Put him in his crate with a bone before your company arrives. Once he is calm, he is allowed out. Keep him on a leash until he is 100% trustworthy with his behavior.
Don't let your company pet, talk, or even look at him until he is minding his manners. Eye contact is a "reward" of sorts.
DO NOT let him continue this behavior; allowing it means that it is acceptable to act this way. Good luck
