Guest Editorial

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This past year has been an unprecedented year for the mergers and acquisitions (M&A) space, hitting $5 trillion in volume in 2021 through over 40,000 transactions. The number of transactions in the distribution and manufacturing space has caused owners to take a closer look at their options regarding selling and/or acquisition options.

The National Assessment for Educational Progress (NAEP) reported in what’s referred to as the "nation’s report card" in September 2022 that recent long-term reading and mathematics assessments during the COVID-19 pandemic showed that “average scores for age 9 students in 2022 declined five points in reading and seven points in mathematics compared to 2020.

 While most plumbers may like to think that they’re mostly serving routine maintenance or installation customers, the most common nature of those calls is likely panicked customers with a burst pipe, a backed-up toilet or another emergency that needs a response ASAP.

As anyone in the profession knows, the plumbing industry is rapidly changing. Demand for plumbing services is reaching unprecedented levels, but so too is competition.

A little-known fact about solar electric panels is that the hotter the panel itself, the less efficient it becomes. Studies have found a 0.05% efficiency loss for every degree of temperature that is increased. The reverse is true in that efficiency increases by 0.05% for every degree temperature decreases.

We have all heard the axiom — “those who can, do; those who can’t, teach.” That is so far from the truth when it comes to the trades. In fact, in order to teach the trades, most instructors need to have at least a few years of actual work experience.

The great resignation has exposed just how vulnerable service and trade industries can be when there’s a shortage of skilled workers. As competitors promise new opportunities to try and tempt your company’s best and most seasoned employees, retention is crucial.

You are a dealer in hope when you give your customer a sense of optimism by anticipating their fear, tackling their needs while offering great value and meeting their concerns on their terms.

For those not directly connected to the field service industry, it might be surprising to learn that many technicians in this space do not have the tools or information available to make quotes on the spot and still struggle with finding transparent solutions for scheduling — resulting in delays and lost business.

During JP Morgan’s investor day, investors heard optimistic tones coming from JP Morgan CEO Jamie Dimon, who referred to our situation as “Strong economy, big storm clouds,” and went on to explain “I’m calling it storm clouds because they’re storm clouds. They may dissipate.” Dimon, who is known for his keen eye on the market, added that a recession is possible, but it would be unlike past downturns because of the unique mix of economic conditions we see ourselves in today.