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Economic Summit (Phase 1)

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Economic Summit (Phase 1)

  1. 1. “ The 2009 Home Improvement Economic Summit” Presented by Dave Yoho Associates The entire contents of this handout material is copyrighted by and is the intellectual property of Dave Yoho Associates. No reproduction is permitted without the express written permission of Dave Yoho Associates.
  2. 2. THANK OUR SPONSORS <ul><li>OHM Creative Group </li></ul><ul><li>Pro Materials Direct </li></ul><ul><li>Replacement Contractor Magazine </li></ul><ul><li>Ron Sherman Advertising </li></ul><ul><li>Smart Permanent Coatings </li></ul><ul><li>Sunrise Windows </li></ul><ul><li>TEMO Sunrooms </li></ul><ul><li>ABC Seamless Siding </li></ul><ul><li>Classic Metal Roofs </li></ul><ul><li>Fullback Thermal Support </li></ul><ul><li>Lead Development Systems </li></ul><ul><li>Luxury Bath Systems </li></ul><ul><li>Market$harp </li></ul><ul><li>Oakhill Press </li></ul>
  3. 3. The Industry in Transition
  4. 4. Rick Strachan, Executive Director Hanley-Wood [email_address] Rick Strachan serves as Executive Director of Hanley Wood’s Residential Remodeling Group consisting of 12 publications, including Remodeling Magazine and The Replacement Contractor. Since 1992, he has served Hanley Wood, who is one of the top 10 business media firms in the United States. Rick is on the board of Joint Center for Housings Studies Harvard University Remodeling Futures Committee. He is an active participant in the affairs of this industry and has received the President’s award from NARI - The National Association of Remodeling Industries.
  5. 5. Resurgent Remodeling A brighter outlook through 2015 Hanley Wood’s Remodeling Network Cover the Market
  6. 6. What the experts are saying… The Market Kermit Baker Director of the Remodeling Futures Program Joint Center for Housing Studies at Harvard University Cambridge, MA
  7. 7. A market with a strong story: <ul><li>Strong growth </li></ul><ul><li>Greater stability during downturns </li></ul><ul><li>Short term market projections </li></ul><ul><li>Long term market projections </li></ul>The Market
  8. 8. Stability and long term growth The Market <ul><ul><li>Source: Joint Center for Housing Studies Harvard University, U.S. Census Bureau </li></ul></ul><ul><ul><li>*Denotes preliminary Joint Center for Housing Studies / Hanley Wood Estimates </li></ul></ul>Billions of $’s 1980 1990 1995 1997 1999 2001 2003 2005 2006 2007 2008* 2009*
  9. 9. Greater stability during downturns: <ul><li>But midsize & smaller projects and replacements are less vulnerable than larger A&A </li></ul><ul><li>Peak to trough for Replacement and Remodeling market during current cycle is estimated at -15% to -20%, which is far less than the current Residential New Construction projection </li></ul>The Market 2008 / 2009: a dip, not a crash for remodeling
  10. 10. Replacement and Remodeling increasing share of residential spending The Market <ul><ul><li>Source: Harvard Joint Center for Housing Studies tabulations of Commerce Departments numbers, based on $353.4B for new residential and $294.9B for remodeling </li></ul></ul>17% 24% 22% 29% 32% 40% 48% 1995 1997 1999 2001 2003 2005 2007
  11. 11. Replacement and Remodeling increasing share of residential spending The Market Window unit sales (Millions of units) <ul><ul><li>Source: 2008 WDMA/AAMA Study of U.S. Market for Windows, Doors, Skylights </li></ul></ul>
  12. 12. Replacement and Remodeling increasing share of residential spending $ Billions The Market <ul><ul><li>Source: Kitchen & Bath Business, KCMA </li></ul></ul>Cabinets 2007 2006 2005 24.3% 75.7% 19.6% 80.4% 15.1% 84.9%
  13. 13. What the experts are saying… <ul><li>Improvements decrease 9% in 2009 </li></ul><ul><li>Overall remodeling expenditures down 5% to 9% </li></ul><ul><li>3.5% to 4.5% annual real growth (adjusted for inflation) over next decade </li></ul><ul><ul><li>Source: Kermit Baker, Chief Economist, Harvard Joint Center for Housing Studies </li></ul></ul>The Market: 2009 Harvard Joint Center for Housing Studies Projections
  14. 14. Growth Drivers Growth Drivers
  15. 15. <ul><li>Total households </li></ul><ul><li>Total existing housing stock </li></ul><ul><li>Average age of housing stock </li></ul><ul><li>Age by region </li></ul><ul><li>Homeowner spending forecast </li></ul>Growth Drivers
  16. 16. Total households are still growing <ul><ul><li>Sources: Census Bureau, Housing Vacancy Survey; George Masnick and Eric Belsky, “Revised Interim Joint Center Household Projections Based Upon 1.2 Million Annual Net Immigrants”, JCHS Research * Denotes Projection </li></ul></ul>Growth Drivers
  17. 17. Greater total housing stock = opportunity <ul><ul><li>Sources: U.S. Census Bureau (October 2008), Homeownership Alliance, Brookings Institute </li></ul></ul>2007 Growth Drivers Millions of units 1940 1950 1960 1970 1980 1990 2003 2013*
  18. 18. An aging housing stock = even bigger opportunity Average Age of U.S. Housing Stock 2005 34 years (oldest in U.S. history) 2013 37 years (projected) Growth Drivers <ul><ul><li>Source: Joint Center for Housing Studies, Harvard University </li></ul></ul>
  19. 19. Average age of interior building products Source: NAHB, Facts and Figures Dishwasher, disposal, compactor: 10 years Cabinets: 15 - 20 years Exhaust fan: 20 years Granite: 20+ years Laminate: 10 - 15 years Growth Drivers
  20. 20. Average age of exterior building products Sealer, silicone, waxes: 1 - 5 yrs Screen: 25 - 50 yrs Cement: 50 yrs Exposed exterior: 25 - 30 yrs Poured footing and foundation: 200 yrs Growth Drivers Source: NAHB, Facts and Figures
  21. 21. Consumers still want more <ul><ul><li>Source: U.S. Bureau of the Census, Construction Reports, Series C-22, Housing Completions. Prepared by Economics Department, NAHB </li></ul></ul>Growth Drivers Growth Drivers New Home Characteristics 1989 2006 Average size in sq. ft. 1,905 2,469 New homes with 4+ bedrooms 28% 39% New homes with 2.5+ bathrooms 44% 59% New homes with central air 77% 89%
  22. 22. Improvement spending increases with age of home <ul><ul><li>Source: Joint Center tabulations of the American Housing Survey </li></ul></ul>0-4 5-9 14-10 15-19 20-24 25-29 30-39 40-49 Over 50 Age of Home Average annual spending Growth Drivers
  23. 23. Median year of homes built by region Northeast: 1955 <ul><ul><li>Source: Harvard Joint Center Tabulations of American Housing Surveys </li></ul></ul>Midwest: 1965 South: 1976 West: 1974 Growth Drivers
  24. 24. The bright side… Sal Alfano Editorial Director, Remodeling Group Hanley Wood Business Media Washington, DC Growth Drivers
  25. 25. Remodeling trends: <ul><li>Green remodeling </li></ul><ul><li>Demographic changes </li></ul><ul><li>Growing minority segment </li></ul><ul><li>Aging in place </li></ul><ul><li>Outdoor living </li></ul><ul><li>Reinvestment in rental housing </li></ul>
  26. 26. What the experts are saying… Kermit Baker Director of the Remodeling Futures Program Joint Center for Housing Studies at Harvard University Cambridge, MA Remodeling Trends
  27. 27. Green remodeling is coming on strong 84% 10% 6% Remodeling Trends <ul><ul><li>Source: REMODELING ; Green Remodeling Study, November 2006 </li></ul></ul>Do you believe that over the next five years client interest in and required use of sustainable / green products will grow? No Yes Don’t Know
  28. 28. <ul><li>What Remodelers are installing : </li></ul><ul><ul><li>73% Energy-efficient windows </li></ul></ul><ul><ul><li>65% Insulation replacement, sprayed foam or fiber </li></ul></ul><ul><ul><li>56% High-efficiency HVAC systems </li></ul></ul><ul><ul><li>47% High-efficiency kitchen appliances </li></ul></ul><ul><ul><li>46% Water-saving faucets and fixtures </li></ul></ul><ul><ul><li>Source: NAHB: First Quarter 2008 Remodeling Market Index </li></ul></ul>Home owners demand energy-efficient upgrades Remodeling Trends: Green
  29. 29. Boomers want to age in place <ul><li>84% of 50+ homeowners want to stay in their homes </li></ul><ul><li>Only 16% have modified their homes to do so safely and comfortably </li></ul><ul><ul><li>Source: AARP polling </li></ul></ul>Remodeling Trends: Demographics
  30. 30. Boomers are big, but don’t ignore Gen-Xers <ul><ul><li>Source: JCHS Projections </li></ul></ul>Remodeling Trends: Demographics Share of Total Homeowner Spending Lead Baby Boom (Born 1945 – 1954) Trail Baby Boom (Born 1955 – 1964) Gen X (Born 1965 – 1974) 1995 31.3% 22.5% 3.7% 2005 24.5% 31.3% 20.4% 2015 21.3% 23.6% 27.0%
  31. 31. Minorities increase spending, too <ul><ul><li>Source: Joint Center for Housing Studies, Harvard University </li></ul></ul>Share of total home improvement expenditure Remodeling Trends: Demographics 1995 2000 2005 2010 2015
