Other potential effects of rising interest rates for PMPs
How Donnie is preparing for a potential recession (avoiding new debt, shoring up credit lines, preserving gross margin)
Marketing results Coalmarch is seeing on average: Leads - 0-15% YoY Sales - 10-15% Costs - 70-90% (paid search) Search Volume - 5%
PCO M&A Specialists/William Biar Pest Index results: June -14% YoY July - 11% YoY Aug. - 18% YoY (reflecting the full implementation of price increases)
Dan's advice on how to navigate gross margin when labor, materials and fuel are increasing
Why and how to communicate price increases to commission-based employees
What Dan and Donnie are hearing and seeing about customer attrition
An M&A update from Dan's perspective
The Terminix/Rentokil deal completion
Notable: "Our industry in general is pretty resilient, but be wise. Clean up. Make sure you can weather a storm at less growth." —Donnie Shelton
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