Exit: When the Seller Doesn’t Know How to Sell

I had lunch yesterday with a business broker – those are the outside advisors that help small business owners sell their companies when it’s time to retire or do something different. While our average client is typically on the high end of the business broker target market, I found many similarities in the experiences we had in the business of preparing business owners for exit.

She was working with a company for nearly two years because their financial reports – and supporting accounting records – were so unreliable that she could not in good conscience present the company to a potential buyer and feel secure about the information she was sharing with the prospective buyer. Her thought was to ask if my CFO team had the bandwidth and interest in helping in that situation.

I said it all depends.

It depends first and foremost on the selling CEO/owner’s willingness to enhance their internal infrastructure, clean up the books and be able to defend the numbers in their financial reports. That willingness is often restrained by three things:

  • The CEO’s unwillingness to spend more money on financial recordkeeping when they don’t see it as contributing to their bottom line, and
  • The CEO’s unwillingness to make adjustments that often will remove personal expenses paid for by the company, resulting in higher reported profits and – guess what – higher income taxes to pay next time around, with some risk of retroactive taxes as well, and
  • The CEO’s belief that there is no need to engage assistance in preparing the company for sale until he/she is in fact ready to sell. Doing it earlier than that is more unnecessary expense and likely interference in the way they like to do things.

So let’s just address the CEO’s resistance on those three points for this post, ignoring all the actions that likely must take place after the go-ahead signal. Let’s take the three restraints in order.

  • Financial recordkeeping is critical to the bottom line because it gives the CEO the information needed to spot good trends and bad ones, so they can reinforce the good ones and stop the bad ones. Month-to-month comparisons, budget comparisons, financial analysis, are just some of the tools to identify those keys to sustained profitability, and you can’t get to them without reliable financial reports, which come – not surprisingly – from good accounting.
  • The tax fear – this is a funny one to me, and let me demonstrate why. Suppose a company reports $1 million a year in pretax profits, after shrinking those profits by loading in $200K in personal expenses that were paid by the company each year. If they add back those expenses from their reported income, profit goes up by $200K and the tax bill could be $40-50K higher as a result. But if the company is sold for a 5X multiple of EBITDA, a not uncommon situation these days, that extra $200K in profit could yield an increase in the gross selling price of $1 million. Am I missing something here?
  • Finally, why not wait until you’re ready? As my lunch guest noted, she’s been trying to get a prospective seller to clean up his books for a couple years. We have been telling clients for years a few simple realities:
    • Once you make the decision to go to market, it will invariably take at least a year for evaluation packaging, publicizing, interviewing, due diligence, negotiating and closing the sale.
    • if your company is in great shape, then, you should give yourself a year to polish the apple to enhance the likelihood that you’ll get the best possible price when you sell.
    • If your company is in less than great shape – which is most of them – you should add another 2-3 years to fix what is broken and be able to demonstrate a couple of years of non-broken performance before you go to market, because buyers want some assurance that your wonderful performance last year wasn’t a one trick pony.

So, do you know someone who is ready to retire or change direction next year and they’re wondering when to call for help? Tell them they’re already late and they should plan on sticking around for awhile.

Do you know someone who thinks they might want to exit a few years down the road, and they’re wondering if they’re ready to get ready? Tell them it all depends.

We can help.

We are Your CFO for Rent.

The 3 Pillars of Financial Management

I was asked last week to explain the value of a CFO to a young entrepreneur who had started from scratch with a great idea, and built a pretty solid business before hitting the glass ceiling (no, not that one) where the financial infrastructure he had in place just could not support his continued growth. Margins were suffering and the reasons were unclear. Financial reports were clearly inaccurate and delivered way too late and too basic for meaningful analysis. His business advisor sent him to us to explore upgrading his financial team (which consisted of a couple of internal clerks and the bookkeeping department of his local CPA firm. I told him there are three pillars of business finance that every company needs to have in place, and he had none of them, in part because his bookkeeping team was built mainly to be as low cost as possible while still being able to file tax returns. So, for your consideration, here are those three pillars that every financial department must master to be effective:

