The Boardroom Buzz: Grow, Sell, or Exit

Step into The Boardroom to hear how Sean McCauley built his empire. As the owner of Aantex Pest Control, Sean is now on pest control company number three. While pest control runs through his veins, it's not the only ‘egg in his basket’. Sean has monetized his previous pest control investments to venture into other assets. Sean shares his opportunistic outlook: there are different advantages in every regime. Hear how to detach from the business, when to run into the fire, and where to find opportunities. This week's guest brings his crystal ball into The Boardroom. He sees a V-shape recovery. Will you heed Sean's advice to chill out and ride the wave? Put your economics hat on before stepping into this session. You will think about the bank after this episode. Whichever cards you think you are holding, remember the bank is the 'apex predator'. Paul questions Sean on who has the most to gain in an inflationary environment. With no topic off limits, it may surprise you to hear our guest's take on Millennials. Speaking of funny money, Fannie and Freddie aren't imaginary friends. Is the government-backed duo holding down interest rates? Sean even reveals terms for his commercial real estate notes. Sean finds he has a lot to gain underwriting entrepreneurs, in addition to his hard asset portfolio. It is one way he has found to diversify his net worth. Listen for how Sean and Paul get their returns on time invested. This is the unintended follow-up to Episode 14's buy-side conversation. From someone that will "never have to work another day in my life", Sean will encourage you to get un-lazy. Go out and find the deals. If you've made it this far, you may survive Professor Paul's Econometric After Party. Diversification 201 is in session. Sit back and hear how zombies do exist. Sean says we live our life in unrealized gains. Does that saying go deeper than a real estate metaphor? Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

There was little warning before WorkWave CEO David Giannetto walked into The Boardroom. Patrick's past PestPac experience sets the tone for this real conversation. Since all the skeletons are coming out, why not spin an extra 'nickel and dime' into the chat? David stepped into the CEO role two years ago. Support tickets counts ran high, and the tech became more indebted by the day. The customers were not the only ones frustrated by slow resolve. There must be reasons to sneak a vendor into The Boardroom. David announces PestPac's partnership with Target Specialty Products. This alliance can put even more money into operators' pockets. Another announcement he shares is WorkWave's promotion from IFS to parent-fund, EQT. David admits PestPac's intermittent communication. When rolling out $1.5 billion WorkWave Payments, he managed the bloody murder calls. After accepting the change, the native payment platform padded dollars into most of the end users' bottom lines. Is there enough in savings and increased productivity for PestPac to pay for itself? Migrating from customization to toolsets, PestPac commits to modernizing. It's interesting to hear PestPac's move from customization to configuration. Listen for the Executive Steering Committee's role on roll-outs. This Boardroom conversation doesn't end there. From high switching cost handcuffs to competition in software to and scrutiny over shared interests, this chat packs in a lot. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

The ink is still wet and the emotions are raw. Jason Byer opens up about his team and the guilty conscience he hid last year as he sold the family business. Jason led Suburban Exterminating up to and through their sale to Rentokil in late 2020. The service and billing decoupling discussion returns to The Buzz, but Suburban was unique. Listen for how Door Knockers rang-in a new billing method. If you can't beat them join them. Jason even considered putting summer sales to work in his business before the sale. Moving forward, Jason and his team are learning the Rentokil way. How is this longtime family business transitioning into corporate culture? Hear how as a sophisticated business, Suburban has integrated into the new environment. Jason recognizes his team and their ability to adapt. Good or bad, what is the Rentokil-effect on the front line employee? He shares his excitement about the upgraded resources and ability to grow. Jason represents succession assumed in a family business. As a minority partner AND a son, what is his take on risk and reward? Paul preaches from previous experience on this parental pest control paradigm. In contrast, Paul recalls another family situation with hyper communication. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Mike Stanczyk makes time between closings for an encore appearance in The Boardroom. On this occasion, Mike fields shareholder agreement questions. From formal arrangements to napkins to none, hear how preparation and sophistication varies. Don’t feel alone if you find yourself without a proper agreement in place. Learn from others. Have these discussions. Proper agreements are borne from previous poor personal planning. You know by now that family business in pest control is a reoccurring theme. Paul gives notice; verbal only arrangements are bad and corporate welfare is worse. Parenting advice uncovers family business trends and inherited titles via surname similarity. Options are prolific in the tech industry, but Paul asks Mike about their place in pest control. The conversation is peppered with tax implications. Do options have their own tax advantages? Paul recalls when a sale was discovered with derivatives in the balance. You’ll hear how a ‘free and clear title’ isn’t a phrase unique to the auto industry. If Patrick wasn’t having a hard enough time keeping up, Mike and Paul play a rhetorical game of tag-along and drag-along. Patrick can be difficult to deal with, but it’s the guest dragging Patrick along this week. Following Paul’s judge and jury soapbox last week, what will this week’s legal disclaimer entail? Is Patrick the only one asking who an attorney represents? Should you find yourself calling Mike, remember that he is NOT LegalZoom. There is more than one takeaway in this public service announcement of an episode. Whether you’re in a family business or not, always remember Mex’s Rule #1: don’t suck at life. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com‍

