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 theBuzz@potomaccompany.com). Donation to The Human Fund not required.
Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com