  32. 32. D-I-Y enthusiasm dims <ul><li>81% Americans planned home improvements in 2008 </li></ul><ul><li>Only 44% wanted to do a DIY (down from 56% in 2006) </li></ul><ul><li>32% of females between 25 and 34 said they would DIY (compared to 59% in 2006) </li></ul>Remodeling Trends: Projects <ul><ul><li>Source: Vertis Communications Study, July, 2008 </li></ul></ul>
  33. 33. What the industry is saying… Remodeling Trends: Projects Tom Kelly President, CEO and Owner Neil Kelly Design, Build, Remodeling Bend, OR
  34. 34. Professional vs. D-I-Y: Kitchen and bath projects <ul><ul><li>Source: Joint Center tabulations of American Housing Surveys </li></ul></ul>Remodeling Trends: Projects DO-IT-YOURSELF Homeowners Reporting Projects (000s) Average ($) Total Expenditures ($M) PROFESSIONAL Homeowners Reporting Projects (000s) Average ($) Total Expenditures ($M) Minor kitchen remodel 758 4,001 3,032 629 1,470 924 Major kitchen remodel 572 29,790 17,034 461 12,778 5,896 Minor bath remodel 749 2,000 1,499 837 750 628 Major bath remodel 622 15,842 9,858 583 5,824 3,397
  35. 35. Professional vs. D-I-Y: Exterior replacement projects <ul><ul><li>Source: Joint Center tabulations of American Housing Surveys </li></ul></ul>Remodeling Trends: Projects DO-IT-YOURSELF Homeowners Reporting Projects (000s) Average ($) Total Expenditures ($M) PROFESSIONAL Homeowners Reporting Projects (000s) Average ($) Total Expenditures ($M) Roofing 2,707 5,810 15,728 677 2,685 1,819 Siding 776 6,673 5,177 428 2,934 1,256 Window / door 2,733 3,801 10,387 1,881 1,323 2,488 Add / replace deck / porch 416 8,533 3,546 443 2,048 907
  36. 36. Contractor universe <ul><li>Diverse segmentation </li></ul><ul><li>Totals by type of work </li></ul><ul><li>Types of work by specialty </li></ul><ul><li>Consolidation? Not yet </li></ul>
  37. 37. Over a MILLION firms prove vibrant diversity <ul><li>530,200 individual remodeling businesses </li></ul><ul><li>320,100 specialty trade firms </li></ul><ul><li>210,100 general contractor remodeling firms </li></ul><ul><ul><li>Source: 2002 Census Tabulations by Joint Center for Housing Studies of Harvard University (2007) </li></ul></ul>Firms with Revenues of $25,000 or More Universe
  38. 38. The core 200,000+ remodeling firms: 41% general contractors, 59% specialty contractors 82,900 117,200 General Contracting Firms Specialty Firms Universe 200,100 firms with a payroll and with 50% or more of their business in residential remodeling <ul><ul><li>Source: Harvard Joint Center Tabulations of the 2002 Census Construction Industries (2007). Excludes firms with less than $25,000 in annual revenues </li></ul></ul>
  39. 39. Of the core 82,900 general contracting firms, the top 12.1% take in 57.2% of the revenues 1.1% 2.4% Share of Establishments Share of Remodeling Receipts Universe The largest 12.1% of GC firms account for 57.2% of all GC firm revenues ($ thousands) <ul><ul><li>Note: Excludes single-trade contractors </li></ul></ul><ul><ul><li>Source: Harvard Joint Center Tabulations of the 2002 Census Construction Industries. Completed January 2007 </li></ul></ul>
  40. 40. Independent Contractor Status
  41. 41. D.S. Berenson, Esquire Johanson Berenson LLP [email_address] Mr. Berenson serves as general and special counsel to contractors, remodeling industry manufacturers, trade associations, banks and consumer lenders. His experience includes the Office of Chief Counsel of the Internal Revenue Service and the Securities and Exchange Commission. A frequent lecturer and author, Mr. Berenson was one of nine attorneys honored in the 2005 Forbes Magazine “Special Tribute to America's Best Lawyers”. He is the author of Pratt’s State Law and Regulation of Closed-End Credit, a six-volume treatise of installment sale practices.
  42. 42. H.R. 6111 Employee Misclassification Prevention Act <ul><li>Amends the Fair Labor Standards Act of 1938 </li></ul><ul><li>Requires every employer to: </li></ul><ul><ul><li>Keep records of non-employees (contractors) who perform labor or services for remuneration </li></ul></ul><ul><ul><li>Provide certain notice to each employee and non- employee including their classification as employee or non-employee and information concerning their rights under the law </li></ul></ul>
  43. 43. H.R. 6111 Employee Misclassification Prevention Act <ul><li>Makes it unlawful for any person to fail to accurately classify as an employee or non-employee </li></ul><ul><li>Doubles the amount of liquidated damages for maximum hours, minimum wage and notice of classification violations by an employer </li></ul><ul><li>Subjects a person who repeatedly or willfully violates such notice requirements to a civil penalty not to exceed $10,000 for each violation </li></ul>
  44. 44. H.R. 6111 Employee Misclassification Prevention Act <ul><li>Directs the Secretary of Labor to establish a web page on the Department of Labor’s website that summarizes the rights of employees under the Fair Labor Standards Act and other federal laws </li></ul><ul><li>Requires a federal grant for the administration of state unemployment compensation </li></ul>
  45. 45. H.R. 6111 Employee Misclassification Prevention Act <ul><li>Requires the state’s unemployment compensation law to include a provision for: </li></ul><ul><li>Auditing programs that identify employers that have not registered under the state law or that are paying unreported compensation where the effect is to exclude employees from unemployment compensation coverage </li></ul><ul><li>Establishing administrative penalties for misclassifying employees or paying unreported unemployment compensation to employees </li></ul>
  46. 46. H.R. 6111 Employee Misclassification Prevention Act Requires any office, administration or division of the Department of Labor to report any misclassification of an employee by an employer that it discovers to the Department’s Employment Standards Administration (ESA). Authorizes the ESA to report such information to the Internal Revenue Service (IRS).
  47. 47. H.R. 6111 Employee Misclassification Prevention Act To Acquire Review of the Act - - Click onto: http:// www.govtrack.us /congress/bill.xpd?bill=h110-6111&tab=summary
  48. 48. General Tax Issues - - 2009
  49. 49. Thomas Cox, Managing Principle Thompson Greenspon - CPA [email_address] Thomas E. Cox, CPA, is the managing principle of Thompson Greenspon, Fairfax, VA. He acts as the firm’s liaison with the IRS on ruling requests, audits and other compliance areas. Prior to joining Thompson Greenspon in 1978, Tom was an appeals officer with the appellate division of the IRS and was an instructor for their advanced corporate and partnership tax courses. His experience includes tax planning for corporate reorganizations, workouts, liquidations, partnerships, compensation planning and individual and business tax planning. * This section also features D.S. Berenson, Esquire
  50. 50. Energy Tax Credits and Marketing Them
  51. 51. Nils Peterman National Fenestration Rating Council [email_address] Nils Petermann is a member of the National Fenestration Rating Council. He leads the Alliance to Save Energy’s efforts to promote energy-efficient fenestration as project manager for the Efficient Windows Collaborative, a collective project between the Alliance, the University of Minnesota, Lawrence Berkeley National Laboratory and AZS Consulting. Nils performs analysis and promotion of strategies to advance energy efficiency in the fenestration market, including utility and tax incentives, sustainable building standards and end-user education. * This section also features D.S. Berenson, Esquire and Tom Cox, CPA
  52. 52. $1500 Energy Tax Credit <ul><li>Homeowner’s primary residence (30% of purchase price) </li></ul><ul><li>Does not include installation </li></ul><ul><li>Homeowners must file IRS form 5695 with 2009 and/or 2010 tax return </li></ul><ul><li>Homeowners should keep manufacturer certification for their records </li></ul>
  53. 53. Energy Tax Credits How to maximize them and explain to homeowners <ul><li>A Tax Credit. You don’t receive the tax credit when you buy the Home Improvement project. You claim the credit on your federal income tax form at the end of the year – 2009 or 2010. The credit then increases the tax refund you receive or decreases the amount you owe. </li></ul>Tax Credits vs. Tax Deductions. In general, a tax credit is more valuable than a tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions – (home mortgages or charitable giving) – lower your taxable income. If you are in the 35-percent tax bracket, the income tax you pay is reduced by 35 percent of the amount of the tax credit.
