Entrepreneur, Salesman and degreed marketing specialist Rod Culler shares his experience in selling his pest control business, Interstate Termite and Pest Control to Rentokil Steritech
Interstate Termite and Pest Control, LLC was started in 1988 by Rodney Culler. Prior to starting Interstate, Rod worked for a national company in sales and achieved many years of success as one of the top sales people in the company. With a stable foundation of knowledge and experience, and a drive to build his own business, Rod started what would become the dominant pest management company in the tristate market that includes Pennsylvania, Maryland and West Virginia. Approximately 60% of the revenues were made up of general pest control provided to residential customers. Approximately 25% of the revenue was made up of liquid termite treatments and renewals. The company’s service matrix was rounded out with about 15% of overall revenue allocated to commercial revenue.
The Decision to Sell Interstate Termite and Pest Control: The primary reason for sale of the company was Rod’s desire to retire and pursue other interests. After 27 years of operating Interstate Termite and Pest Control, Rod decided that age 60 was the right time to retire. While he built a tremendous amount of goodwill in the community, Rod felt the right acquirer with similar business values and attention to service could grow the business and profit in a way that would provide a significant return on investment.
Rod knew that if he went it alone he would be at a significant disadvantage, so he knew he needed help. Being very familiar with the experts at PCO Bookkeepers he knew they could help evaluate the process as well as the various exit alternatives. They could also help structure the transaction and assist in negotiations with prospective buyers. He knew that PCO Bookkeepers works with hundreds of PCOs nationwide providing accounting, tax and CFO services.
He also knew they provide their clients with “Best Practices” in order to maximize profits and overall enterprise value of their business. It would only seem natural that they have the tools and the people to create the best exit plan from sales price, to income continuation, to tax planning.
The Sale of Interstate Termite and Pest Control: The PCO M&A Specialists team worked closely with Rod and negotiated a deal that was 30% more than his initial expectations. The PCO M&A team could access his computer routing program and Quickbooks file allowing them to extract value in the customer list where other brokers would not have been able to identify. This knowledge of our database allowed PCO M&A Specialists to maximize the value of our business.
-Thanks Rod! It was a pleasure working with you and we hope you enjoy your retirement.
“After interviewing several brokers, I found a trust in Dan Gordon and John Corrigan as they laid out their process and knowledge of the industry as well as their understanding of finances, taxes and valuation methods. I could not imagine going through such a complex process without them. Their guidance and professional advice was invaluable. I would recommend their service to anyone considering selling their pest management company.”
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