Long-term Loyalty and Considering the Lifetime Value of Your Customer

We talk KPIs and analyzing data a lot when discussing the health of your business and how to really build a business that performs. One of the most important KIPs for me? The lifetime value of a customer. Are you tracking your customer journey and considering their value in the future or simply today? Service revenue is driven by the lifetime value (LTV) of your customers, and despite the nature of emergent disaster restoration projects, considering your LTVs gives long-term perspective in a space where the immediate transaction is often top of mind. In

I Haven’t Found a Handbook Yet that Prepared Me for Business Ownership

It’s been a few, well, decades since my college years, but as I look back, I don’t ever recall anyone offering a class on what it means to be a business owner. Sure, I took all of the business finance classes, a marketing course or two, and many business classes with textbook answers. Most of those courses taught me how to work in someone else’s business. The path less traveled to business ownership is filled with highs and lows. It’s a space where what you do every day affects the livelihoods of others and

Making Your 2024 List Smaller

We’re nearly three months into our 2024 goals, and if you’re like most restoration business owners– and honestly like most of us on this planet – you haven’t checked off as many goals as you’d like. The truth is, that’s normal. Goals for the new year tend to be big, and that doesn’t always give us a lot of positive momentum toward knocking down what we set out to achieve. Going into Q2, let’s try a reset. Add smaller goals or break down larger ones into smaller steps.Think 30-day and 60-day goals, things you

Restoration M&A is Important to Your Business Long Before Any Sale

Chances are, you’re a small business owner like me. You’re building this business that has (hopefully) seen some really great successes as well as a challenge or two. In business ownership, you’re in the trenches. You’re making the important decisions that impact the bottom line and the lives of others. You’re in the present most of the time and looking ahead means looking to the next quarter, next project, next expansion. There’s another side to business ownership, and it’s one I spend most of my time in. Healthy businesses are watching what’s happening in

Navigating the Restoration Industry’s M&A Landscape in 2024

As we look at the restoration market today, the view is much different than it was only a year again. As we move into 2024, the fluid, changing dynamics of both Main Street and M&A transactions in our industry are a mixed bag of pleasant surprises and predicted challenges. Now is the time to take note and make important changes as you prepare to bring your business to market in the next year.  Interest rates have increased, which directly affects SBA purchases. Buyers are re-emerging and banks continue lending in the Main Street marketplace.

An Important Business Practice for 2024

Too often as business owners, problems tend to bubble up to grab our attention more than the positives of our day-to-day business operations. Looking ahead to what can be requires focusing on the things that make us better instead of getting stuck in what’s not working. Every restoration business has something special, a differentiator. Maybe it’s your innovative approach or exceptional customer service. Identify and cherish these unique traits. They set you apart in the market and are a foundation of your business’s identity and success. Our employees are one of our greatest assets.

Webinar – 2024 Restoration Market Update

WATCH ON DEMAND 2024 Restoration Market Update Sponsored By: Thursday, Feb. 29, 2024 1 PM ET Speaker Gokul Padmanabhan WATCH ON DEMAND This webinar is the perfect opportunity to learn what’s happening in the restoration market in 2024. Will mergers and acquisitions continue at a high level? Will the market slow? And where is private equity fitting into the mix today? Join in to get answers on topics like: Number of Deals Holding Steady & Private Equity / Lines of Credit Available for Acquisitions Flight To Quality Valuation Versus Buying Power Emerging Risk as

Making Change Happen

Too often we get frustrated at the pace of change. We want to improve project efficiency or the quoting process or employee training or customer satisfaction. We start. Then, not enough feels like it’s changing to get noticed. And the next emergency pops up, and your effort to bring change to your business fades into that fatal category of important but not urgent. We don’t have any secrets to success, but we can offer two simple suggestions. And a reminder. First – Keep. Chipping. Away. Most real change inside small businesses doesn’t happen in

Planning for a Better 2024 Without the Pain

This is not your average planning pep talk. It’s 4th quarter, and the path to 2024 is paved with advice and opinions on setting up your master plan for next year.The truth is, a good solid plan is always ideal in your business, but sometimes big planning eludes us. Sometimes planning is a pain. Sometimes we’re overwhelmed by the doing, and the planning takes a back seat. Let’s face it, you may not be the best planner, and you know what? That’s ok. If you can answer these three questions for yourself, your business

Sometimes Good Advice is Just Plain Good Advice

In our business, we work with restoration companies every day. We don’t just sell restoration companies. One of the ways we support the seller experience is to help sellers maximize the value of their business right before they sell, and many of the strategies we suggest are more than just selling tips—they’re simply good overall business suggestions that you should implement right away. We talk about financials and bookkeeping; we talk marketing plans. We almost always discuss the importance of having a diverse revenue mix. We advise countless clients on this important bit, because