  54. 54. Tax Credit for Efficient Windows, Doors & Skylights <ul><li>Installed in 2009 or 2010 </li></ul><ul><li>30% of purchase price (exclude installation) </li></ul><ul><li>Maximum credit: $1,500 for qualified energy efficiency improvements (including windows, doors and skylights) </li></ul><ul><li>NFCR-certified energy ratings: </li></ul><ul><ul><li>U-factor of 0.30 or less </li></ul></ul><ul><ul><li>Solar Heat Gain Coefficient (SHGC) of 0.30 or less </li></ul></ul>
  55. 55. <ul><li>To visit the Alliance to Save Energy site click here: www.ase.org/content/article/detail/2654 </li></ul><ul><li>To visit the ENERGY STAR site click here: www.energystar.gov/index.cfm?c=products.pr_tax_credits </li></ul>
  56. 56. Lead Paint Issues
  57. 57. Paul Toub, V.P. of Marketing Kachina Lead Paint Solutions LLC info@kachinacontractorsolutions.com Paul will review the amended Toxic Substances Control Act (TSCA) and its impact on the remodeling industry. As Marketing Director of Anthony Home Improvements, Inc. and Housecrafters (installers for 58 of The Home Depot stores), he understands TSCA and Lead Safe Work Practices as an industry insider. Paul’s extensive marketing and professional announcing experience make him an easy-to-understand and enjoyable presenter. * This section also features D.S. Berenson, Esquire
  58. 58. APRIL 2008 - The Toxic Substances Control Act (TSCA) was amended Significantly increased the burden and impact on our industry First change happened 12/22/2008
  59. 59. OLD
  60. 60. NEW
  61. 61. Give to the owners of any pre-1978 home prior to beginning work
  62. 62. Get signed acknowledgment Save for 6 years
  63. 63.  NON-COMPLIANCE? Criminal fines & imprisonment for up to one year/violation Civil Penalties Up to $32,500 per violation / per day Overseen by EPA & State Agencies
  64. 64.  WHAT KIND OF WORK? Removal of painted surfaces or painted components “ Renovation” = Any work that disturbs a painted surface Surface preparation on painted surfaces Sanding and scraping Other activities that may generate paint dust
  65. 65.  WHAT KIND OF WORK? Removal of large structures that may have paint on them Walls and ceilings Large surface re-plastering Major re-plumbing Weatherization projects Cutting holes in painted surfaces to blow-in insulation or gain access to attics
  66. 66.  WHAT KIND OF WORK? Window replacement Window repair (if painted)
  67. 67. <ul><li>NOT SURE ABOUT AGE OF THE HOME OR TYPE OF WORK? </li></ul>When in doubt… Better safe than sorry!
  68. 68.  EXCLUSIONS 1978 or newer housing Minor work disrupts 6 square feet or less of painted surfaces per room (interior) 20 square feet or less (exterior) BE CAREFUL ABOUT THIS EXCLUSION
  69. 69. Do not rely on these exclusions if a child, age 6 or younger, lives or regularly visits the dwelling
  70. 70. When in doubt… Better safe than sorry! All you need to do thru 4/ 21 /2010 <ul><li>BOTTOM LINE: </li></ul>
  71. 71. APRIL 22 , 2010 Pamphlet + test for lead paint (pre ’78 rule still applies) If positive – lead safe work practices (LSWP)
  72. 72. EXCEPTIONS Newer construction Lead-free certified job sites Test shows no lead paint or other surface coatings that contain lead Not in excess of 1.0 mg / sq. cm (or 0.5% by weight)
  73. 73. EXCEPTIONS <ul><li>If owner lives there and opts out </li></ul><ul><ul><li>No pregnant women </li></ul></ul><ul><ul><li>No child under age 6 </li></ul></ul><ul><ul><li>Must certify these conditions and agree LSWP will not be used </li></ul></ul>
  74. 74. Why owner would opt-out? $$$$$$ Can you opt-out? Yes. Refuse the work!
  75. 75. IF YOU DO PROCEED <ul><ul><li>Attest that it will assign a certified renovator </li></ul></ul><ul><ul><li>Use only certified or properly trained workers </li></ul></ul><ul><ul><li>Follow LSWP </li></ul></ul><ul><ul><li>Adhere to all recordkeeping requirements </li></ul></ul><ul><li>COMPANY NEEDS TO BE EPA- CERTIFIED </li></ul>
  76. 76. <ul><ul><li>Supervised or directed by the certified renovator </li></ul></ul><ul><ul><li>Must have received relevant OJT in LSWP from a certified renovator </li></ul></ul>IF YOU DO PROCEED <ul><li>INSTALLERS ON JOB </li></ul>
  77. 77. <ul><li>Complete 8 hour course (includes 2 hours hands-on training) by an EPA certified training provider </li></ul><ul><li>Accredited refresher course every 5 years </li></ul>BECOMING A CERTIFIED RENOVATOR
  78. 78. The Opportunity to Acquire Other Companies
  79. 79. David Moore, Chairman & CEO Moore Holdings [email_address] David Moore is Chairman/CEO of Moore Holdings and Chairman of Sonostar Ventures which invest in and manage a variety of private companies. He has held the following positions: CEO, Register.com (NASDAQ); Board Member, Network Solutions; and CBS Marketwatch.com (NASDAQ); Vice Chairman, Marquis Jet; Chairman, U.S. Home Systems; Chairman, Garden State Brickface and Renewal by Andersen of NY and NJ. He has served on the Boards of ten different companies, six of them public (two NYSE, four NASDAQ). David graduated magna cum laude from Amherst College in 1978 and has an MBA from Harvard University. * This section also features D.S. Berenson, Esquire
  80. 80. W. Hobson Hogan, Senior Associate FMI [email_address] Hobson Hogan is a member of FMI’s investment banking practice. He specializes in building products manufacturers and distributors, as well as other construction industry firms, focusing on mergers and acquisitions, ownership transfer issues and strategy development. He has an extensive background in finance, strategic planning, consulting and engineering. His experience provides him with an understanding of difficult organizational, operational and strategic issues facing the building and construction industry.
  81. 81. Investment Banking Drivers of Salability and Value
  82. 82. Disclaimers <ul><li>Forward Looking Statements </li></ul><ul><li>This presentation contains forecasts, certain statements, projections and estimates from the U.S. Department of Commerce Construction Put in Place data, building permits, and other trade sources considered reliable, as compiled and estimated by FMI's Research Services Group and other third parties. FMI nor its employees make no representation as to the completeness or accuracy of the data. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which may or may not prove to be correct. Such projections and estimates are not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as reflected therein. Accordingly, no representations are made as to the accuracy or completeness of such statements, estimates, or projections, and such statements, estimates, or projections should not be relied upon as indicative of future value or as a guarantee of value or future results. </li></ul>
  83. 83. <ul><li>Legal and Financial Advice </li></ul><ul><li>This presentation contains commentary and strategies that may have significant legal, tax, and other financial implications. FMI does not provide legal, accounting, or tax services. Any related strategies and suggestions in this presentation should be carefully reviewed by appropriate legal, tax, and financial advisors to determine their specific suitability. </li></ul>Disclaimers
  84. 84. Value Drivers * Personnel Process Product Profit Projections Pricing of Debt/Equity “ 6P Framework” Company Side Numbers Side
  85. 85. The Company Side <ul><li>Personnel </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Presence of professional management team </li></ul></ul><ul><ul><li>Highly skilled staff and/or workforce </li></ul></ul><ul><ul><li>Customer relationships spread throughout organization </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>Owner manages everything </li></ul></ul><ul><ul><li>Owner responsible for high proportion of customer relationships </li></ul></ul>
  86. 86. The Company Side <ul><li>Process </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Internal controls in place </li></ul></ul><ul><ul><li>Accounting, IT and CRM systems in place </li></ul></ul><ul><ul><li>Presence of HR procedures (Employee handbook, Safety procedures) </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>Loose controls </li></ul></ul><ul><ul><li>Company “run out of shoebox” </li></ul></ul><ul><ul><li>Poor health and safety record and/or procedures </li></ul></ul><ul><ul><li>Environmental issues </li></ul></ul>
  87. 87. <ul><li>Product </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Growing market share </li></ul></ul><ul><ul><li>Strong brand </li></ul></ul><ul><ul><li>Barriers to entry </li></ul></ul><ul><ul><li>Intellectual property </li></ul></ul><ul><ul><li>Leading edge </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>Declining market share </li></ul></ul><ul><ul><li>Commodity product </li></ul></ul><ul><ul><li>Low barriers to entry </li></ul></ul><ul><ul><li>“ Bleeding edge” product </li></ul></ul>The Company Side
  88. 88. <ul><li>Profits </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Consistent results </li></ul></ul><ul><ul><li>Performance in tough times </li></ul></ul><ul><ul><li>Audited statements </li></ul></ul><ul><ul><li>High margins relative to industry </li></ul></ul><ul><ul><li>Easily verified adjusted earnings </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>Volatile earnings </li></ul></ul><ul><ul><li>Low margins relative to industry </li></ul></ul><ul><ul><li>Difficult to quantify owners’ expenses and perquisites </li></ul></ul><ul><ul><li>Capital intensive business </li></ul></ul>The Numbers Side
  89. 89. <ul><li>Projections </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Well thought out business plan </li></ul></ul><ul><ul><li>Expected revenue growth </li></ul></ul><ul><ul><li>Expected profitability growth </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>No support to business plan </li></ul></ul><ul><ul><ul><li>Vastly different than historic results </li></ul></ul></ul><ul><ul><ul><li>Vastly different than industry projections </li></ul></ul></ul><ul><ul><li>Declining revenue or profitability </li></ul></ul><ul><ul><li>High Capital Expenditures (CAPEX) expected </li></ul></ul>The Numbers Side
  90. 90. <ul><li>Pricing of Debt & Equity </li></ul><ul><li>Drivers of Value </li></ul><ul><ul><li>Hard assets to borrow against </li></ul></ul><ul><ul><li>High quality current assets </li></ul></ul><ul><ul><li>Consistency of results </li></ul></ul><ul><li>Detractors of Value </li></ul><ul><ul><li>Lack of hard assets and/or assets in poor shape </li></ul></ul><ul><ul><li>Obsolete inventory and/or poor receivables </li></ul></ul><ul><ul><li>Risky industry and/or product </li></ul></ul>The Company Side
  91. 91. Valuation Basics <ul><li>Methodologies </li></ul><ul><ul><li>Asset-based approach </li></ul></ul><ul><ul><ul><li>Fair market value of assets </li></ul></ul></ul><ul><ul><li>Market-based approach </li></ul></ul><ul><ul><ul><li>Public comparables </li></ul></ul></ul><ul><ul><ul><li>Public transactions </li></ul></ul></ul><ul><ul><li>Income approach </li></ul></ul><ul><ul><ul><li>Earnings based method </li></ul></ul></ul><ul><ul><ul><li>Discounted cash flow (“DCF”) method </li></ul></ul></ul><ul><ul><ul><li>Leveraged buy out (“LBO”) method </li></ul></ul></ul><ul><li>* Not every methodology will be used in every case </li></ul><ul><li>* No one methodology is superior </li></ul>
  92. 92. Market Factors Affecting Value <ul><li>Continued weakness in residential markets </li></ul><ul><li>Equity out refinancing and home equity loans greatly curtailed </li></ul><ul><li>Bank lending significantly tightened </li></ul><ul><li>Debt pricing greatly increased </li></ul>
  93. 93. Rich Nelson, President & Co-Founder PCM Construction [email_address] Rich Nelson is President and co-founder of PCM Construction. Established in 1992 PCM Construction, Inc and its Subsidiaries (PCM) provide facilities maintenance services to commercial properties in the Washington/Baltimore area. The services that PCM provides are commercial asphalt, concrete, line-striping, painting, flooring, electrical, mechanical/HVAC, plumbing, powerwashing, and waterproofing/ restoration services. PCM also has two separate general contracting divisions.