Patrick survives the un-Texas weather to only later hear Paul tell him what he’s (not) worth. Between upcoming tax rate hikes and inflated valuations, wouldn’t you know that Paul is keeping busy (or at least The Angry Mex is)? In other current events, Patrick *felt* special for a hot minute. You'll hear how about "a top pest control provider in the southeast that is actively seeking to expand its current service area. Our client is in the top 10 nationally in terms of annual sales and is privately held. Knowing that yours is one of the best and fastest growing in the area...". Paul talks Patrick down from his Rising Star pedestal. Patrick recalls a one-time project in which he had to research recurring vs reoccurring. Leave it to Patrick to chase that into a food frequency free-for-all. If Paul can make it past the Compound, he can show how his one (and maybe never) trip to Waco explains the reoccurring difference. Paul goes on to distinguish reoccurring and one-times. Patrick questions Paul about saying no to Aunt Suzy. Paul questions Patrick’s question. It may be a Buzz word, but there are 'opportunity costs'. Service Agreements. Yes or No? Paper or Digital? Early cancellation fees? Termite work? Paul recalls days of yesteryear when due diligence teams sampled service agreements. What happens when a service agreement doesn’t line up with what is being delivered? You may not find yourself in a class action lawsuit but it may happen to the acquirer. The disclaimer Paul gives is one for the ages. He repeats what he has heard from attorneys. Do NOT take what Paul says as investment advice or legal advice, or prepare to stand before the judge and jury. Episode 42 guest, Jeff Bain, must be an instant classic, or maybe it's an easy reference. Be like Jeff; define what makes your business different. Make sure to RSVP for Paul's upcoming customer retention presentation (email [email protected]). Donation to The Human Fund not required. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Jeff Bain knows how to learn from others. Taking notes from his insurance colleagues, Jeff knew he had to build an annuity-based pest control business. His top priority was to protect the residential-heavy business from wild seasonality as he took over the reins at Bain Pest Control. During Jeff’s collegiate days, he found himself getting paid to learn from American Pest’s former leader, Jay Nixon. Similar to previous Buzz guest Jim McHale, Jeff even shares a nod to the Sameth family and their Residex reps’ willingness to help shape the recurring business model. Relationships, referrals, and pricing chatter abound during this time in The Boardroom. When it comes to building a client base, Jeff takes over as teacher during this sit-down session. Listen for how Bain Pest Control’s retention rate and marketing budget stray from the norm. Jeff even makes time to answer a listener’s question about selling in the Northern climate. Over 100 years after the Ukrainian immigrant entered the USA via Ellis Island, Jeff Bain found himself realizing it was time to sell the family business. When it was time to select an advisor to sell his business, Jeff decided on the advisor that had his best interest in mind. His high trust relationships led him to having several employee discussions before selling the near-centenarian business. You’ll hear how Jeff had his employees’ opportunities in mind while deciding on Rentokil as the best acquirer for the business. There are too many emotions to list in this Boardroom sit-down. Speaking of emotions, Jeff goes on to share a story that shows the soft-side of Potomac’s chief negotiator. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Step into the Boardroom with one of Paul’s favorite pest control people. Mitch Smith discusses experiences which shaped his management style. He shares leadership lessons learned throughout his 35+ year career. This Boardroom guest started in the industry as a technician and rose in the ranks at both TruGreen and Centex. Before Mitch’s current position as COO of Edge, Mitch was the Pacific Division President at Orkin. Mitch brings an interesting perspective to the ‘lawn vs pest’ discussion. He shares the direct connection between business maturity and universal technicians. Service specialist salesmanship may sound like an oxymoron, but trust and unrefinement go hand in hand. While personality profiles find their way into this culture conversation. What are the betting odds when against forcing a square peg into a round hole? Mitch preaches that influencing company culture is more than attending a two-week seminar. It turns out that learning from direct reports and self-reflection has a lot to do with leadership. Mitch recalls a realization moment when a mentor taught him to look in the mirror. Sports analogies abound as running, juggling, and lifting get shared in this sit-down discussion. Hear how Mitch describes spending energy units for high growth and high service delivery standards. Mitch brings management metrics into focus as he shares his tenured strategy. Do you come to this conversation with buy-side in mind? Tune-in to hear Mitch’s post mortem metrics following an acquisition. Perceived value is critical to keep the recurring revenue wheels turning. Before you listen, ask yourself, ‘how do I measure world class service?’ Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

The U Group held its semi-annual meeting in Tampa, and called on Paul Giannamore to present. Call it a press pass or Paul’s paparazzi; Patrick managed to find his way into the meeting. Even the Senator Scott Stevenson made the drive to hang out with Paul, Patrick, and his U Group colleagues. While in Tampa, Paul made time to visit Seth Garber’s Pest Daily studio for some buy-side lessons. What happens when a potential deal stalls in due diligence? It gets interesting when it’s not one of Paul’s deals and a prominent strategic acquirer calls on Paul for help. Patrick asks Paul to draw the line in the sand between brokers and sell-side advisors. What about Patrick’s conflict of interest hunch between buy-side and sell-side work? A sell-side client gets the duo discussing what’s better than a best and final offer. Paul also reveals his personal connections with the Dunning-Kruger effect. Standing on the shoulders of giants, even M&A-experienced private equity partners call on advisors. In life, you learn to expect the unexpected. As a negotiator, you learn to expect the opposite of the expected. Which title does Paul find himself donning? Paul the Picasso Purveyor? Paul the Peacemaker? Paul the Point of Indifference Pusher? Patrick's phone call with a tenured strategic buyer, turns the tables as Paul asks Patrick what he learned. You'll hear how Patrick finds himself bearing the advocate role for other pest control owners. Trust and credibility are common threads woven into this Boardroom conversation. Would you have the discretion to turn down $1 million in overtime? Which pop culture reference will Paul drop in The Boardroom this week? Don’t worry. Patrick didn’t catch this one either. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Set aside what you think about routing for two hours, and step into the Boardroom with Pam Blauvelt of PCT Top 100 Griffin Pest Solutions (now a Rentokil company... finally). What Doug Stevenson is to financial systems, Pam is to operational efficiencies. Find the path to the Holy Grail as you consider same-day scheduling changes. Tune-in to hear how an acquisition accident left Pam and her business partner, Jeff Spencer, scrambling. Borne out of crisis, Griffin was forced to implement a four-day workweek. A necessity turned into demands echoed from Griffin guys and gals. Murphy's Law #14 in pest control states that your technician's schedule puts him at a restaurant during the lunchtime rush. Not so with Pam's PestPac Pro Parameters. Other than a four-day workweek, what other lessons did Pam learn while making acquisitions? What would Pam not outsource during due diligence? Production versus hourly pay? Ask yourself how many technicians you'd be willing to lose if making the change is the best thing for your business. If you've ever found yourself saying 'talk to me like an adult' to a technician, then you'll enjoy time spent in this Boardroom. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Last week’s inspirational episode with Shelby Hawkins still has The Boardroom picking up the pieces. Paul summed up Shelby’s interview best: ‘no excuses’. It’s a good time to catch up on Paul’s New Year’s Day board meeting. Paul gives feedback on the P&L’s, incentive structures, and management reports. There is a give and take to incentive structures. Who knew that a hedge fund conference on modern portfolio management theory would spiral into giving Dennis Rodman free throw lessons? How will Company Bravo’s “Timmy” stack up at the line? Where is the balance between incentives and preventing demotivation? It’s a yin and yang exchange. Speaking of balance, The Matrix gets a nod during this week's compensation conversation. It’s on the record. Paul commits to writing a "Nerd Nerd" paper on the organizing mechanism spectrum in pest control companies. As the loyal listeners know, Patrick takes great joy in packing events on Paul’s calendar. As if Paul’s schedule isn’t busy enough, stay tuned for a combined presentation on the chart of accounts (Episode 26), employee metrics (Episode 34), and (an updated) Aftermath. The chat has Patrick asking if there are common conversations following a preliminary valuation. Are there owners that are not willing to make changes? A simple question about routine EBITDA adjustments leads to a consultation on narratives and the ‘interplay between growth rate and profitability.’ It turns out, it’s a lot more than adding and subtracting when the acquirer takes over. Patrick didn’t see it coming, but the benchmarking debate returns. Paul: “If anyone gets anything out of this episode. You are not selling the past. You are always selling the future.” Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Shelby Hawkins found herself in pest control with 3 kids, 2 college degrees, 1 ex-husband, and 0 business experience. Her maternal determination brought her from food stamps to financial freedom. As a pest control pioneer, Shelby broke the glass ceiling but in her humility, she credits providing for her kids. It wasn't hard enough that she was outnumbered as a female in pest control, but she found her state inspector making weekly visits. Her female point of view set her apart during real estate interactions in Tucson, AZ. Ironically, real estate wasn’t ready for Shelby when it became time to buy an office. Shelby attended a national trade convention, but still found herself as an outsider. Her determination kept her focused on learning from others. Years later, Shelby recalls Don Jamison offering a helping hand all the way from Memphis. Is self-talk part of Shelby’s success? After reading Dr. Joseph Murphy’s book, Infinite Riches went from subconscious mind to landing in her lap. Listen to how entitlement and false loyalty surfaced when it was time to sell 5 Star Termite & Pest. Even in her retirement, Shelby is practicing what she preaches: get out of your comfort zone. Enter Kevin Burns and Arrow Exterminators. Now with $280 million combined between 137 branch offices, Arrow was the perfect fit for Shelby’s business. The Boardroom debriefs on Shelby’s love for working in the field. Join us as Kevin shares from his sixteen years of experience watching owners unwind from their businesses. Arrow’s culture is clear as Kevin shares their goals to keep 100% of their customers and employees following an acquisition. Paul gives credit to Kevin, Emily Thomas Kendrick, and Tim Pollard as they welcome new team members to their Arrow family. Listen for that same family approach during the discussion of branch size and employee opportunities. In terms of the global economy and pest control’s impact on world health, industry perception is no laughing matter. Who knew that encouraging training and licensing would put Patrick on his soapbox? Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

