1/5/2023
Topic: Q4 Recap & New Year Predictions
Guests: Dan Gordon, PCO Bookkeepers & M&A Specialists, and Donnie Shelton, Triangle Home Services
Sponsor: Coalmarch by Workwave
In this episode we discuss:
Podcast changes for the new year
How inflation has slowed but is still a factor
How the housing market and credit situation affects pest control
Whether we are entering a recession and what opportunities it may present
Why it's important to be proactive with your customers
Record retention for Paycheck Protection Program forgiveness
Employee Retention Credit reminders about amending your tax returns
How to prepare for a recession, including not borrowing, keeping an eye on "infant offices" and ensuring gross margin is 50-55 percent
Resources mentioned:
Trading Economics article about inflation
PMP Industry Insiders Episode 105 with Cindy Mannes: Inside the Mind of a Pest Control Purchaser
CNBC article about payroll and wages
PCO Bookkeepers & M&A Specialists Pest Control Industry Cost Study
Wall Street Journal article on the "richcession"
PMP Industry Insiders Episode 83 with Tony Massey: How to Develop a Culture of Execution
Advice: "Pull your P&L for 2022. Look at your projections for 2023, and if you're out of whack, find a way to get (your margins) back." —Donnie Shelton
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