  94. 94. The Basis of Good Optimization <ul><li>Additional services can be offered that expand your current service portfolio </li></ul><ul><li>Both the acquired and the acquiring business would immediately benefit from client base and business processes of each organization </li></ul><ul><li>The businesses have management style/talent that fit into your corporate values and culture </li></ul>
  95. 95. The Integration Process <ul><li>Nothing except paycheck changes the first 30 days </li></ul><ul><li>Schedule a strategic planning session with a professional facilitator 30 days after closing. Session will include specific tasks to improve and who is responsible and how it is being measured. </li></ul><ul><li>Let leaders lead </li></ul>
  96. 96. Review and Update Methods <ul><li>Continually check in with the management team of the acquired company. Feelings of “seller remorse” and regret are natural. </li></ul><ul><li>Continue to engage a professional facilitator to meet quarterly and fine tune and/or adjust your strategic plan and most importantly, make sure progress is being made toward identified goals. </li></ul><ul><li>Be flexible. Both companies bring value to the acquisition. </li></ul>
  97. 97. Mark Watts, CPA, CVA Cocke, Szpanka & Taylor [email_address] Mark Watts has over 25 years experience with an emphasis on taxation; planning, preparation, and compliance. He is a partner, advising closely-held businesses and owners, along with high net worth individuals. He is a member of the National Association of Certified Valuation Analysts and has actively participated in, or advised clients on matters of mergers and acquisitions.
  98. 98. Tax Treatment of Assets Included in Sale of a Business Asset Seller’s Tax Treatment <ul><li>Buildings and building components </li></ul><ul><li>Long-term gain attributed to depreciation is unrecaptured Section 1250 gain. Maximum individual capital gain rate on unrecaptured Section 1250 property is 25%. </li></ul><ul><li>Land </li></ul><ul><li>Long-term gain is Section 1231 gain. Maximum individual capital gain rate on Section 1231 property is 15%. </li></ul><ul><li>Equipment and other tangible personal property </li></ul><ul><li>Gain attributed to depreciation is ordinary income under Section 1245. Maximum individual ordinary income tax rate is 35%. </li></ul><ul><li>Long-term gain in excess of depreciation is a capital gain under Section 1231. Maximum individual capital gain rate on Section 1231 property is 15%. </li></ul><ul><li>Inventory </li></ul><ul><li>Gain is ordinary income. Maximum individual ordinary income tax rate is 35%. </li></ul><ul><li>Intangible assets such as goodwill, covenant not to compete, copyright, patent, customer list, employee contract, franchise, trademark or trade name </li></ul><ul><li>Long-term gains on self-created intangibles are generally considered capital gains. Top individual capital gain rate is 15%. </li></ul><ul><li>Exception: Income from a covenant not to compete is ordinary income, not subject to SE tax, maximum rate of 35% </li></ul><ul><li>Gain on acquired intangibles attributed to amortization is ordinary income under Section 1245. Maximum individual ordinary income tax rate is 35%. </li></ul><ul><li>Long-term gain on acquired intangibles in excess of amortization is a capital gain under Section 1231. Maximum capital gain rate on Section 1231 property is 15% in excess of unrecaptured Section 1231 losses. </li></ul>
  99. 99. Tax Treatment of Assets Included in Sale of a Business Asset Buyer’s Tax Treatment <ul><li>Buildings and building components </li></ul><ul><li>Depreciable over 39 years </li></ul><ul><li>Land </li></ul><ul><li>Nondeductible—cost is capitalized and recovered when sold </li></ul><ul><li>Equipment and other tangible personal property </li></ul><ul><li>Depreciable—generally over five or seven years unless other class life applies. For 2009, up to $250,000 may qualify for current expense deduction under Section 179. </li></ul><ul><li>Inventory </li></ul><ul><li>Added to cost of goods—deductible when sold to customers. </li></ul><ul><li>Intangible assets such as goodwill, covenant not to compete, copyright, patent, customer list, employee contract, franchise, trademark or trade name </li></ul><ul><li>Amortizable over 15 years as Section 197 intangibles. </li></ul>
  100. 100. S.F.I. Programs – The Promise and the Problems
  101. 101. Jim Hall, President TEMO, Inc. [email_address] Jim Hall is the president of TEMO, Inc. For 22 years he has lent his expertise and management skills to the growth of this dynamic company. He is an integral part of TEMO’s management team and has helped guide the growth and success of America’s thermal sunroom manufacturer leader. Jim has served TEMO as its CPA, company controller and general manager of operations. He also contributes his leadership to TEMO’s national dealer network in assisting their business development.
  102. 102. <ul><li>Excellent lead source </li></ul>Why SFI? <ul><li>Other sources may not be available </li></ul><ul><li>Other sources may be too costly </li></ul><ul><li>Other sources may provide limited results </li></ul><ul><li>Face-to-face (SFI) is proven to work </li></ul>
  103. 103. The Keys to SFI Success <ul><li>2 Key roles : corporate & independent contractor </li></ul><ul><li>Corporate : must work within their structure </li></ul><ul><li>Independent contractors : Don’t use SFI as sole marketing strategy </li></ul>
  104. 104. Understanding Corporate SFI Cultures <ul><li>Customer service and satisfaction is a MUST </li></ul><ul><li>Cultivate relationships & build trust with store </li></ul><ul><li>management teams </li></ul>
  105. 105. Ray Melani, Co-Owner Melani Brothers [email_address] Ray and his brother Ron are the founders, co-owners and managers of a legendary company that started with two guys and a truck (one canvassed and sold; one installed and collected). They grew into the largest marketers of sunrooms in the US, installing as many as 600 per year. They have a branch office in Richmond, VA. Melani Brothers was an early pioneer in the use of S.F.I. relationships and used this method as a leverage to build their business and establish their brand.
  106. 106. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) Presented by David Moore, Chairman & CEO Moore Holdings
  107. 107. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) <ul><li>The Promise </li></ul><ul><li>Create leads from the brand (Sears) which will increase the return on advertising in all forms, including direct mail and tele-marketing the license for which included a remittance to Sears of about 15% (this varied with the product). </li></ul><ul><li>The Problem </li></ul><ul><li>The cost of developing the marketing (advertising) tools, i.e., print, TV production, had to be added to the 15%. The same held true for outbound tele-marketing, the creation of inbound call centers and similar. </li></ul>
  108. 108. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) <ul><li>The Promise </li></ul><ul><li>Using the Sears brand enabled salespeople to appear more user-friendly. While contracts had to meet a standard provided by Sears, this nonetheless presented a workable strategic partnership. </li></ul><ul><li>The Problem </li></ul><ul><li>As AMRE grew and took on more markets, the cost of expanding the creation of advertising, TV production and direct mail circulation increased disproportionately. Outbound tele-marketing and call center costs also increased. </li></ul>
  109. 109. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) <ul><li>The Promise </li></ul><ul><li>The sales methodology, when coupled with the brand name, enabled salespeople to be less aggressive, thus engendering better customer satisfaction. This also made possible a sales-hiring plan which included little or non-experienced in-home salespeople. </li></ul><ul><li>The Problem </li></ul><ul><li>When adding the license fee of 15% to marketing costs ranging from 5-10%, the total cost of marketing represented 20-25% creating an inflated retail selling price. Ultimately marketing costs hit 28%. </li></ul>
  110. 110. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) <ul><li>The Promise </li></ul><ul><li>We are strategic partners. </li></ul><ul><li>The Problem </li></ul><ul><li>AMRE grew to a $250 million plus company while operating on a 1 year contract renewable at the option of Sears. </li></ul>
  111. 111. Case Study: Sears S.F.I. Program Subject: AMRE ($250 Million S.F.I.) <ul><li>Observations </li></ul><ul><li>SFI helped build AMRE, Facelifters and Melani Brothers to their positions. Once attained, it is up to management to modify and augment arrangements to better suit their needs. </li></ul>
  112. 112. Financing Issues
  113. 113. Jim Borschow, President First Consumer Credit, Inc. [email_address] Mr. Borschow has been involved in home improvement consumer finance for most of his adult life with over 30 years of experience. As president of FCC Finance, Mr. Borschow utilizes his extensive expertise in home improvement lending to create opportunities for bringing financial transactions to completion. He could be described as a traditionalist, dedicated to understanding the business of his customers and committed to pursuing profitable business opportunities.