What has Paul learned from The Boardroom Buzz, and how it has changed his perspective? It's only a matter of minutes before Paul reminds Patrick of his Anticimex HQ boardroom conversation. Jarl Dahlfors shared his Quality, Profit, and Growth philosophy in Episode 24. With a quality-first priority, it’s time to hear the realities of chasing shiny objects vs. making internal improvements. What makes up an effective board? Maybe better asked, who makes up an effective board? Taking a cue from the great Stevie Wonder, Board Member Paul finds himself with ‘No New Year’s Day to celebrate’. Paul confesses to his living laboratory, Company Bravo, and his mad science experiments. In light of Bravo, it’s time for another chat about incentive structures. When it comes to outsourcing capabilities, does call center overflow pay for itself using a company such as Slingshot? Patrick finds himself in confession for egregious sins committed years ago. When it comes to sales, which offerings should be considered and likewise avoided? When it comes to leveraging a customer base, does it make sense to acquire a similar business or would a joint venture make for a better return? Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

'Twas the night before Christmas, a Boardroom or house, Not a creature was stirring, not even a mouse; The live traps were set by the chimney with care, It’s showtime, Paul G, let’s get on the air; Jamie Clement chimed in with Milo his cat, The Boardroom opens up for a hot mic chat; Listeners sent in questions and summoned the bookies; Will Patrick give mad props to Milk Bottle Cookies? Knowing when to sell can be tricky, Will prices inflate or find themselves sticky? Seismic re-ratings in the public market, Could trigger owners to roll up the carpet. The Top 3 players may outgrow the ninety-seven, Aggressive offers could force concession; Great questions come out on this inflationary climate, Let’s light wads of cash like a government pirate, Milo’s master purrs on about management teams, While business fundamentals affect valuation extremes; In-house or outsource your business capabilities? 2020’s Buzz word deserves its nobilities. The clips proclaim ideas implemented, It tops off a year that was unprecedented. "Now, Todd! now, Daniel! now, Shane! now, Andy! On, Ben! on, Stewart! on, Liz and Jesse! Will multiples differ between resi- and commercial? 35 episodes so far, and some were controversial. Future returns will depend on the vaccine, We all cheer for the pest cash machine. St. Paul G gives in to a geography question, Patrick wants to know also via his confession— As it gets closer to sell, what should be done? Chuck Norris returns for another pun run. Better asked, should it be what not to do? Impairing your value, pre-Buzz, who knew? Signing off for the year, The Buzz gets sentimental, Big shout-out to Dylan for all things instrumental; The Listeners, the guests, and guest co-hosts surround, We do this for you. May your businesses compound! We’ll return next year, there’s more to address, Happy New Year! Happy Festivus! Everyone, God Bless!

Mark O’Hara stepped out to step up the family business. Is this wisdom for future generations of Buzz listeners? Mark served his time at both the US Army and Anheuser-Busch before rejoining Anderson Pest Solutions. Mark built on his non-pest experience to rise in the ranks at Anderson. His dad started it, his brother primed it, and Mark and his nephew, JT Barnard, scaled it. Mark and his nephew ultimately sold Anderson to Rentokil in 2015 with a $21M top-line mark. People differentiate, not materials. Mark gives tangible examples of culture in this Boardroom conversation. Recruitment became a critical function as the business thrived. Mark tips his hand at a recruitment target outside of pest control. What is Mark’s take on leveraging employees’ relationships to grow the organization? What about recruiting from within the industry? He even shines light on the inevitable blinders surrounding employee interviews. Have you ever felt like sticking your neck out to hire someone? Mark suggests a solution for that. It is hard to fathom building commercial sales machine without trials and tribulations. The conference room conversation doesn’t shy away from ‘sales vs service’. Town hall meetings, individual performance metrics, and committee feedback built the accountability culture. From grading leads to fixing funnel flow, Anderson’s sales process evolved. Patrick Quigley would be proud to hear that Mark refers to hot buttons and asking for the signature in this visit. In battle-field fashion, Mark would often start new projects and then walk away. Mark’s entrepreneurial spirit led to switching course too often. It may not have been self-realized though. As ‘The Way of the Shepherd’ and ‘The 4 Disciplines of Execution’ were recommended to him, he gives his seal of approval to Buzz listeners. When the Chicago climate suppressed pest pressure, how did Mark manage overtime discrimination? In Episode 5, Tony Sfreddo discussed segregating his commercial and residential technicians. How did Anderson structure its technicians’ routes? If Mark was dropped into a $2-3 million business today, how would he think about scaling that business? Tangible takeaways abound in this interview with another PCT Top 100 Great. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Exciting opportunities abound for David Billingsly, Shane Hoy, Ben Hoy, Jon Hoy, and the Pro Pacific Pest Control team. As Anticimex goes west, J. Peterman pays a special visit to congratulate Paul and The Mex aka Franco. Guest co-host David 'General' Billingsly returns to discuss his new role at Anticimex, and is greeted with his new nickname. While David frowns on the nickname, it's the title ‘boss’ that gets him on the corporate soapbox. Speaking of titles, David welcomes Shane to the ‘employee’-side. 'Dollar Bill' David crosses the Mississippi to take the lead as Anticimex Western Region President while Shane has high hopes for DBigs' acquisition experience. What gold will they discover together in California? Buying is the easy part, especially for David. He has a lot of experience acquiring businesses – 13 in total – while at American Pest. Paul and Shane ask him about lessons learned during integration. Recently Anticimex entered Colorado and Arizona with Kevin Lemasters' EnviroPest and Dena Berg's Northwest Exterminating, respectively. Paul explains his take on what these acquisitions do for the West coast. Shane discusses how he announced this acquisition to his staff well before the closing. Would this acquisition have happened for Pro Pacific if it wasn’t with Anticimex? What is the next chapter for Pro Pacific’s Cinderella story? Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