  1. Financial Reporting – producing a monthly set of financial reports that are ARTistic, that is, Accurate, Relevant and Timely.
    • Accuracy is self-explanatory – it means getting the right numbers into the right bucket so that the reports actually show what happened during the period. Careless bookkeeping produces unreliable reports. You get what you pay for.
    • Relevant simply means in a format that is meaningful to the business so that its leaders can understand what they’re seeing. A manufacturing business needs solid details of their production costs. A distributor must know profit margins by customer and by product, reports that are not automatic in any standard accounting software.
    • Timely delivery means simply getting to the company leaders soon enough that they can use the information to make better decisions sooner rather than later.
  2. Financial Analysis – the job of studying the data presented in those reports to help understand what went right and what went wrong, and why, so it can be repeated or stopped, as appropriate. The business owner who looks only at the top and bottom lines of their income statement will fail, sooner or later. All the talk of analytics that we see in the press today is simply the extreme realization of the reality that data must be analyzed to get the value that it’s intended to provide.
  3. Financial Strategy – Given good reporting and effective analysis, company leaders need strong guidance in using that information to formulate and execute the financial strategies that will enable the company to meet its goals, both short term and long term. How to re-capture gross margins after major price increases from suppliers, the benefit of buying vs. leasing a new building, the best approach to negotiating with competing financing sources, how to understand the company’s future options when planning an exit, and more. All business strategy is impacted by finance, and all strategy should be supported by solid financial information. If it isn’t, save your money. You’ll need it.

That’s why we’re in business.

We are Your CFO for Rent.

The Economics of Commercial Real Estate

The pundits write and speak about investing in real estate as a good inflation hedge, but rarely does anyone demonstrate that with hard numbers. Since most assets other than real estate depreciate over time rather than appreciate, I understood the logic of the general statement but wanted to see how that played out in actual numbers. When I evaluate a potential real estate investment, once I’ve gotten past the part where I’ve decided it’s a type of industry/property/tenant that I want to consider, I look at the numbers (big surprise there, eh?).


So, I extended my investment evaluation model to include appreciation over a typical 10 year holding period. My assumptions (based on a deal we were considering at the time) were:

  • Purchase price $2.3 million at a 6.5% CAP rate (rental income as a percent of purchase price)
  • Invested capital (along with a 4.5% bank loan) – $800,000
  • The property is occupied by a single tenant who would pay all the expenses of their business, and take care of the building as well, known as a “true triple net” lease. This was key, because it eliminated the risks associated with tenant issues that occur so often in residential properties.
  • They pay small annual increases in the rent, 1.5% in my example.

The results? Cash returns during the holding period, ranged from 6.4% to 9.3% of invested capital per year, totaling 78.4% of invested capital, or $627,000. The equity buildup through paying down the mortgage added $295,000 of return. Appreciation of the real estate itself, at an assumed minimal annual rate of 3%, was $860,000. That’s the part that doesn’t happen when you buy a Maserati.

Total value received over the holding period would be $1.8 million, producing a profit of $982,000, a 123% gain which represents an annual compounded return of 8.3% per year.

…with no bear markets in between.

We are Your CFO for Rent.

Finding the Needle in the (Accounting) Haystack

Accounting is a foreign language. Or at least that’s how many CEOs and business owners see it. If they get monthly financial reports, they may only look at two numbers on the income statement – the top number (sales) and the bottom number (net profit). That effectively avoids having to understand the nuances in between, and virtually assures that they will miss the clues to avoiding surprises down the road, not to mention any surprises that may already be buried in the numbers.

And yet that information is available, and their Accounting department leader likely knows where the potholes are – or should know – and would respond if asked the right questions. But if you can’t understand the language, how do you ask the questions that will get the needed responses?