  114. 114. Home Improvement Financing - - 2009 <ul><li>Current economic environments </li></ul><ul><li>Lender issues </li></ul><ul><li>Creating optimum contractor opportunity </li></ul>
  115. 115. Current Economic Environment <ul><li>Tremendous uncertainty </li></ul><ul><li>Unemployment </li></ul><ul><li>Liquidity / Most effective use of capital </li></ul>
  116. 116. Lender Issues <ul><li>Pricing </li></ul><ul><li>Cost </li></ul><ul><li>Losses </li></ul><ul><li>Cash flow </li></ul>
  117. 117. Creating Optimum Contractor Opportunity <ul><li>Understanding the lenders issues and needs </li></ul><ul><li>Maximizing approvals / Fundings </li></ul>
  118. 118. The Economic and Financial Outlook
  119. 119. Robert Genetski, Ph.D. Classic Principles rgenetski@classicalprinciples.com Dr. Robert Genetski is one of the nation’s premier interest rate forecasters and investment advisors, providing insights to economic, financial and investment matters. In the early 1980s, he correctly forecast that tax cuts would end the nation’s economic malaise by boosting productivity, reducing inflation and interest rates. Dr. Genetski has served as Senior Vice President and Chief Economist for a major Midwest bank and headed asset management, investment research and investment banking operations. He has taught economics at several major university and served on numerous boards of directors.
  120. 120. Modern Economic Principles WSJ January 6, 2009 As layoffs and store closures grip the U.S., families hope frugality will see them through. But thriftiness is a major reason the downturn may not soon end. Frugal Families Aggravate Nation’s Economic Woes
  121. 123. Classical Principles <ul><li>Low tax rates </li></ul><ul><li>Free markets </li></ul><ul><li>Protect individual property rights </li></ul><ul><li>Stable prices </li></ul>
  122. 130. Government “Stimulus” (billions of dollars) <ul><li>Beginning deficit $250 </li></ul><ul><li>Early stimulus 170 </li></ul><ul><li>Bailout Fannie & Freddie 200+ </li></ul><ul><li>Fallout from Fannie & Freddie bailout 700 </li></ul><ul><li>Citi, AIG bailouts 500+ </li></ul><ul><li>Help auto companies retool 25 </li></ul><ul><li>Bailout Detroit so it can retool 25 </li></ul><ul><li>Obama proposed “stimulus” 790 </li></ul><ul><ul><li>Total over $2,500 </li></ul></ul>
  123. 139. Factors Affecting Credit Markets <ul><li>Fed’s monetary policy - further downturn </li></ul><ul><li>Cascading recession - borrowers squeezed </li></ul><ul><li>Government borrowing - scarcity of credit </li></ul><ul><li>Banking crisis - banks attempting to recapitalize </li></ul><ul><li>FDIC insurance hike - $13.5 billion tax on banks </li></ul>
  124. 140. Business Strategies <ul><li>Survival mode - focus on cash flow </li></ul><ul><li>Conserve capital, allocate funds cautiously </li></ul><ul><li>Monitor and adjust budgets monthly </li></ul><ul><li>Credit sources will remain scarce/expensive </li></ul><ul><li>Prepare for major swings in spending, inflation and interest rates </li></ul><ul><li>Avoid fixed price contracts </li></ul>
  125. 141. Implications: Personal Strategies <ul><li>Stocks </li></ul><ul><li>Bonds </li></ul><ul><li>Real Assets </li></ul>
  126. 142. Growing Your Business in a Changing Economy
  127. 143. Brian Smith, Senior Account Executive Dave Yoho Associates [email_address] Joined Dave Yoho Associates as part of a “turn-around team” after almost 20 years experience in Sales Management with some of the largest and most successful home improvement retailers in the US. He now practices as a Senior Account Executive working on a broad range of consulting assignments throughout the home improvement/remodeling industry. He has developed programs for large and mid-size home improvement companies covering almost all products which are sold directly to home owners.
  128. 144. ISSUES & CONCERNS <ul><li>Traditional advertising sources are producing less leads per dollar invested </li></ul><ul><li>The ability to contact prospects or re-contact customers by phone is impaired by DNC legislation </li></ul><ul><li>Changes in lead sources require modification of the sales model </li></ul><ul><li>Effective marketers reduce cost by implementing more creative lead distribution and instituting revised sales models </li></ul>
  129. 145. <ul><li>Increased marketing costs are a major contribution to lower profitability </li></ul><ul><li>A key ingredient in a successful home improvement marketing/sales plan is: The quality and quantity of leads generated is measured against the quality and quantity of the salespeople who are issued the leads which were generated </li></ul><ul><li>The cost of a lead is increased (or reduced) by the efficiency and sales ability of the person to whom it is issued </li></ul>ISSUES & CONCERNS
  130. 146. A “90 DAY CASE STUDY” CASE STUDY WDT-41 Projected annual volume (based on annual average by month) as of June 1st - $9,283,817 Projected annual volume as of September 1st - $11,245,262 SALES ISSUES Prior @90 Days Increase Demo rate - vs. leads issued 68% 75% 11.5% 1st call close rate - vs. leads issued 10% 19% 90% 1st call close rate - vs. demos 17% 30% 76% Close rate (2nd call, etc.) - to leads issued 10% 11% 10% Close rate (2nd call, etc.) to demos 17% 18% .06% Average net sales per month $812,040 $1,026,437 $214,393
  131. 147. * Increased earnings (4.05% decreased marketing costs) - - $123,172.44 A “90 DAY CASE STUDY” CASE STUDY WDT-41 MARKETING ISSUES Prior @90 DAYS INCREASE DECREASE Marketing Costs 17.01% 12.96% 4.05%* Efficiency Rating $2,351 $2,673 $322 Average Leads Issued Per Mo. 408 386 24
  132. 148. Joe Talmon, President Larmco Windows – Home Solutions [email_address] Joe Talmon is President of Larmco Windows – Home Solutions an Ohio based company, he is a 22 year veteran of the window and home improvement industry. He transformed a small regional wholesale window manufacturer into a respected retailer of high end replacement windows, siding and other products. His passion is quickly uncovered when you hear him speak about one call selling, sales training, and working shows and events.
  133. 149. We will continually be faced with many great opportunities that will be brilliantly disguised as problems or challenges. When we move the dirt away and dig past what we think we see we will discover those great opportunities and the profits they provide.
  134. 150. In 2007 we recognized that the landscape in our market looked confusing, different, more challenging and not at all like what we wanted to see. The foreclosure crisis had hit Ohio in a big way and it seemed the one thing everyone wanted to talk about was foreclosure. A competitor who had not existed 5 years earlier was now spending over $100,000 per month in radio and TV advertising according to a competitive media research study. We suddenly realized we were no longer the Big Dog in town that we had thought we were.
  135. 151. By mid 2007 I made a discovery The need to change and the want to change had little to do with changing the organization. It didn't matter how much we talked about change or agreed to change, something was missing. In the end the single key ingredient turned out to be discipline the discipline to change.
  136. 152. I decided we had to do 6 things 1.We had to stop toying with canvassing and learn to do it well 2. Show and event marketing had to be taken to a new dimension 3. Create a serious contact program for our existing customer base 4. Increase sales training to work with new lead sources 5. Tighten up lead management systems 6. Introduce new products
  137. 153. <ul><li>The new and improved canvassing program produced leads and allowed us to expand in to more effective show and event marketing evolving into a fun experience for our guests and show staff. </li></ul><ul><li>We adopted a new philosophy for training canvassers and show crew, &quot;Sesame Street Training 101&quot; Greed - Need – Lead. </li></ul><ul><li>We added a few new rules for shows and events: </li></ul><ul><li>We will now go anywhere there are people </li></ul><ul><li>No chairs allowed, no one is allowed in the booth unless they are with a prospect </li></ul><ul><li>No-one is allowed to pass our booth that we don't stop and engage </li></ul>
  138. 154. It started in a small town an hour north of our primary market at the Marion County Popcorn Festival. We took our concept on the road where no one really knew us and decided to be over the top, be ridiculously aggressive and see what happens. In a few long days, well off the beaten path, down the street nearly two blocks, then down another street nearly to the end of that section of the street we found our booth. If location is everything we had nothing. We set 57 appointments in 4 not so busy days. From that event on everything changed for us.