What could be worse : a multi-million dollar wiring snafu or another extortion at the closing? If that question is being posed, then you know it has been another long week in Paul's busiest M&A season. It sounds like these uninvited experiences will remind listeners of previous episode discussions. Some acquirers are sitting on their announcements, but not Anticimex. AX is proud to announce its entry acquisition into California with PCT Top 100 Pro Pacific Pest Control. Congratulations to the Hoy Boys - Shane, Ben, and Jon! Did they really tell their staff a week before the deal finalized? Paul has high hopes for freshly-appointed Terminix CEO Brett Ponton, but Paul is quick to recall when TMX fell from grace & left the client at the altar in the Fall of '19. Looking forward into 2021 and 2022, how will Rentokil deploy its 50-basis point buying power? What new markets will open up for acquisitions? What can pest control businesses do as they look to sell in the next two years? Like a good preacher, Paul reinforces the future in contrast to the past. From preacher to professor, Paul puts on an economics class. Tune-in for a brief lesson from Consolidation 101. Patrick has more buy-side vs sell-side questions. What happens when the 'green visor' buy-siders attempt to preempt process? In his tried and true Texas vernacular, Paul likens himself to a cattle auctioneer champion. Speaking of green visors, Cory “The Tax Nerd” Vargo steps in to answer listener-submitted questions on employee benefits as well as financing. From co-host to guest, Paul appeared on Germany-based Talking Pest Management hosted by Daniel Schroeer. Patrick had some takeaways (and as always, some jealousy). More road-show episodes are in the works. Paul and Patrick plan on crashing some upcoming U Group gatherings. New Orleans. Hawaii. Who knows? Paul's invitation will grant him access. Patrick may have to bribe his way in with some cookies. Also, Paul hints at another Stockholm trip for an EQT announcement, but will Patrick make it across the Pond this time? Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

Doug Stevenson and his brothers grew Modern Pest Services to $18 million before selling to Anticimex. It would be hard to find a process at Modern in which Doug did not include in a financial system. Doug found himself entrenched in cost analysis study after study. It was his tenacity that helped 5x Modern's net income in one year. Adjustable initial service charges and subscription billing helped Modern weather New England seasons. With a name like Modern, it's hard to avoid innovation. In the early 2000's, it was Doug who set the bar with PestPac routing & integrations. Doug recounts working with Griffin Pest's Jeff Spencer & Pam Blauvelt integrating VoiceShot with PestPac. Although driven by spreadsheets and returns, Doug opens up about people, management, and corporate elbows. As structured as Doug is, he says that there is one trait that determines success in a business partnership. What is it? There are several new buzzwords (-phrases) coming out of this episode : Elegant (complex) solutions to complex problemsFinancial predictability to strategic decision makingROI makes the world go-roundBeware of shiny thingsAlways more risk in a non-diversified portfolioBalance emotions with data From WIPFLI Partner to Boardroom Buzz guest, Cory Vargo steps into this episode as a guest co-host. It was Doug Stevenson who gets 100% credit for introducing Cory to the pest control industry. Apparently, Doug set a high bar. Cory discusses that high bar as well as Doug's cash after tax black and white decisions. Cory sticks around to shed light on the deferred revenue black box, cash vs accrual accounting methods, and shareholder partnership issues. He adds his opinion on scaling accounting capabilities with a growing business. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

If Scott Stevenson is the Senator, then Paul Giannamore is the Brother Whisperer. Paul has an epiphany moment as Scott turned the tables and questioned him about his custom communication methods. As a third generation co-owner with brothers Doug and Rich, Scott takes us back to Modern's early days. Who knew it would involve repairing a toaster of all things? In his twenties, Scott visited with Harvey Massey at Massey Services and Joe Thomas at Arrow Exterminators. These learning opportunities helped shape Modern's branch manager-centric structure. The Stevenson Brothers furthered their development by joining the ranks of Associated Pest and later The U Group. It doesn't sound like much of a 'short straw', but one of the three brothers had to stay on post-Anticimex acquisition. Scott recalls his early days at Anticimex, and how he ranked against the global branches (and himself). The Senator didn't overstay his welcome as a US-Sweden diplomat, in fact, he found himself as the VP of Operational Excellence. As a AX VP, Scott helped US Anticimex platforms balance best practices with their unique sales models. Several Buzz-staples in this conversation, including subscription billing, service frequency, culture, and acquisitions. From one RV'er to another. Court Parker is nearing 100-days on his Pest Control Technology and Control Solutions Inc road trip. Paul and Patrick invited Bug Busters USA CEO Court Parker into The Boardroom to discuss Senator-turned-Trailer Park Boy Scott. As a U Group co-founder, Court gives some history on his relationship with Scott and the peer group. Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com

For more than twelve years, John Myers, Rentokil North America CEO, has scaled a regional pest control business into a national empire. John describes the nuanced difference between success and excellence as his company has grown. John opens up about fear of failure, a trait he shares with Rentokil Initial CEO Andy Ransom. Speaking of Ransom. How does John talk about their relationship between flagship Rentokil NA and HQ in London? As a serial acquirer, John goes into sales mode to describe their differentiated capabilities, including a very deliberate and choreographed due diligence process. John highlights the #1 consideration that Rentokil North America has as a buyer, which may remind you of Episode 14. Similar to Episode 17, Paul engages with John as if he was a $5 million pest control business CEO. This episode wouldn't be complete without first discussing route density, its benefits, and the 'best new customer'. Before engaging a new customer though, John stresses the importance of customer retention. Listen to John discuss time spent on the front lines with specialists and customers. Paul describes the role of a CEO; even those that aren't in the PCT Top 100 top tier. John doesn't shy away from responding to what wasn't all good with "Allgood" as well as room for improvement with regard to mosquito and tick opportunities. Patrick didn't fail to ask John about brand equity. It turns out that in the future when asked this same question, John can reference this episode.

