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Talk about Rick Bilderback, maybe ten people at the firm know that guy. It doesn't work. We're going to look at their data and see, Did they solve a problem? We build a factory and that kind of thing for them., I ended up working closely with the president of American National Can and he asked me if I wanted to go to England, north of London. Pest control companies put a lot of people and a lot of vehicles driving a lot of miles so the road is a big issue for all of us. Patrick Baldwin: At least it was a polite letter. Onze Paul Giannamore: At the time with VDA, you were pretty sure you werent going to do the deal in the beginning. Alliance News 24 March . That's why you have a service and that's why we've got your back. Currency in USD, Chief Marketing, Innovation & Strategy Officer, Managing Director of UK & Sub-Saharan Africa, Rentokil Initial plcs ISS Governance QualityScore as of. Heart and soul went into that. A motorcyclist died in a fatality a week before the closing. Step into The Boardroom to find out. He didn't say anything. I've got a team. No credit card required. Rentokil North America managing director John Myers picked this environment to sell 250,000 shares in the company, for 1.2m. Patrick Baldwin: That question came up in my head like, John does that. What about other CEOs? In the brief conversation that I had coffee with him, we discussed his KPI dashboard, things that he looked at as the CEO of Rentokil.. With Jack Welch, a lot of the stuff that he put together was meant to be considered as a common denominator way of thinking, 20/80, 10/20/70, and the like. I come out of private equity. When I first met Vic and Jim, we were at Reading Terminal down in Philly, having a bite and Vic was talking about growing Ehrlich.. Its hard to understand and formulate a strategy around grading value if you're not getting that direct feedback. Those are great discussions. questo messaggio, invia un'email all'indirizzo Hopefully, don't pick a place where you can't get where you need to go because that's probably going to affect your capabilities. I would be the guy picking out the truck that we would use and the colors and all those types of things.. Patrick Baldwin: In episode seven with Mike Givlin in Certus, they were talking about doing a brand equity study. Its leaving them as the local brand that they're known for in the market. He also holds an MBA from Mercer University in Atlanta. We call them specialists but the industry calls them technicians. One of the things that we did is we tracked every single customer that came into that business and tracked their duration. Paul Giannamore: You talking makes me think about something. If you grew up in New England, you're used to the straightforward, in-your-face no., Paul Giannamore: Get the hell out of here, John., John Myers: I didn't get that straightforward, in-your-face no. It does take humility. You're in trouble if that's the case. You feel like you're chasing your tail. He's always full of interesting stories. I don't know how you guys are when you're on a plane but I typically dont talk to my seatmate much., Patrick Baldwin: Especially if it's my wife.. Shifting away from Rentokil specifically but in some of the takeaways that I heard John said was,1% in customer retention is 1% in organic growth. I have not personally thought about customer retention that way. Paul Giannamore: I never get hung up on this whole brand issue. He was passionate about it. That is a reminder and a great tip.. www.pctonline.com is using a security service for protection against online attacks. He's pragmatic enough to know that what he didn't want to do is blow up the business. Before engaging a new customer though, John stresses the importance of customer retention. He helps to make sure I'm on my A-game. The thought of being able to come in the early days with Rentokil and take something that was roughly $200 million and do something with it was appealing. With Rentokil North America, its using Ehrlich as a residential brand. You've got HomeTeam, Crane, and Northwest. Now they're trying to play catch up and they have this feeling of ownership. Patrick Baldwin: I've heard that the Rentokil M&A team has come to take a liking to the Mex. If money and terms were equal, I want to know, how would you describe Rentokil in comparison to other strategic buyers? Corporate Governance Rentokil Initial plc's ISS Governance QualityScore as of January 1, 2023 is 1.. Im around Thursday and Friday., The new customer, though, calls up, You were out here a month ago. if they can't do a pull-through their backing in. Patrick Baldwin: At M&A, you go into sales mode for lack of a better term. Thanks again. If there's a problem, I'm in that zip code. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. If you get hiring, training, and development right, you're going to be amazingly successful. Which one would you like?, Paul Giannamore: I know which one you took. You were hearing some things for the first time., Patrick Baldwin: I learned a lot and I had a great time. Patrick Baldwin: Can you explain that? Patrick, I'm commandeering a lot of questions. John did on uncovering things during due diligence. Its so much about him. When we get several folks that come over for 2 to 3-year assignments, it's amazing the quality of decision-making we have. Patrick, we are going to have to parachute into this interview. John Myers: Five minutes before we land at LAX the guy said, What are you in town for? I was like, I work with a company called Western. He said, The little man with the hammer. Its the logo on the vehicle getting ready to hit the rat with the hammer. Your general counsel is out on the scene. It's not fair to the colleague. At that time, he shared the same title that you had at Cintas. Rentokil Initial plc (RTO.L) Company Profile & Facts - Yahoo Finance As a matter of fact, when we bought the West Coast Western, some people call it the Best Western. 10% of the jobs that we fill are filled outside of the market for one reason or another. We've all got DNG sprayers. You ignored your wife's polite no every time you asked her to marry you. Prior to that, he was President and Chief Executive at BioQuest LLC. Thank goodness, I had a good boss who made a couple of phone calls to that customer and said, There's more to this kid than you give him a chance to be. Because of that, you learn that there's a different style of communicating and a different style of decision-making. John Myers: I meant to tell you the story. Why do you get out there and spend time with these customers? I don't even need to see him. We noticed the customers who have been around for a while are more inclined to text or email, Patrick, the ants are back. Paul Giannamore: That was back in 2007, 2008. John describes the nuanced difference between success and excellence as his company has grown. View John Myers's business profile as President and CEO, Rentokil North America. Almost every time I would see you, irrespective of where we were in the country, you were like, I'm going to be showing up to dinner a little bit late because I'm going to go spend some time with a customer., Patrick Baldwin: Its the polite no, Paul.. I worry about our colleagues. When I ride with one of our specialists, immediately on the first 30 minutes, How's it going? Good. How long have you had this truck? A year. One-word answers. Once in a while, we say, Do you know whos the best next new customer? I'm fine with that and I like that because it's 100% their decision and not an auction process at the highest price. They're going to put me with their best guys. Talk about cultural pain points, that could be one of the things., I get that question as often as I get the question about branding. John describes the nuanced difference between success and excellence as his company has grown. Im going to have you back., John Myers: Thank you. I worry about driving safety because car accidents kill. Of the 9,000, 3/4 are frontline colleagues doing work out there in a vehicle, answering a phone, or selling something. If you come across anything we want to buy, track us down. That was my first dealing. Please enable Cookies and reload the page. Pest Control is local. If an owner is considering selling in the next year or two, maybe they shouldn't be out in the field, maybe they don't need to get back into the business. John Myers: Right around eight years. The reason being is, at that moment, they know what's behind them. We worry about having the wrong answer or even when we have the right answer, the failure to implement well. Patrick, this will be the last question Ill ask. John Myers: You spent some time in Philly. I already said yes. I'm working for this amazing company and this incredible boss. I go in thinking black and white. It's you getting that working relationship with the customer and they become less and less expensive or inversely more and more profitable to serve over time. The anomaly in pest control has been Terminix or ServiceMaster. It's important to show up at a customer's operation and talk to him. There was a little place in my resume. Not only do you folks publish a lot but you have a lot of presentations. ein Mensch und keine Maschine sind. For example, Rollins is not a company that is interested in having a $20 million business in Illinois and the CFO of that business lives in Wyoming. Is it the same in the UK? I thought we had good specialists. Thank you.. When I deal with our clients that go from 10 employees to 100, the increase in complexity in an organization between 10 employees and 100 is 60-fold, 50-fold. If I said, I don't want to do it during the busy season because of X, Y, and Z. I want to lay the groundwork during March and April. They said, We have two openings, one in the dog food division and one in the beer division. JP McHale. Like a lot of people, I used to get my fair share of calls. Paul and Patrick answer six listener questions. That's good. Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, the United Kingdom, rest of Europe, Asia, the Pacific, and internationally. Paul Giannamore: When I think through it, between MCS, VDA, and all the other deals I've ever done, I spent hundreds and millions of dollars of transactions with Rentokil over the years. Not only is it core to the business in pest but it's also the fastest growing and largest market segment. excuses voor het ongemak. Advertisements. When Alan Brown was around, I reached out to Rentokil in the UK. We took that model where we had an overlap of Ehrlich managers. What are your thoughts on brand equity? In the past, you've said that 80% of sellers choose the highest bid. Let's debate the heck out of it. Of all people, how did Patricks college friend Ryan Bishop get swept into the cleaning business? We'll own it. Now you're going to be pushing $1.5 billion in revenue. om ons te informeren over dit probleem. If you hire someone that's not a culture fit, you agreed to have a divorce at some point. I was interested in what the bottom-line impact is. Its finding the best talent irrespective of where they are in the world. We're all over it. John highlights the #1 consideration that Rentokil North America has as a buyer, which may remind you of Episode 14. Your job is to help me know what you need to do your job better. What qualitative and quantitative data do you like to have in your hands to understand how you're running your business? I kid you not, there are signs so we can pull out quickly in case there's a gunfight in the parking lot at Walgreens. There's continuity and discussion. Patrick Baldwin: Its because now we have The Boardroom Buzz., Paul Giannamore: We wouldnt have The Boardroom Buzz had I owned Rentokil North America., Patrick Baldwin: Youll be Paul G driving the diamond-studded Rolls Royce., Paul Giannamore: Quite frankly, Patrick, we would have never met because I don't think we met until 2010.. The most profitable organic growth you can have is when you've already paid the commission, the specialists already know where it is, and the equipment's already installed. You got Bruce Gelting. By reinforcing the message from the top level, it does those things better than just hoping it happens." . We did the restructuring before we built the level of trust that you need for people to trust you that this is all going to be in their best interest. This was probably around 2008 or 2009. Paul Giannamore: Let me ask you, John. You bump into someone and you say, Patrick, good to see you. We all need a strong Terminix. para informarnos de que tienes problemas. Patrick Baldwin: I didn't mean to bring it up. There's no widget or commodity product to grab onto. They always want to live in Phoenix, Redding, Pennsylvania, or whatever. On one hand, this business is super hard to run because it's a decentralized service model. They had aspirations to make North America big. In early 2006, Rentokil closed the Ehrlich transaction. They want to know what their job was. What recommendation would you have of an owner that reads this episode and thinks, I need to be on the field no but I'm selling in a couple of years. They were competing with Crown Cork & Seal. Their training program was different from ours. John Myers: Every once in a while, we'll be in a long discussion about something. How many employees are now under you? A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk. Its a little bit different and 100% commercial. Patrick Baldwin: Mike Rogers spoke about doing 60,000 miles a week or 2.5 trips around the Earth. Eventually, you have to sell it through the organization so that the strategy becomes the organization's strategy rather than mine., John Myers: They said, It seems like you're a pretty decent sales guy in Ohio. When you have the diversity thought, you get better decision-making. Rentokil North America Careers and Employment | Indeed.com I didn't mean it to come off in any way.. Let's say that your goal was to create a good life for your family, grow an asset, and build a great place to work. They described a $200 million business in North America in an industry that was probably at the time $6 billion run by a European group based in the UK where they were dominant. Take care, everybody.. I'm getting an offer letter. When you're in a leadership role, you're always trying to read the room, understand whether the strategy matches up with what you think it does. I could think of one actual pest control claim in my time in the industry. We're like, That was amazing. In the back of our minds, we're going, Next time, I'm not doing it like that. We did an all-nighter. They had great expansion plans and I was going to lead those expansion plans but they had no money to do any of the expansion plans. Paul Giannamore: In a deal structure situation, Patrick, when you sell a business, these sellers are indemnifying the buyer in case something pops up out of the woodwork. Let's shut this piece of equipment down and change out the tool or whatever that thing is., What $1 million, $2 million, $5 million companies have to do out there is they have to provide these training mechanisms to allow people to do the right thing when no one's around. I know I hadn't been in the industry for long and you didn't work for Alan Brown long. As a result, you make decisions. I have the old