  139. 155. Today we have slot machines in our show and event booths and we just set a new company record by using our new and improved approach setting 203 appointments in 4 1/2 days at our home and garden show. We have added some new products – and – with the help of Terry Ferraro, E-Shield attic insulation is booming for us. We have zero service, easy installation, and great profit. We have even started to take a “window no demo” and turn it into an “insulation sales”.
  140. 156. The past customer contact program was a home run. We discovered far less service than we thought we would. We found that nearly everyone loves us (nearly everyone) And while we believed it to be true, we rediscovered that selling to our previous customers was 10 times easier than selling to anyone else. We now make QC calls to every completed installation and every completed service. We end every call with a scripted line. &quot;Before I let you go I'm excited to tell you about a new product.&quot;
  141. 157. We are now selling new work for the first time to people within one week of a completed service or completed installation. As a result of the decision to add discipline change began to happen. By the end of 2008 our central Ohio region had overtaken our numbers from 2007 - - More importantly our profits grew. I see 2009 being an up year in both sales and profits over 2008. I believe that the future will offer us amazing opportunities that will be brilliantly disguised as problems or challenges.
  142. 158. Rick Wuest, Owner & President Thompson Creek Window Company [email_address] Rick Wuest is the Owner and President of Thompson Creek Window Company. Thompson Creek’s headquarters is in Landover MD, and services customers in Maryland, DC, and Northern Virginia. The company is a specialty remodeler marketing and installing widows, siding, entry doors, and gutter systems. The company manufactures their own replacement windows and Gutter Systems.
  143. 159. Sal Ferro, President & CEO Alure Home Improvement [email_address] Salvatore (Sal) Ferro is President and CEO of Alure Home Improvement of East Meadow, NY, a full service home improvement company with revenues of over $45 million annually. Starting as a Production Manager a scant 20 years ago, he enabled his company to grow from a small painting contractor to the successful multi-product giant of today. He has received numerous rewards from both industry and consumer groups. His company has participated six times on the ABC Extreme Home Makeover show and most notably, his company acquires over 40% of their business from referral leads.
  144. 160. Tim Musch, Business Development Dir. MarketSharp Software [email_address] Tim Musch is Director of Business Development for MarketSharp Software located in Lacrosse, WI. Prior to that, he spent 15 years gaining experience in a family owned remodeling company in Central Wisconsin. MarketSharp has supplied computerized marketing solutions to over 2000 of the country’s most successful remodelers. Tim has spent the last 18 years developing and refining computerized database marketing systems for the remodeling industry.
  145. 161. Efficiency!
  146. 162. Grow Your Business This Year By 34 % While... Only Getting 6 % Better At What You Do!
  147. 163. A Quick Lesson In Knowing Your Numbers... UPS trucks drove 2.5 billion miles last year, but the company says it’s research found by doing ONE THING saved driving 28,541,472 million miles, and three million gallons of fuel. Any Idea What It Is?
  148. 164. What Are YOUR Company’s Left Turns?
  149. 165. The Lead (inquiry) The Call (inbound/outbound) Pre-Approach Activities Presentation Systematic Lead Follow-up (asset recovery) Repeat/Referral Strategies (customer replication) Leverage Your Business’ FLEX Points!
  150. 166. Great Brainstorming Tool! It All Starts Here!
  151. 167. Planning Worksheet…
  152. 168. Brainstorm Meeting…
  153. 169. Let’s Trade… = XYZ Windows 1300 Main Street Your Town, USA 800-555-1212 Michelle Nowlan General Manager
  154. 170. To Sum Up… <ul><li>Know your numbers </li></ul><ul><li>Continuously strive to improve </li></ul>
  155. 171. “… the best way to put distance between you and the crowd, is to do an outstanding job with information. How you gather , manage , and use information will determine whether you win or lose.“ - Bill Gates
  156. 172. Report Example…
  157. 173. Marketing Savvy
  158. 174. ADVERTISING CASE HISTORY (NEWSPAPER) #170NP SUBJECT: Large window replacement retailer, $20MM annual revenue – major eastern city. GOAL: Contain/reduce marketing costs (13% in 2007). MAY 2007 meeting with competing major newspapers (reps) (together in conference room). Each given purchase order for $20M advertising (1 mo). Each given instructions to use $20M to produce as much advertising as possible for one month. Each informed: publication producing most inquiries (leads) would receive a contract for balance of the year.
  159. 175. ADVERTISING CASE HISTORY (NEWSPAPER) #170NP <ul><li>RESULTS AT END OF MAY </li></ul><ul><li>• Newspaper (A) stuck to rate card produce results less than fair </li></ul><ul><li>• Newspaper (B) use company’s ads as fillers, special projects, inserts </li></ul><ul><li>• Newspaper (B) advertising produced </li></ul><ul><ul><li>171 leads, 86 appointments. </li></ul></ul><ul><ul><li>Cost per lead issued $232 </li></ul></ul><ul><ul><li>Net revenue $182,333 </li></ul></ul><ul><ul><li>Net advertising cost 11% </li></ul></ul>
  160. 176. ADVERTISING CASE HISTORY (NEWSPAPER) #170NP <ul><li>OVERVIEW </li></ul><ul><li>Newspaper (B) utilized special projects. Probably equal to $90M – $100M based on lineage. </li></ul><ul><li>FOLLOW THROUGH </li></ul><ul><li>Newspaper (B) was asked to agree to a contract for $20,000 a month not to exceed 12%. </li></ul><ul><li>2008 PROJECT </li></ul><ul><li>Newspaper (B) continued project for $20M per month for entire year </li></ul><ul><li>Conditioned by “not to exceed” 12% </li></ul><ul><li>Incoming calls monitored by “Call Cap” (or similar) shared with newspaper rep </li></ul><ul><li>Reviewed at the end of each month with rep </li></ul><ul><li>2009 PROJECT </li></ul><ul><li>Same as above </li></ul>
  161. 177. ADVERTISING CASE HISTORY (MAGAZINE) #183MP <ul><li>SUBJECT: Suburban company – near a major city – windows/siding </li></ul><ul><li>Community magazines (city, county) contracts volume based. </li></ul><ul><li>STRUCTURED AGREEMENT </li></ul><ul><li>Rates are paid by actual gross volume sold </li></ul><ul><li>Window volume at 10%, siding volume at 6% </li></ul><ul><li>Use 800 number with monitor check in publication and/or Call Cap </li></ul><ul><li>At net volume cost not to exceed 12% total </li></ul><ul><li>(B) Monthly news insert (mail delivered) </li></ul><ul><li>Arrangement similar to above </li></ul><ul><li>All rates are at 12% net volume </li></ul><ul><li>STRUCTURED AGREEMENT </li></ul><ul><li>Not to exceed total of 12% of volume </li></ul>
  162. 178. ADVERTISING CASE HISTORY (RADIO) #191R <ul><li>SUBJECT: Established company suburb – windows, sunrooms, siding, volume $12MM </li></ul><ul><li>GOAL: Promote brand in-market while producing cost-effective leads </li></ul><ul><li>RESEARCH METHOD: </li></ul><ul><li>Listen to different radio show daily </li></ul><ul><li>Determine – the number of (“self-promoting”) charity and/or public interest ads indicating “non-revenue” advertising </li></ul><ul><li>Visit station personally </li></ul><ul><li>Trial program 60 days </li></ul><ul><ul><li>$50 per lead – and 12% of net sales </li></ul></ul><ul><ul><li>Utilize first station results as benchmark for additional programs </li></ul></ul>
  163. 179. ADVERTISING CASE HISTORY (TELEVISION) #194TV SUBJECT : Suburban company, third level market – siding, windows, roofing, heating, annual volume $13MM GOAL : Television advertising in a market supported by 6 channels – per inquiry MARKET DEFINITION : 4MM population extending 75 to 90 miles from company base. Four stations affiliated with major networks, 2 independent METHOD : All contracts based on per inquiry, space available and run of schedule COST : Per inquiry – $50-$80 each CONTROL : Shared 800 numbers with control check, reviewed monthly THE PLUS : During January/February (normally slow for stations) may get 10-20 runs per day THE MINUS : During elections, where majority of the time is booked, fewer runs
  164. 180. Discussion on
  165. 181. Ron Sherman, President Ron Sherman Advertising [email_address] Ron Sherman is the President of a multi-million dollar ad agency headquartered in Little Rock, Arkansas. He specializes in producing programs for the home improvement industry. He acts as producer and spokesperson for many of those in the room today. In any given time, throughout the US, you can count on running into a Ron Sherman production television program. He has dedicated his business and his modern production studio to the art of – producing leads.