Not a week goes by where Paul and Patrick don’t hear about Episode 10 with Mike Rogers (if you haven’t listened to that episode, you might want to before you listen to this one). Any Buzz listener would agree that Mike is the kind of guy that you want to hang out with and chat about life and business. No stranger to automobile love affairs, the road trip was made complete with Dylan making the drive down from Tennessee. After spending time in Mike’s collector car showcase, the Rogers’ dining room table transformed into a recording studio to the benefit of Buzz bingers. Not only did it make for great coffee talk with a repeat guest, but the brains (and emotional stability) behind Killingsworth joined in on our Buzz banter. You’ll even hear Marley, the five-month old labradoodle, make his Buzz debut. What tales didn’t make the Episode 10 tapes? Which stories are worth revisiting with Debbie’s joyful laugh? As the Killingsworth Kouple reminisce on their business and life together, they dish out sage advice on business, life and relationships as well as incredibly funny stories of the early years in unlicensed pest control. At the end of the episode, Paul finally confronts Makenzie, the talent behind Milk Bottle Cookies. Does Paul endorse the infamous cookie, enraging the Mex, or does he cast aside Patrick’s not-so-secret pleasure, winning the Mex’s praise? Patrick’s takeaway : before returning to Charlotte, learn to drive a stick shift.

Jeremy Kreer grew up in a family pest control business. Jeremy opens up about Advanced Pest Management’s operations behind closed doors. All seems on-track for future generations until Jeremy’s parents go through a divorce. Dealt a bad hand, how did Jeremy buy out his Mom’s shares, and how did that affect the family dynamic? To drive the wedge even further, how did Jeremy’s dad respect Jeremy as a business leader? Enter Nam, Jeremy’s brother, full-time in the business. Paul remembers Nam as a rockstar salesman, but as the business transitioned to Jeremy and Nam, how would it affect their relationship? To further complicate the 3rd generation ownership, what about relationships with their siblings? Did the extracurricular dynamics call for extra TLC when it was time to sell? What about awkward explanations with potential suitors? Flashback to previous conversations on the Buzz — On Episode 11, Paul spoke about shareholder objectives. The Kreer family dynamic reinforces the importance of aligned business partners. Jeff Annis and Dena Thomas discussed their open book management on Episode 22. Consider forced transparency as doubt creeps in. As another 3rd generation business owner, Go-Forth Pest Control CEO Chase Hazelwood, joined us to give his input on Jeremy’s story. It is interesting to hear how the Kreer family’s story may affect Chase’s business planning.

How do you make a show about tax more exciting? That is a low bar, but Paul and Patrick invited Dylan Seals to spice it up. Dylan literally hears every cough, um, and extracurricular story. The audio engineer keeps the Boardroom Buzz out of trouble. It’s interesting to hear what Dylan has picked up that Paul and Patrick have put down. Straight out of the gate, Cory Vargo isn’t afraid to address the upcoming presidential election’s impact on taxes. How could a change in politics overhaul tax laws and the economy? But who is Cory? Before WIPFLI became a Top 20 accounting firm, Modern Pest Services CFO, Doug Stevenson, retained Cory Vargo to break a tie between two other tax advisor opinions. What started as a job well done for the Stevenson brothers, has led to Paul involving Cory on several multi-million dollar pest control M&A transactions. It begs to ask the question : Why do PCT Top 100 companies choose to add Cory to their strategic team even after long established tax advisor relationships? Pop quiz, Hot Shot… Paul shoots a pop quiz in Cory’s direction : “How might a taxing authority say, well, wait second, you've been in business two years. You've got a bunch of customers. You're selling those customers. They're under some sort of contract, but you want us to tax you capital gains. We want to tax you as ordinary income. Can you imagine why that would be the case?“ Does Cory’s answer meet Paul’s experienced expectations? Creative and tax are two words not often found in the same sentence. How did Cory construct a reorganization to save a seller from paying $2.5 million in taxes? As the episode guest count increases so has Patrick’s intrigue about CFOs. Patrick asks Cory how adding a fractional CFO adds to the bottom line, and Paul helps clarify controller and CFO roles. Stock purchase vs asset purchase, and why. Enter Episode 5 star Tony Sfreddo’s Triple S case study. Is your pest control business currently a C-Corp and considering making a S-election? Want to avoid paying punitive fees to the IRS? Listen now.

It is one thing to look at the best industry performers, but what happens when you dig deeper into profit and loss statements? Anticimex CEO Jarl Dahlfors attended ‘Pest World Congress in Nashville USA’ to research best in class in the industry to understand what was possible for Anticimex. Paul explains how Jarl now focuses on internal benchmarking. Taking a play from Michael Porter’s value chain analysis, Paul breaks down benchmarking like Jarl would at Anticimex. Paul is going to release a standardized P&L chart of accounts for The Boardroom Buzz listeners. Where does margin development max out in the pest control industry? Apples to apples : compare margins with other pest control owners and world-class companies. One of Paul's current sell-side clients recently spoke to a potential acquirer that operates in his area :“I don't even care about what you guys do. I don't even pay attention to what you guys do... I'm a market leader and sometimes market leaders have to forget what the competition is doing and they just have to get out and lead.” Talk about not biting the hands that feed you… how do employee [unexpected] emotions change after an acquisition? Also, what is the importance of the last three years before selling? The Buzz’s pilot episode was ‘Deals, Contingencies, and Gotchas’. Listen to Paul’s new take on due diligence and his stance on contingencies. Speaking of due diligence gone awry, who is to blame for attrition after Terminix acquired Alterra? Oil and water don’t mix. How could foosball-playing, segway-riding, hipster kids integrate with Terminex guys, or was the culture clash inevitable? Paul answers several listener-submitted questions, including : Provide a little more insight into Anticimex’s benchmarking process. How does it actually work in practice and how can I utilize it in my own business? Assuming it would be Anticimex, will Jarl eventually transition the US brands into one brand? With acquisitions in general, what are the first priorities in transitioning employees and customers to the new brand (assuming a brand change) or management? To put yourself on the list to receive the pest control P&L chart of accounts, send an email to [email protected]

