President's Message

"Paragon is very fortunate because we have always run a tight ship and as a result we have no meaningful debt, which plagues many of our competitors."

2008 has been one of the most challenging years that I have experienced in 30 years in business. The financial, real estate, mortgage and stock market meltdowns have created a perfect storm unlike anything experienced since the Great Depression. The good news is that governments around the world have acted swiftly learning the lessons of history to restore confidence in our global financial system. However, it will take time for all the measures we hear about in the news to fully impact the global economy. In the mean time, many companies including our clients and competitors are implementing lay-offs in anticipation of less business in 2009. This is likely to mean lower relocation volume for Paragon from existing clients. Fortunately, we have signed a number of new clients whose volume will help fill in the gap, so though we expect 2009 to be a very difficult year, I continue to be cautiously optimistic.

Paragon is very fortunate because we have always run a tight ship and as a result we have no meaningful debt, which plagues many of our competitors. This does not mean we are immune from market forces; but it does mean that we are financially sound and with good management should allow us to weather the storm. We may have to take a few steps backwards in 2009 and slow down some of our new initiatives a bit; but this approach is far preferable to what is happening at many companies around the world.

As always, I want to thank our clients for all their support. It is during difficult times that client relationships are tested and I am pleased to report that our relationships are rock solid. And, in spite of very challenging real estate markets our employees have done a great job in 2008 assisting our customers with selling and buying homes and closing mortgages. Our 2008 service rating at 93% satisfied or better than satisfied is truly remarkable given the markets that we face. Further, all of our suppliers and business partners have come through with flying colors to provide outstanding services for our clients and customers. As President of Paragon, I know that it is because of the dedication and hard work of our employees and business partners that we continue to grow every year, which requires my heart felt thanks to all.