  166. 182. <ul><li>A form of direct response in which the advertiser </li></ul><ul><li>receives free commercials while paying only for </li></ul><ul><li>results. </li></ul><ul><li>Also known as: </li></ul><ul><li>“ Cost Per Lead” or CPL </li></ul><ul><li>“ Pay Per Lead” or PPL </li></ul><ul><li>Cost Per Action </li></ul>
  167. 183. <ul><li>Establish a favorable arrangement for both parties </li></ul><ul><li>Create a unique, dynamic, performance-based relationship with your media partner </li></ul><ul><li>Mutual respect is needed for the model to thrive </li></ul>
  168. 184. <ul><li>Advantages : </li></ul><ul><li>Expanded awareness of your company </li></ul><ul><li>Risk-free leads </li></ul><ul><li>Gives many home improvement companies the opportunity to use TV for the first time </li></ul>
  169. 185. <ul><li>Disadvantages : </li></ul><ul><li>Many stations only offer P.I. in the 1 st and 3 rd quarter </li></ul><ul><li>Many stations will pull a P.I. program without notice </li></ul><ul><li>High percentage of stations offering P.I. programs have smaller audience which results in a dramatic drop in leads after initial campaign </li></ul>
  170. 186. <ul><li>Create two very different commercials with the shared goal of getting the phone to ring </li></ul><ul><li>Request a complete list of all commercial times to ensure you are not getting a high percentage of weekend and over-night placement </li></ul>
  171. 187. <ul><li>“ Advertising revenue will drop 13% this year, </li></ul><ul><li>but improve to a decline of just 1.5% in 2010” (According to tvnewsday.com) </li></ul><ul><li>TV spot revenue down 4.9% in ‘08 </li></ul><ul><li>Biggest loser for TV spots is markets 101-210 </li></ul><ul><li>The only area to show growth was Hispanic cable and cable TV </li></ul>
  172. 188. <ul><li>Top 50 markets rates in 1 st quarter are down 10-20% </li></ul><ul><li>Markets 51-100 are very erratic </li></ul><ul><li>Markets 101-210 show rate reductions up to 50% </li></ul>
  173. 189. <ul><li>The total TV market revenue will be a determining </li></ul><ul><li>factor, whether the TV stations will aggressively work </li></ul><ul><li>on a P.I. basis or sizable rate reductions. </li></ul><ul><li>Market Market Size Revenue </li></ul><ul><li>Abilene 162 $12M </li></ul><ul><li>Gainesville 163 $19M </li></ul><ul><li>Flint-Saginaw 63 $45M </li></ul><ul><li>Tulsa 60 $80M </li></ul><ul><li>Minneapolis-St. Paul 14 $295M </li></ul><ul><li>Houston 11 $450M </li></ul><ul><li>(According to National Association of Broadcasters) </li></ul>
  174. 190. Internet Marketing
  175. 191. Jim Cory, Editor Replacement Contractor Magazine [email_address] Jim Cory is the editor of Replacement Contractor, a HanleyWood publication for roofing, siding and window contractors. Prior to the launch of Replacement Contractor, in the fall of 2002, he was Senior Editor at Remodeling, another HanleyWood publication. He currently contributes to both Remodeling and Replacement Contractor as well as the respective Web sites. He organizes the Replacement Contractor Executive Conference, an annual event focusing on sales and marketing in the home improvement industry.
  176. 192. Tom Audette, Business Development Dir. Three Deep Marketing [email_address] Tom Audette is the Business Development Director for Three Deep Marketing; a digital marketing agency that does search engine optimization, paid search management and email marketing. He has over 17 years of direct industry experience as a sales rep, sales manager, marketing manager, and business executive and as VP of Marketing for a large home improvement company where he generated over 30% of revenues via the Internet with marketing costs under 10%.
  177. 193. The Death Of Old Media Yellow Page advertising in 2008 dipped below their 1998 levels. In the next 4 years, ad spending will drop an additional 39%. (Media Futurist)
  178. 194. The Death Of Old Media Newspapers have lost 23% of their revenues since 2005 and circulation is now at its lowest point in 62 years. (WSJ)
  179. 195. The Death Of Old Media Average DVR user sees only 46% of the commercials in the programs they watch. 70% of advertisers now feel the DVR will “reduce or destroy” the 30 second commercial.
  180. 196. Online Industry Statistics <ul><li>85% of product / service inquiries now start on the Internet (B2B Magazine) </li></ul><ul><li>US Internet ad spending will grow by 8.9% in 2009 to $25.7 billion. </li></ul><ul><li>Paid search spending will grow by 14.9% in 2009, to $12.3 billion (Emarketer) </li></ul><ul><li>Why? </li></ul><ul><ul><li>It’s where homeowners are searching </li></ul></ul><ul><ul><li>It’s cost effective </li></ul></ul><ul><ul><li>It’s highly measurable </li></ul></ul>
  181. 197. Contractor Advertising Dollars Traditional Focus vs. New Focus <ul><li>Traditional Focus </li></ul><ul><li>Yellow Pages </li></ul><ul><li>Newspaper </li></ul><ul><li>Television </li></ul><ul><li>Direct Mail </li></ul><ul><li>Radio </li></ul><ul><li>Home Shows </li></ul><ul><li>Canvassing </li></ul><ul><li>New Focus </li></ul><ul><li>Paid Search </li></ul><ul><li>SEO </li></ul><ul><li>Local Search </li></ul><ul><li>Email </li></ul><ul><li>Radio </li></ul><ul><li>Home Shows </li></ul><ul><li>Canvassing </li></ul>
  182. 198. Search Engine Optimization <ul><li>“ Studies show that web users predominantly click on the top four results for any particular search, and then move on.” (Forrester Research) </li></ul>
  183. 199. Paid Search – Pay Per Click <ul><li>The fastest way to get listed in those </li></ul><ul><li>precious top four results. </li></ul>You only pay if a prospect “clicks” the ad The higher the bid “per click” the higher your ad appears. Geographic targeted ads Extremely measurable if implemented correctly
  184. 200. The Growth Of Local Search FACT: Google has over 75% market share in online search If your customers can’t find you there…you aren’t even in the game!
  185. 201. Continuous Improvement Fix Every Sell Cycle Inefficiency Specific Landing Page & Lead Capture Internet Lead Sales Appointment Deal Closed 50% Appointment Set Rates 30% Sales Close Rates 15% Referral Rates In a down economy, you must fix every revenue gap in your selling cycle! A B C
  186. 202. Jesse Cory, CEO OHM Creative Group jesse@ohmdigital.com Jesse Cory is the CEO of Ohm Creative Group, a Marketing and Public Relations Firm. With a lifetime of achievements in Motion Pictures, New York’s Fashion Industry and Digital Marketing, Jesse has become an expert at bringing all his talents together to manage a diverse client base, including CBS Radio & Detroit Public Television. Utilizing his vast professional experience to turn results and profits for numerous clients.
  187. 209. Todd Bairstow, Founding Partner Keyword Advisors tbairstow@keywordadvisors.com Todd Bairstow is a Founding Partner at Keyword Advisors, a lead generation company specializing in home improvement leads and appointments. They currently work with large home improvement brands in the gutter protection and one day bath categories, their programs have generated tens of thousands of high quality home improvement leads and appointments via the Internet in the last 3 years. Todd has a background as a copywriter and associate creative director at Arnold Worldwide, one of the largest and most successful ad agencies in the US.
  188. 210. Elements of Today’s Internet Lead Generation Search Engine Optimization Paid Search Advertising Third Party Online Lead Companies
  189. 211. Anatomy of A Search Results Page natural search results paid search results
  190. 212. Search Engine Optimization “Leveraging ‘Free’ Media” <ul><li>Make your site ‘friendly’ to search engines </li></ul><ul><li>Pick 2 keywords per page to optimize for </li></ul><ul><ul><li>Think about how your prospects search for you </li></ul></ul><ul><li>Manage expectations - optimize for local & default terms </li></ul><ul><ul><li>(i.e. “replacement windows boston”, “ABC Window Company”) </li></ul></ul><ul><li>Look to distributor and/or brand to optimize for national and generic terms </li></ul><ul><ul><li>(i.e. “replacement windows”) </li></ul></ul><ul><li>Coordinate with dealers & your national brand </li></ul><ul><ul><li>“ In unity there is strength” </li></ul></ul>
  191. 213. Paid Search Marketing (Pay-Per-Click) “Buy Your Way To The Top” <ul><li>Buy hundreds/thousands keywords, place dozens of ads </li></ul><ul><li>Drive traffic to response-oriented landing pages </li></ul><ul><ul><li>Not necessarily your website </li></ul></ul><ul><li>Critical: Actively track & evaluate your results constantly </li></ul><ul><li>Manage by the numbers! Your campaigns are only as good as your results in terms of volume and cost per lead </li></ul>
  192. 214. Buying Leads From Online Lead Companies “You Get What You Pay For” <ul><li>All Internet leads are not created equal </li></ul><ul><ul><li>- - Caveat emptor - - </li></ul></ul><ul><li>Determine lead types that fit with your business: </li></ul><ul><ul><li>Exclusive vs. Non-Exclusive </li></ul></ul><ul><ul><li>Branded vs. Un-branded </li></ul></ul><ul><ul><li>Telephone leads vs. Web leads </li></ul></ul>
  193. 215. Travis Jenkins, President All-Tex Exteriors [email_address] Travis Jenkins is President of All-Tex Exteriors, Houston, TX. They specialize in siding, windows, sunrooms and roofing. By redirecting the marketing efforts of his company, he made a transition from the largest showroom in Houston to an Internet marketing lead generation company which now provides 10 salespeople with leads from this source. Only 30% are “pay-per-click”, 70% are from organic search and his web optimization.
