Something I think searchers need to pay more attention to when looking at home-service businesses and franchises is what happens when you enter a highly commoditized industry that keeps getting more crowded. It creates a double-edged sword, because competition starts attacking the business from both sides. The first side is customer acquisition. A lot of home-service demand starts with Google. And paid search is ultimately an auction. If five companies are bidding for the same customer in the same market, that's one thing. But what happens when there are 10? Or 20? Add national franchise brands selling more territories, PE-backed platforms, established local companies and new entrants all bidding on the same searches. There aren't necessarily more customers. There are just more companies bidding for them And that's how an auction works. More bidders willing to pay for the same click or lead pushes the price higher. CPC goes up. Cost per lead goes up. CAC goes up. At some point you're not even competing for the job yet. You're paying more just for the opportunity to talk to the customer. Then you run directly into the other edge of the sword. If it's a commoditized service and the homeowner has 10 or 20 companies to choose from, what happens to pricing? They get four or five quotes. Everyone looks relatively similar. Everyone claims great service, good reviews and quality work. So how do companies win? A lot of them start competing on price. That's what makes the combination so concerning. You bid against your competitors to acquire the customer, and then you compete against those same companies on price to actually win the customer. One auction is pushing your acquisition cost up while all of that competition is putting pressure on your selling price down. That's a tough place to be. And I think it's something that can get overlooked in a search when you're spending most of your time studying historical financials. The business may have produced great margins for the last five years. But how many competitors were there five years ago? How many are there today? How many new franchise territories are being sold in the category? How many new operators are going to be bidding on those same Google searches three years from now? I would want to know how dependent the business is on paid search, how easily a homeowner can shop the service around, what actually differentiates the company, and whether there are any real barriers stopping another 50 competitors from entering the market. There's a big difference between buying a business that has competition and buying into a commodity that is **actively becoming more crowded.** That's the double-edged sword I would be thinking about: More competitors → more expensive to acquire the customer. More competitors → more pressure to lower your price to win the customer.redacted You're paying more and more to get in the door while potentially making less and less once you get there. I know there are operators out there who can attest to their CPC rising exponentially, what services have you seen this rise the most?