capital structure built out. I'd value that business. Every week for two years, we had lunch together. Further, the company installs and services interior and exterior plant displays, flowers, replica foliage, Christmas decorations, and ambient scenting for commercial businesses; offers property care services; and provides a range of specialist cleaning services, such as graffiti removal deep cleaning of kitchens and washrooms, trauma cleaning, and flood or fire damage cleaning, as well as specialist medical and hygiene services. Paul Giannamore: In the United States, you can have one specialist choosing five different wage and hour jurisdictions in one day. I take criticism pretty well. Similar to Episode 17, Paul engages with John as if he was a $5 million pest control business CEO. Patrick Baldwin: It sounds like brand equity. For every nine technicians, there's an ops manager and there's four ops managers or service managers underneath a district or branch manager. I was always willing to learn. When Anticimex, ServiceMaster, Rollins, or Rentokil goes out and buys a $25 million business when somebody goes out and buys Mike Rogers Killingsworth in Charlotte Metro that's been there for years thats well known, it doesn't make sense to change that name. I was thinking we needed 1-800 numbers so we could track the calls and all those change things. The way to do that is not to take an hour job and to do it in 40 minutes because if you do an hour job and you do it in 40 minutes, you're coming back because you didn't kill all the pests. Youre saving 1% of the customer base from a retention perspective is equal to one percentage point in new sales. We also had our Ambius business in Atlanta. John opens up about fear of failure, a trait he shares with Rentokil Initial CEO Andy Ransom. The core of your business is creating value for the customer unless you get out there and talk to the customer. I don't mean robotic because we're all allowed to blow up once in a while and then apologize later. For more than twelve years, John Myers, Rentokil North America CEO, has scaled a regional pest control business into a national empire. Youve got a business like Modern doing about $20 million in revenue. There you go. Scores indicate decile rank relative to index or region. real person. The Potomac Pest Control Group is a division of The Potomac Company, a global mergers & acquisitions and strategy consulting firm. We tried them and it didn't work. Paul Giannamore: You learned the polite no from the Southerners. Hold on to the accounts you have and you become better. This might be the first time they had a pest control service. There are OSHA requirements in addition to the fact that someone could get hurt and you could never walk by a safety issue. The contrast makes sense. It doesn't make sense to change that name.. Features; Our data; Clients; . This is comical to me but we still do it. I appreciate your time. This episode has been CO produced, edited, and mixed by Dylan seals of HDAudioPost.com. How do I know that other than from the customer's perspective of quality and productivity and the like?, I had a great boss who was willing to teach me. Why is that important? As I got experienced, I was more confident in my ability to recognize that you should have that criteria and cadence for solving problems. I've known Jim forever. I had Vis--vised everything that I had done historically around the globe., Over time, when about Rentokil versus Orokin versus Terminix versus Anticimex, for example, as the M&A market has continued to heat up in years, all of these players had to get more sophisticated. It turns out that in the future when asked this same question, John can reference this episode. They come back. It's a great setup for me, first and foremost. Can you speak to your thoughts on keeping these large platforms separate? hE joined Rentokil Initial in 2008 as President and Chief Executive of the Pest Control division in North America. If I hear that we have lots of slips, trips, and falls, I'm immediately wondering, Is our shoe program correct? We give all of our colleagues free shoes. We would have these debates about these things that I was doing., Part of the reason to change was it's time to change. You dont come back from that kind of stuff. We've heard Jarl and John Myers talk about it. Are they wearing the right masks? Its a great idea, they said. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Early on, they were figuring out the way to get to $10 million revenue inside Reading, the small middle of nowhere, like, We need to get to a significant scale in this finite area before we start. He said, One of the best decisions that we made is to focus a lot of our efforts in a small area to own market share. What thoughts go into your mind when you think about density, market share, and running your business? She decided to retire. per informarci del problema. You're going to the best spot and ride with the best specialist. Do you ever play more of the undercover boss and show up? It's 3 or 4 of us making you a commodity mostly selling to the largest bottlers in the world, a commodity with strong buying power. I wish it all couldve gone better. Pick these two things and the rest will work out.. A lot of them have managers that do that.. How will we know that we're doing the right thing? Paul Giannamore: Did you take a few days to think about it so it made it look like you are in high demand? Patrick Baldwin: Rule of thumb, with the span of control, John said the numbers. Rollins and ServiceMaster have a decent footprint but Texas has largely been dominated by private businesses. If they're getting it, then there's hope for the middle 70 that I can make sure they're getting it. My boss, Bob Kohlhepp, got promoted and there was a shuffle. What I know about Rentokil is from meeting with John Myers and seeing Presto-X truck here in the area. When I came to Rentokil a couple of years ago, I was predisposed to say, Why are you doing this multi-brand thing?, There are 3 or 4 reasons why we're where we are. Today, I will miss you., They then came to me and said, We'd like you to run a manufacturing facility. I'm a sales guy going to run a manufacturing facility in Atlanta 24 hours a day, 7 days a week, 3 different unions, unprepared to be a great production guy. I wonder, staying with ride Aaongs, they've cherry-picked it sounds like. I get to have fun with these guys. Once again, thats pest control in our customers yards. Is this the problem I need to solve today? I look at it and I say, Its an important problem but not today. Every job is posted and we're happy to have people move around., Patrick Baldwin: Are you looking for that from people that are flexible and where they move?, John Myers: I'm a dinosaur in that. I'm not so sure it's that big a leap. Paul Giannamore: Talk about a guy who's a true North for the business. We've got a 10% market share and we're the third largest. We drove 150 million miles in 2020. What does that strategy look like?, John Myers: There are a couple of things that come to mind. Afterward, they don't know what's behind them. las molestias. We're careful to make sure that we're not going in too fast and saying, X, Y, and Z. I could keep going.. For more than twelve years, John Myers, Rentokil North America CEO, has scaled a regional pest control business into a national empire. Does each of the individual businesses retain their own culture?, What we heard from Brandon is that they did a good job and allowed his business to retain its own unique culture, but layered on Rentokil North America type, policies procedures. Some people are extremely hell-bent on investigating the acquirers. A great boss. One last thing on route density. In those days, American Can was the big one. Sometimes he doesn't take my call anymore on the first ring because he's got grandchildren and other stuff to do., Paul Giannamore: When I think about Rentokil North America, in general, it is an extremely important part of Rentokil Initial, the entire organization. We had a tremendous amount of debates about strategy and tactics. You're going to get hurt. I walk over to Mary and I say, Mary, why are you running out a speck here for the past hour? Maybe the technology's moved on since we did that last. There are lots and lots of examples. Patrick Baldwin: Lets do it right now. Your submission has been received! For example, you've got a bad environmental issue where you sold a software program that you don't have title to. By the way, great companies ask the first ones. Were excited when we hear how they did that and have taken those ideas and made them the North American solution., Patrick Baldwin: Can you give us an example?, John Myers: I remember when we bought Steritech. How do you get yourself in the mindset to be successful every day?, John Myers: First of all, I work for a boss that is bright. More revenue per hour helps you to be able to support some of the other spendings you want to make on marketing and the like. pour nous faire part du problme. Why aren't we selling a little more of that? I've got this big dashboard here of metrics that go up and down the P&L. If you're doing a job and you feel you're not doing it well, it's not satisfying and engaging. That's not what happened. We'll then come back in October and do these last two pieces and button it up in January.. Kyle has done a great job. He said, Rentokil North America is core to our business. Those leaps mean instead of twenty people servicing accounts, you now have 80.. Patrick Baldwin: That is interesting. John Myers, President and CEO at Rentokil North America It bounced around a little bit. My gut tells me Rentokil is somewhat of a hybrid. He's an outside adviser., John Myers: Those that own companies and sell them do care about what happens to their company. Some of them are, The dog bit me on the ankle. I got stung by a bee in my ear. I got into a car accident. I fell off a ladder. I twist my ankle in the backyard., I think about safety a lot. I know you got something for John. Rentokil North America does maybe $200 million in revenue. From an acquisition, business case, performance, growth, happiness of colleagues that did stay with us, it's been a super win.