Jim McHale's dad knew his way around the bars. He cleaned beer taps when he wasn't logging hours at New York's Sing Sing maximum security prison. The prison guard network jumpstarted the family into finishing at #32 on the PCT 100 before selling to Anticimex in 2019. In this episode, Cornell grads, Jim and Paul, continue their banter from their 10+ year relationship. Conducting skip meetings and measuring Employee Net Promoter Score (eNPS) are two ways that Jim engages his front-line employees. You will hear him preach the importance of relationships in a pest control business while unifying a diverse JP McHale culture. Imagine the countless questions over the years : 'Jim / Jimmy / Mr. Jim / Mr. Jimmy / Mr. McHale, this happened : ____________. What should we do?' No matter how you refer to Jim, his response will not delineate [shouldn’t this be deviate rather than delineate?] from 'What's best for the client?'. The Buzz suspects this is JP McHale's Golden Rule. Unique capabilities include JP McHale Pest Management's 'Inner Circle' concierge service. Why wouldn't you when you have customers paying upwards of $27,000 per year - yes, a residential client. What are Jim's thoughts about pre-billing customers for the year? Jim gets real about his family's multi-generational business. Without pause, Jim recites Martin Luther King, Jr. as a glimpse of the behind-the-scenes realities. Jim stresses the need to differentiate in a commoditized business. He continues to chase marketing, branding, innovation, and technology now as an Anticimex platform. When I think about Jim McHale, I think about “innovation around the edges,” says Paul, “the guy has really mastered making the ordinary, well, extraordinary.” Jim’s humility plays out as the episode unfolds. He gives credit where credit is due. This list may not be exhaustive either: Patrick McCauley Bernie Herman Bill Thompson Gil Bloom Dr. Austin Frishman Doug McHale Rich McHale Dr. Jeff Scott Dr. Ed Raffensperger Shaun Coen Frank Trediti Mike Palmietto Lenny Gray McKay Bodily Jarl Dahlfors Wallenberg family Tony Ramirez Tony Fortunato Tom Pederson Bob Sameth Norm Cooper Bob Suriano David Billingsly Tony Yochum David Locke Brian Alexson Albert Cantu Norm Goldenberg Matt Nixon Irwin Noval Robert Seeger Mohit Kansal Paul Bergmann Mikael Vinje Steve Good Finally, Paul references Ethan Vickery and Ronen Amichai at VM Products and PESTOPTIX.

Paul literally steps into Anticimex's boardroom in Stockholm and sits down face-to-face with CEO Jarl Dahlfors, for this intimate and hard-hitting interview. Although Paul prides himself in being the preeminent, global expert on pest control valuation and M&A, our team here at The Boardroom Buzz is wondering if he missed his calling as a 20/20 journalist. As CEO of Loomis, Jarl turned a low-performing business into the darling of the cash management and armored car services industry by decentralizing its business model and changing its culture. As head of a direct competitor of Brinks, it was Jarl who dethroned at least two Brinks’s CEOs – according to equity research analyst Jamie Clement – earning Jarl the 'Swedish Beast' moniker. In the middle of an extremely successful career in the security industry, EQT, owner of Anticimex tapped Jarl to do what he does best, shake up and decentralize a sleepy Nordic business that had been around for almost a century. Decentralizing Loomis paid dividends for him, but how would that play out in another similar route-based business? Jarl battled his critics, but he could see that there was so much more potential for quality, profit, and growth. As the “protector of the branch manager”, Jarl decentralized Anticimex, established benchmarking protocol and has lead his highly-motivated team in building one of the largest pest control companies in the world. Following the interview, Paul and Patrick are joined by guest co-host David Billingsly, President at American Pest, for additional commentary on what it’s like to be a “country” president at Anticimex.

High pricing for pest control got Svein Olav’s attention as COO of Swedish retail coffee chain, Espresso House. Little did he know that he’d follow the white rabbit into pest control ownership, and bring a company back from the brink of bankruptcy. After taking over as Nomor’s CEO, Svein Olav quickly made the rounds conducting interviews with both employees and customers. His employees didn’t know what they wanted, but Svein Olav knew what they needed. Svein Olav resurrected a ‘given up’ culture. Take notes on his unique insights on female employees, language diversity, fitness, pay for performance, and celebrating success. The underdog, Nomor, grew to be the 4th largest pest control company in Europe and solid competitor with capabilities to service Sweden’s insurance demands. Nomor’s turn around tale is one for the ages. Potomac advised Nomor on its sale to ServiceMaster in 2019. The transaction was nominated for Nordic M&A deal of the year.

Jeff Annis avoided pest control growing up. In fact, it’s the last thing on earth that he would choose to do. Which path led Jeff to building a flagship company in Augusta, Georgia? If you could summarize Jeff Annis and Dena Thomas’s business, Advanced Services, then it may be unique. Or it could be innovation. Or it could be culture. Maybe it’s accountability. It’s hard to pin down a single takeaway from their sustainable success. Jeff’s TedX talk gives extra insight on his core belief of ‘great, not big’. Taking a page from Zingerman’s Deli, their open book accounting method sets them apart. Listen how their employee buy-in has taken them to a new level of profitability. If you can pass their core value test, video job interviews, random pre-employments drug screenings, and ride alongs, then you may find yourself a self-selecting profit sharing participant. Stick around for the post-Boardroom franchise discussion. The franchise chat quickly spun into Paul and Patrick scratching the surface on partnerships in pest control.

As you can imagine, only a few people ever dream or imagine of getting into pest control as a career. Joe definitely took a unique path for his world to collide with the pest industry. Although law school was Joe’s best idea after hanging up his uniform, he found himself at Harvard Business School where he adapted by learning from his private equity and consulting experienced classmates. Paul and Joe revisit their early conversations as Joe was looking to go from no pest control background to owning a $3.5 million business. Joe shares the risks and realities of stepping into a business sight unseen. Also, Paul gives answers as Buzz listeners have asked about the M&A environment in this COVID climate.

Brandon Hier recalls his experience responding to the responsibilities he inherited when his dad passed away and then ultimately selling the family business five years later. As a young teen, Brandon donned a respirator as he followed in his father's footsteps. His life took a turn as he shelved his college education to return home to run the business. Brandon was thrust into an impossible work-life balance as he struggled to build the family business in his father's absence. Not only did Brandon take the leadership position at the family pest control company, but to further the matter, he found himself responsible for his mother’s financial future and retirement. Join Paul and Patrick, as Brandon looks back on his time running the family business, selling it and ultimately exceeding expectations with his new life at Rentokil. Paul and Patrick also chat about ServiceMaster selling their Brands business to do pure play pest.

