🪳 Pest control companies look attractive on paper—recurring contracts, steady demand—but valuations still fail when:

• Routes are owner-run and not transferable
• Addbacks include personal vehicle or phone tied to service delivery
• Contract terms are month-to-month or verbal
• CapEx for trucks and sprayers is ignored
• Limited or no cash flow despite recurring revenue

📌 Recurring revenue only helps if the infrastructure is transferable, too.