  194. 216. THE NEBULOUS (INDEFINITE) LEAD <ul><li>Uncovers “remote” prospects </li></ul><ul><li>A supplemental - - low cost lead </li></ul><ul><li>Creates “now” and “future” leads </li></ul><ul><li>Requires training (re-training) </li></ul><ul><ul><li>Scripts for lead taking/confirming </li></ul></ul><ul><ul><li>Sales training (finessing) </li></ul></ul>
  195. 217. THE BOOK “PLAN” <ul><li>Published book </li></ul><ul><li>Available in book stores & Amazon </li></ul><ul><li>Registered in the Library of Congress </li></ul>www.WindowHelpBook.com
  196. 218. <ul><li>Door hangers, postcards and handouts available to retailer </li></ul><ul><li>Bound books available for retailer/salespeople </li></ul><ul><li>Script for phone follow up available for retailer/salespeople </li></ul>THE BOOK “PLAN” www.WindowHelpBook.com
  197. 219. CONSERVATIVE PROJECTION <ul><li>Inquiries per week................................................................. 6 </li></ul><ul><li>Projected for 12 months.................................................. 300 </li></ul><ul><li>Estimated 40% fall-off inquiry to leads issued............. 180 </li></ul><ul><li>Estimated 70% “sit rate” (presentations)................... 126 </li></ul><ul><li>Estimated 20% close rate (1 out of 5) sales made....... 25+ </li></ul>
  198. 220. CONSERVATIVE PROJECTION <ul><li>Assuming an average contract of $8,000 </li></ul><ul><li>Gross sales: $200,000 </li></ul><ul><li>Assuming an average contract of $7,000 </li></ul><ul><li>Gross sales: $175,000 </li></ul><ul><li>Assuming an average contract of $6,000 </li></ul><ul><li>Gross sales: $150,000 </li></ul>
  199. 221. Diversity
  200. 222. Sal Alfano, Editorial Director Hanley Wood Business Media [email_address] Sal Alfano is Editorial Director of a group of Hanley Wood Business Media magazines that includes JLC, Remodeling, Upscale Remodeling, Coastal Contractor, Professional Deck Builder, and Replacement Contractor. He brings “hands-on” experience to his editorial role. For 20 years he managed his own design/build remodeling company in Vermont. He has been active in the residential/construction industry for more than 35 years.
  201. 223. Todd Miller, President Classic Metal Roofing Systems [email_address] Todd Miller is President of Classic Metal Roofing Systems, Piqua, OH, a leading manufacturer of residential metal roofing products, using pre-painted steel, aluminum, copper and zinc. The company stays on the leading edge of coatings, metal forming, and environmental technology. Classic Metal Roofing Systems is active in educating the public as to the benefits of metal roofing. Todd is a Board Member of the Metal Roofing Alliance (MRA) and Metal Construction Association (MCA) and chairs the Governmental Relations Committee.
  202. 224. Diversity <ul><li>Capitalize on your good name </li></ul><ul><ul><li>Bring additional products to past customers </li></ul></ul><ul><li>Stretch your leads </li></ul><ul><ul><li>Offer something else to old leads </li></ul></ul><ul><li>Get more from your advertising </li></ul><ul><ul><li>Stretch those dollars </li></ul></ul><ul><li>Increase your company value </li></ul><ul><ul><li>Add a profit center </li></ul></ul>
  203. 225. <ul><li>Increase your franchise </li></ul><ul><ul><li>Specialty products - - - Exclusive territories </li></ul></ul><ul><li>Stay on the cutting edge </li></ul><ul><ul><li>Respond to trends </li></ul></ul><ul><li>Sell upscale but non-discretionary items </li></ul><ul><ul><li>Roofing is not a luxury </li></ul></ul><ul><li>Maximize your referrals </li></ul><ul><ul><li>Sell high profile “stand out” products </li></ul></ul>Diversity
  204. 226. Chris Ripley, Owner Smarter Coating [email_address] Chris has been involved in the Home Improvement Industry for eleven years, eight as a manufacturer, with dealers from coast to coast covering 26 states, Chris has a birds eye view of consumer trends. As a member of the Society of Industry Leaders, private equity firms and Hedge Fund managers have relied on Chris's insight to plan multi-million dollar trading strategies in the remodeling field. Chris owns Smarter Coating a Boston based coatings distributer.
  205. 227. <ul><li>During times of constricted consumer spending: </li></ul>Consumers will often abandon the need for references and competitive bids when they perceive the items as a need and the outlay for the product is perceived as low . A product’s terms of purchase will often be more important than price. Items of need always out pace luxury goods. Given items of the same perceived need, the lower cost of the two will be purchased. Diversity in HIP: The opportunity to use your CURRENT and PAST customers to increase your bottom line.
  206. 228. <ul><li>Every Dollar counts now more than ever! </li></ul>Each Dollar earned in a trough of a recession and invested is worth two to three times more at the end of the recession Offer your current customers lower cost items of need Only add product lines that are turnkey Leverage your PC list with lower cost need based items first Partner with firms that offer need based products
  207. 229. <ul><li>Large multi-product firm with several branches </li></ul>Offering a cost effective menu of &quot;need&quot; products to PC's and currents will often net a better return in today’s economy Mid-Size single product firm Use in place staff to call on current customers First 8 days of the program saw ~$111,000 in net sales Close rates above 55%, average jobs size of $6,600 Developed a program with a turn-key product Program has current net sales of $175,000 Close rates above 45%, average jobs size of $5,700
  208. 230. Terry Ferraro, President & CEO Pro Materials Direct [email_address] Terry Ferraro is President and CEO of Pro Materials Direct a distributor of specialty products to home improvement companies. They currently serve over 40% of Replacement Contractors’ (magazine) top 100. Since 1975, when he first joined Alside, he has dedicated his career to the industry. His distribution company, American Wholesale Supply, has branches in 7 southeastern states. He is a founder and director of EBank, a founder of Magnolia Windows and Gutter Protection products of America.
  209. 231. The Energy Lead <ul><li>Starts a new conversation with your customer </li></ul><ul><li>Puts you back in your customer’s living room </li></ul><ul><li>In recent surveys energy efficiency has become the consumer’s top priority when choosing products for their home </li></ul>
  210. 232. Every where we turn energy efficiency is right in front of us
  211. 233. Even this month’s National Geographic Magazine features saving energy on it’s cover.
  212. 234. Today entire magazines are dedicated to Energy Smart Homes!
  213. 235. How are Americans spending their home improvement budgets?
  214. 236. Americans are spending 42% of their home-improvement dollars on Green Products and Energy Efficiency.
  215. 237. A growing trend across the country is that homes must under go an energy performance audit before they can be placed on the market.
  216. 239. Marketing Case Studies Presented by Brian Smith Senior Account Executive Dave Yoho Associates
  217. 240. Case Study 3871C Canvassing Program Instituted Location : West Coast Products Sold : Roofing, Windows, Textured Coating Annual Revenue (Volume) : $9.8 million Average Contract Price : $14,353 Number of Sales People : 10 Major Lead Sources (’07) : Radio (1), direct mail and print (2), Events (3) Canvassing Program Instituted : Nov 2007 Number of Canvassers (currently) : 6
  218. 241. Case Study 3871C Canvassing Program Instituted Daily Schedule : 11AM – 5:30PM including (2) 15 min breaks & 30 minute lunch Canvasser Compensation : $20 per hour, 1% of net business Number of leads : 1.36 per person per hour, 41 per day Issue rate : 54% Presentation (Demo) Rate : 60% Close rate to issue : 16% Net Close : 14% Retention : 90+% Cost of Canvas Program : (fully loaded) 9% (current) Cost per Issued Lead : $76
  219. 242. Case Study 3871C Canvassing Program Instituted Details : Leads are called into call center from customers’ homes – canvassers (average age) over 40. Most have some sales background – canvassers work with a presentation book to sell the appointment (not the job). Canvassers carry mini presentation books, they are scripted and prepared to overcome objections to sell time and attention based on visual observations of problems. They operate in predetermined (upscale) neighborhoods, i.e. previous completed jobs and demographics. Each lead is called into the call center (and scheduled) from the customer’s home. Concerns: Issue rate (54%) – presentation (demo) rate 60%. The program has become their number one lead source. It created a backlog of leads, which were often set too far out. The latter reduced both the (set) and (presentation) rate.
  220. 243. Case Study EC 77 (90 day turn around) Location: Mid Atlantic Products: Windows, Siding, Sunrooms, Gutter Protection, One day bath remodeling Company Volume: 12 million Marketing Efficiencies: .25 lead per hour written; .11 appointment per hour and 19% issue rate to the sales department Fully Loaded Marketing Cost: 35%
  221. 244. Case Study EC 77 (90 day turn around) Evaluation: Company was a one source lead generator. They relied on sweepstakes at shows, on tv, internet etc… to generate all inquiries causing an enormous amount of leads and an enormous amount people to process those leads. It took 2 data entry people, 2 managers, 39 call center operators and 5 confirmers to issue 40 appointments per day. Company was severely understaffed in the sales department based on number of new inquiries.
  222. 245. Case Study EC 77 (90 day turn around) Solution: Redirect efforts to face to face appointment setting from the event or door called into a confirmer on the spot and eliminate the sweepstakes approach from all other sources. Reduce call center staff to 9, 1 manager, 1 supervisor, 1 data entry and 2 confirmers. Results: 14.9% reduced marketing cost .39 set appointment per hour; 32% issue rate, net savings $910,000 annually. Current Concerns: Sales department is still severely understaffed which is preventing a higher issue rate.
  223. 246. VISIT OUR WEBSITES FOR FREE BUSINESS INFORMATION www.DaveYoho.com www.SuperSalesTraining.net www.HIPseminars.com

Notes de l'éditeur

  • This OPENING SLIDE is to be kept clean with limited Introductory title, etc.