This post is my version of a good way to approach that question. Five tips for getting the most value from your accounting team – beyond keeping a solid set of books, which is a given – by establishing a standard reporting process that starts when the financial reports are printed, rather than ending there.

So, here are my 5 tips for the CEO who wants to avoid surprises:

  1. Direct your accounting leader to carefully review the statements they are about to distribute, rather than just sending them off and considering the month-end closing process done. Their team recorded the transactions, and a careful review by Accounting before closing off the month is important for clarity and accuracy.
  2. Ask that they identify any recorded transactions that are visible, or more importantly present but not visible, that are out of the normal operating flow and material in amount. Ask that they add footnotes to the report explaining where those amounts are on the report, and what is the back story behind them, or attach a separate memo, if a longer story is needed for clarity, or if there’s more to come later. Better too much than too little, at least at first.
  3. Ask that they schedule a few minutes with you – ideally before the reports are distributed – to give you satisfaction that the accounting treatment is appropriate in the circumstances, and that you understand it. This doesn’t mean you have to play accountant; it means you apply your business sense to the reporting and satisfy yourself that it’s in the right place in the right month and in the right amount, based on your knowledge of the business.
  4. If you review the financial results with your senior management team, ask your accounting leader to be in those meetings to address any additional questions that may come up from your team, so that everyone understand what the reports are telling them.
  5. Collaboratively decide with your team what can be done to prevent a recurrence of unfavorable events or preserve the benefits of favorable events in the report. This discussion may be the biggest benefit of all.

If that sounds like a lot of effort to put in place but a benefit you’d like to have, call us.

We are Your CFO for Rent.

Power Negotiating in 10 Steps

Whatever business you are in, whatever role you fill in your company, negotiation is part of your responsibility. Whether you’re trying to buy a machine or a building, capture a new customer, get a better deal from a supplier, sell your company, or buy someone else’s company, negotiation is part of arriving at a mutual agreement to get something done.  The master educator on the topic of successful negotiation – in my view – boiled it down to 10 rules. He’s written excellent books on the subject (the latest is “Secrets of Power Negotiating”, Roger Dawson, Career Press 2021) but he once summarized it for us into the 10-point list below.

A note of caution: Those who are committed to the fine art of win-win negotiating may find this list a bit harsh on their adversaries. If you’re leaning that way after reading this, keep in mind that in any “win-win” negotiation the first “win” – yours – is still the most important one.

OK, here’s Roger’s list:

  1. Never accept the first offer without some attempt at negotiation, so the other side feels they’ve won a negotiation.
  2. Don’t let the other side know how much you care.
  3. The real power in negotiation is having options and successfully restructuring the other side’s options.
  4. Ask for more than you expect to get, and never start with your best offer.
  5. You opening position should be as far above your objective as their offer is below it. To make this work you must get them to commit first.
  6. Be sure to flinch at their first proposal, otherwise they may think they can do even better.
  7. Always play the reluctant buyer, and beware the reluctant seller.
  8. What can you give them, that won’t take away from your position, yet will be something they want?
  9. Remember these words: “You’ll have to do better.”
  10. And these words: “How much better do I have to do?”

There are several advantages to this list. First, it’s not hard to remember or put into use, as I discovered soon after I heard this for the first time. Second, you have the opportunity to put your opposite number at a disadvantage, but still create the opportunity for a win-win result. And third, you will probably get a better deal than you would if you just wing it, a frequent tactic of inexperienced business negotiators.

Want to give it a try? If your company needs help understanding and managing the financial aspects of your business, and you realize you don’t have all the answers, call me and negotiate a deal for my team to help yours. I guarantee a win-win at the end.

We are Your CFO for Rent.

How Much Financial Reporting is Too Much?

I spoke with a CEO today, referred to me by a business associate, about providing CFO services to get their financial records current and their financial reporting up to what is needed to manage the business. It didn’t go as I had hoped.