Private equity has demonstrated increasing interest in the pest control industry. What’s the draw for the Clairvest Canuck combo of Michael Castellarin and Mohit Kansal? How much longer must they eagerly wait before the right opportunity presents itself? Now, if only Patrick can properly pronounce their names… Paul is familiar with private equity’s ‘second bite of the apple’ cliché, but is it appetizing enough for Patrick and his Texas firm? How does Clairvest’s investment thesis and strategy line up with previous Buzz guest & Wall Street equity analyst Tim Mulrooney’s? If angels endorsed Episode 19, you would hear them singing about Michael Porter soft-circling capabilities to bite apples with synergy during M&A season, and how that affects shareholder goals and objectives who may self-select. As a side note, Patrick already has plans to chat more with the Clairvest combination to fund his Choctaw Land Casino plans. Guest Contact Info Michael Castellarin / [email protected] Mohit Kansal / [email protected]

As newly minted grads from the University of Georgia, the world was their oyster. But finding themselves in careers that no longer excited them, they decided to head off into the world…ending up in the US Virgin Islands working at a diner. After retiring to St. John in their early 20s, they decided it was time to make their mark on the business world by taking over their father’s pest control “business.” In this episode, we learn how these two brothers took their father’s $250K “business” and grew it to over $7M in revenue and multiple years on the Inc. 5,000, PCT Top 100 and Bulldog 100. We also learn what’s it like to run a business with your brother and ultimately sell it to a publicly-traded company. The story of Inspect-All Services is a tale of inspiration, trial and error, and family business. What would these brothers have done differently looking back? How did they grow one of the fastest growing companies in America? In listening to their story you’ll quickly realize why Paul says, “If I were shipwrecked on a tropical island, I would definitely want to be surrounded by only women, but if there had to be two guys on the island, I’d want it to be Brian and Brandon.”

Paul and Patrick start the show by celebrating The Buzz’s #1 business podcast ranking in Seychelles. Episode 14 — Buy-Side: “The Opposite” tipped the scales with listener questions. Patrick thought the he could one-up Paul by blindsiding him with a question or two from the mailroom, but Paul rope-a-doped with an extended sell-side role play scenario. Sell-Side Sensei and M&A Master Paul Giannamore took Patrick to school. Patrick may have made a fool of himself (again), but he’s recovering after tapping out. There is a lot more at play than just negotiating money and terms. Controlling the process is the key to superior results. Sitting alongside his fellow Boardroom Buzz listeners (learners), Patrick does his best to keep up in the negotiation role play. With Monopoly money on the line, you can still hear Patrick sweating through the microphone as the interrogation goes into overtime, while Paul exercises grace and patience with his white-belt student.

Brett Ponton is rolling out of rubber retail into the revolving ServiceMaster CEO seat. Does he check guest co-host and EPS M&A Director Andrew Barrow’s boxes, or will the Board be calling in their own retreat? Paul doesn’t always agree with return guest Jamie Clement, but Paul gives his ‘million percent’ ( 💯 ^ 💯 ^ 💯) approval of Jamie’s take on a company going public. Speaking of going public, COULD Patrick take his company public through an intrastate offering? Also, what’s more likely to happen to a company in the top 10 than going public? While there are similar views on taking a pest control company public, is discussing innovation going to divide the four-bald-guy-clan? The Nords have immigrated to the States, but will they bring their socialized pest control with them? Did somebody mention Copesan? Where will that rabbit trail lead us? Stay tuned-in for the great debate of acquisitions. What makes them accretive? How can one bad deal ruin the bunch? With 30 of his own executed deals, Andrew isn’t slow to share his opinion on the matter. Do not grow weary of Paul’s spaced repetition : companies with legit capabilities... Of course this Jamie Clement episode wouldn’t be complete without a few sports analogies thrown-in.

Asset managers, hedge funds and private equity firms, collectively managing almost $1 trillion, call on Tim Mulrooney for his investment advice. As William Blair’s service analyst, he covers 20 stocks, but spends more than 50% of his time focusing on the pest control and three key players, Rollins, ServiceMaster and Ecolab. Tim and Paul have debated valuation, asset price inflation, industry growth and fundamentals for years, but today he joins Paul and Patrick on The Buzz. When Tim isn’t consuming The Boardroom Buzz, he’s consuming Milk Bottle Cookies. And when he isn’t consuming cookies, he is shopping for pest control services to test providers — rotating service providers as often as a termite swarm. In an episode that barely squeaked by Tim’s compliance department, join Paul and Patrick as Tim details his thesis on the growth of the pest control industry and what he’s telling investors about where to put their money. Email Tim for access to his freshly released report ([email protected])

For nine years, Patrick has asked Paul about buy-side M&A in order to grow his Texas-based pest control firm. While Patrick knows that Paul’s true love is sell-side advisory, he also knows that Paul used to work for one of the largest buyout shops in the world and has advised publicly-traded companies on setting up their M&A departments and buy-side M&A processes – such as valuation modeling and negotiation strategy. But Patrick is extremely persistent… Patrick: Paul, what about buy- Paul: No Patrick: What’s up Paul? I was looking at this potential acquisition.. Paul: Why do I even answer your calls? Patrick: Hey, when should we think about buying... Paul: {Click} Patrick: Paul? Paul? Are you there? The good news is, our listeners have sent in a ton of buy-side questions that Paul can no longer avoid. So under the guise of listener-submitted questions, Patrick slid in some of his own questions, finally to be answered. Listeners asked about: how acquisitions turn out years later, how a privately-held pest control company can access the corporate bond market, but most importantly, listeners wanted to know how they can create value by doing small acquisitions themselves, which is the core of the discussion today. A perfect combination of simplicity, bottom-feeding, timing and relationship-building may get you in the door, but how do you get a good entry price? After recording, Patrick realized that this is only the tip of the iceberg on the buy-side of M&A in the pest control industry. Cookie count: 2 Seinfeld references: 1

Industry colleague Andrew Barrows, head of M&A at Environmental Pest Service, joins The Buzz this week as guest co-host to interview equity research analyst Jamie Clement. When Andrew listened to Episode 6, he contacted Paul and Patrick and said that he wished he had been in the room with them to talk shop with Jamie. This week, his wish was granted. He was brought on The Buzz for a lively discussion with Paul, Patrick and Jamie. Patrick and Paul decided to make the first half of the interview a standalone episode because it dealt with one topic, TruGreen’s recent announcement that it had entered the pest control industry. The second half of the interview, covering a variety of topics, will be released soon.

In this Episode, Patrick and Paul discuss Terminix Commercial pulling millions of dollars in Copesan accounts from Copesan partners and affiliates, Potomac's Nomor transaction being nominated for European Transaction of the Year in the Nordic Region, three kinds of benchmarking (internal, competitive and world class), the subjective nature of value and its impact on incentive structures.... and also a rogue, naked technician with a pool cue in his behind. The Boardroom Buzz was recently added to the short list of pest control podcasts at Feedspot.