The CEO’s company, in the business of refurbishing major pieces of equipment operated by large companies, gets their business when customers send them a project to complete, sometimes providing materials and sometimes leaving that up to the company’s procurement team. Adding parts and labor is always involved, and the company charges all those costs to job numbers associated with the project. Pretty good, huh?

Well, not quite. The company does not ever compare those costs with the price they charged for the project to see if they made money, lost money or broke even. The CEO believes any financial reporting beyond the monthly standard reports – balance sheet and income statement – is an unnecessary cost in an environment in which he is trying to keep costs to a minimum. (At the outset of COVID sales dropped and the company laid off, among others, their CFO and Controller.)

Let’s think about that for a moment.

If a company is trying to fix its bottom line, cutting costs is a good idea – usually the first one that comes to mind. But then increasing gross margins is another, more all-inclusive way, achieved by

  • cutting job costs,
  • increasing prices to customers, or
  • better managing the production processes through measuring and reacting.

But if you don’t know how much you made or lost on Project A or Project B, you risk losing money on new business vs. making money, and not even knowing it. You can’t cut costs enough to escape that dilemma. That’s why we insist clients have management reports geared to their unique needs, rather than simply relying on the reports that come out of a prepackaged software product. Those standard reports are mostly designed for outsiders, not for running a profitable business. For that purpose the standard reports are only the starting point.

Whether a company sells its own products or does work to its customers’ specifications, that cost capture and management is essential to profitability. Standard management reports can include a wide variety of data analysis, depending on the nature of the business the company is in. But certain things MUST be measured to avoid trouble:

  • The profit earned from each major product or project the company undertakes,
  • The overall profitability of a relationship with each of the company’s major customers,
  • The relationship between overhead costs and sales volume, a key part of gross margin analysis.

Whether your business is making airplanes or selling cotton candy, you’ve got to know the answer to each of those touch points, every month, every quarter, every year. And you need the accounting team to be able to produce that, ARTistically (Accurate, Relevant, Timely).

And that’s what the CEO I spoke with today doesn’t yet understand. I hope you do, though.

We are Your CFO for Rent.

The Greatest Management Challenge

I wrote this article for my (print) newsletter 25 years ago. It’s so relevant even today that I decided to republish it, even though it’s longer than my usual post. I think it’s worth the extra few minutes you’ll spend reading it.

We are often asked: What is the most common problem that we see in the companies we work with. The answer might surprise you.

The commonly expected answer is financing, or adequate cash to run the business. It’s true, cash is often a big challenge, particularly for companies in dynamic stages of change, growth or decline.

But we don’t have much trouble raising money for companies that have their act together. Everyone knows there are lots of banks looking for “a few good borrowers,” and there are tons of second tier lenders for companies still too young for their bankers to take on. In addition, there is lots of venture capital and “angel” money looking for solid investments. And then there’s the investing public via stock offerings, the government via the Small Business Administration, and the list goes on. So availability of money isn’t really the problem.

The Problem.

The problem that we see most often, and which is the greatest deterrent to successful growth, is management focus.

You may ask: Is that the old saw about management, management, management? Yes, it is, but with a particular emphasis: Clear and determined focus on the most important strategy, objective, or task at hand, is the challenge that I see entrepreneurial companies most often stumbling on. Their stumbles are usually painful, and too often fatal.

The founder starts his or her company with a singular focus on one of three things, generally: a great, innovative product, a passionate mission, or a market niche that is not being served. The company gets launched, and initially funded, as a result of that focus. Then there is a company to run, with people to hire, train and manage, operating procedures to create (and then monitor), more financial commitments, more financial risk, more need for financial and management attention.

And all this is in addition to the things that got the company going in the first place. Founders are not particularly good at these things, but someone has to do them. To make matters worse, founders often don’t trust someone else to do the work, and if hiring is not their strength they may have good reason not to trust. But often it’s just because it’s their company and they want it done their way. Some control-oriented CEOs will supervise these activities in minute detail, even if it’s not their area of expertise, often smothering the very employees they hired to do the job.