Attorney Mike Stanczyk has advised on over a dozen transactions in the pest control industry, many of them with Potomac. Paul and Patrick along with Mike, discuss the expertise that a specialist attorney brings to the table when the stakes are high. Mike’s practice focuses on transactional law issues, including mergers and acquisitions, buying partners in and out of operating entities, executive compensation, intellectual property, contracts, and compliance issues. Mike's firm also provides tax counseling, trust formation, economic incentives and real estate services. Mike Stanczyk is a partner at Lynn D’Elia Temes and Stanczyk, a boutique business law firm with offices in Syracuse New York and New York City.

Paul and Patrick respond to two PCT Top 100 listener questions with a previously glossed-over term from Episode 3, proximate objectives. By the way, what are proximate objectives? Don’t worry, Patrick asks for you. The strategic acquirers are doing some thing(s) right, depending on the company, the point-of-view, and apparently what today’s date is. Does it matter? We drop a few names such as Rentokil’s Andy Ransom and Certus CEO (and Episode 7 guest), Mike Givlin. Topics include : Aligning shareholder goals and objectives for your business, preparing a business for an acquisition anticipates all potential exit outcomes, and benchmarking local pricing. Have you considered selling off distant routes to increase route density and in turn your gross margin? We discuss that in today's episode. P.S. What does Chuck Norris have to do with pest control?

Mike Rogers started Killingsworth Environmental of Charlotte in a double-wide trailer. Who could have imagined that a high school-educated Rogers, would end up turning his street smart salesmanship into a multi-faceted multi-million dollar conglomerate? Mike took the leap and bought out the owners when Killingsworth was at $5 million in revenue. Within a decade, he grew the business to almost $24 million in revenue, 182 employees, 156 vehicles and 11 service centers – including a 38,000 square foot; ahem, 138,000 square foot - corporate center. In 2018, Maverick Mike sold his #37 on the PCT Top 100 business to Anticimex. Mike discusses key performance indicators such as his ‘gross profit per man day’, ranking employees & customers, managing chemical costs, vehicle longevity, and much more. Sit back and join Patrick and Paul as they learn from story-master Mike as he opens up about his humble beginnings and venture into wealth.

Patrick and Paul’s longtime friends Lenny Gray (author of Door-to-Door Millionaire) and McKay Bodily (author of some emails and a birthday card) – partners at Rove Pest Control -- sit down to a surprising discussion on door-to-door trends over the last quarter century. What do these businesses sell for? What is the future of door-to-door sales in pest control? While Paul hates door-to-door sales, he loves enriching his clients and continues to advise on more door-to-door transactions ($250m+) than anyone else on the planet and is responsible for driving up the prices of these businesses… but what are his thoughts on future valuations in the space? And finally, we learn that Patrick, the traditionalist, almost started doing door-to-door at his firm in Texas.

In this episode, Paul and Patrick answer listeners’ questions and discuss topics that were raised in previous episodes with Tony Sfreddo, Mike Givlin and Jamie Clement. Topics include: Understanding what drives acquirers to make acquisitions and how value is created by a business combination. Making the hard decision to say “no” to too many disparate service offerings. The advantages of decoupling service from billing. What do acquirers look for in acquisition targets and why you shouldn’t really care. Should Anticimex’s portfolio company Killingsworth really start offering food delivery and medical services? And finally, is Rollins, the parent company of Orkin, really for sale?

When he’s not making maple syrup snow candy, sipping barely-drinkable coffee at Tim Horton’s, or waiting in a long line at Health Canada for his flu shot, Mike Givlin, CEO of Certus, is building the next US national pest control firm. In this episode, Paul Giannamore and Patrick Baldwin find out what it’s really like to raise private equity funding to build a business. In this interview, Mike holds nothing back, discussing his career trajectory and how he and his team are striving to put people first as they execute a buy-and-build strategy in the pest control industry.

Jamie Clement has worked on Wall Street for investment banking and research institutions for over two decades, providing actionable insight to hedge funds and institutional investors on pest control and other industries. He is an important part of Paul’s inner circle and one of his go-to guys for insight on pest control and other industries. For many years, the two have debated valuation, value creation and M&A in the pest control industry privately, and today you’ll listen in on one of their discussions. In this new segment, Patrick Baldwin and Paul Giannamore Step Outside of the Boardroom for a lively discussion on: valuation multiples, private equity firms EQT and GIC, Rentokil emerging from the COVID pandemic, Rollins’s consistency, ServiceMaster’s future and possible takeover, Anticimex’s CEO Jarl Dahlfors’ history as the Blonde Beast -- bringing Brinks’ former management team to its knees when he ran Loomis in the US -- and a whole lot more. This episode is a behind-the-scenes look at what is going on at the highest levels in the pest control industry.

The Boardroom Buzz kicks off a new segment, Step Into the Boardroom, with former CEO of Triple S Services, Tony Sfreddo. Prior to selling Triple S to Anticimex, Tony and his brother Phil built the business into a commercial powerhouse in the Washington, DC metro area generating $267,000 in revenue per technician per year. Servicing accounts such as the Pentagon, the CIA, and the US Supreme Court, Triple S reached number #68 on the PCT Top 100 list prior to the sale. In this hard-hitting interview, Paul Giannamore and Patrick Baldwin get schooled by Tony on route density, commercial sales, technician compensation, competition, management and what Tony would have done differently if he were to do it all over again.

Paul and Patrick discuss the importance of stay bonuses, and how one management team tried to extort $1 million from a seller at the closing of the sale of his pest control business. We also learn about what happened to the family of a seller who died of a heart attack the day before the sale of his business. Patrick and Paul also talk about the closing of Project Warrior with Certus last week and how activist hedge fund, Third Point, has acquired a 3.1 million share stake in ServiceMaster. Does this mean that ServiceMaster will be taken private or acquired?

Paul Giannamore and Patrick Baldwin respond to "What makes a firm more valuable?" question submitted from the AFTERMATH presentation. They also take a step back into how they first met eight years ago when Patrick called on Paul to do a valuation (appraisal) for his pest control business.

Paul Giannamore and Patrick Baldwin discuss where money will end up after the COVID-19 pandemic. How will essential service businesses look for investors in the long-run? Pest control is an essential business. Will investors shift their portfolios to 'de-risked' industries because of Covid-19? How will the pandemic affect future pest control acquisitions? Will this shift valuations on residential vs commercial segments? Will the DOW return to its pre-COVID-19 high?

Paul Giannamore and Patrick Baldwin chat about how pest control transactions are structured differently. What happens after the sale... after Paul's first pest control deal in 2003, what happened after the close? Patrick and Paul also talk about "taking a lump sum in a duffle bag and the proper way to 'make it rain' when you're at an underground Romanian rave".