The result is the founder takes his or her eye off the ball. They no longer have enough time to drive development, or close key sales, or network with the people who will provide the next level of funding or partnering. And no one else is there to carry on with the same intensity, the same commitment, the same passion. So that great idea that launched the company now falters, and everyone wonders why the company got into trouble when it had such a great start.

The Answer.

The answer, then, is management focus: applying the most important company resources to achieve the most important company objectives, no matter what.

So, what are the most important company resources? And which are the most important company objectives?

Good questions. And of course the answers are different for every company. The way to find the answers that are right for you, however, is not so different. You can use many of the same techniques that built Amazon, Walmart, Microsoft, and every really well managed company. We believe they break down into five fundamental tools of business management:

The Process.

  1. Vision. There must be a clear vision of what the company wants to become, and it must be actively reflected in the mission and the daily activities of your business. If your primary focus is simply to make money, you will be distracted by every momentary challenge to current profits, and you will be repeatedly pulled from one opportunity to another. It’s like trying to pick a stock by only looking at the daily trading ranges. You will spend your time chasing trends rather than setting them. Always be crystal clear about where you are going, and make sure everyone in your company sees the goal too.

2. Planning. The foundation of every successful venture is a plan. A well thought out (and clearly written) business plan (both strategic and tactical) starts with your vision and then identifies:

  • What you want to achieve, your specific goals and objectives;
  • What you must do to achieve it, what products, what markets, how much, how fast;
  • What resources you will need, people and money mostly; and
  • The strategy for using those resources to achieve the goal.

When your plan is on paper, you will know what you must focus on, and so will everyone else.

3. Budgeting. A budget is the monetary tracking system for your plan. Every CEO has one, but most have it in their heads somewhere, or on a shelf, rather than in the hands of everyone who can use it to help produce the desired results. A budget that is not actively used by everyone who has a role in managing the business is worse than useless, it’s a waste of precious time. Every CEO should expect their people to understand, and strive to stay within range of, budget targets. This usually means that key players must have had a role in creating it. It always means that three questions are asked and answered every month:

  • Why did we get a result different than we budgeted?
  • What must we do differently to get a better result next month?
  • What did we learn that will make next year’s budget better?

4. Hiring. Hire the best people you can afford. Then pay them what they’re worth, and expect exceptional performance from them. Define the job to be done, and then find people who excel in doing that job, whether it be CFO, salesperson or shipping clerk. You will get your money’s worth many times over, and you’ll need fewer people to operate your company. If you hire primarily based on the lowest wage that you can convince someone to accept, you will never get more than a day’s work for a day’s pay, and that’s not the way great companies are built. Hire the best.

5. Managing. Let your people do what you hired them for. Give them clear direction, or vision, or guidelines, and then stay out of the details. They will never do it the way you would, which is quite often better for you. They cannot do it the way you would and be the quality people you intended to hire. If their work does not meet the company’s standards, then change their job or change the person. Do not spend your time making up for their shortcomings. You’ll only aggravate your own shortcomings in the process, and neither job will get done right.

Management focus is achieved by pursuing a vision with clear, targeted action plans, and employing talented, dedicated people to do whatever it takes to meet those plans. Business success is achieved by either mastering that process or being very lucky. Do you feel lucky?

We are your CFO for Rent

To Lend or Not to Lend – That is the Question

We have two clients currently looking to improve or change their banking relationship. In both cases the reason is twofold: the need for growth capital and the unresponsiveness of their current bank. Neither is based in southern California, where intense banking competition might make the change less challenging. As we guide them to make the best choices for their quite different needs, the idea of this blog post was born. Perhaps you can gain some wisdom from these two short case studies.

Company A is in the business of construction, investing and management of real estate. A mid-sized, profitable, privately owned company, they had a significant drop in construction activity during the COVID surge, and are looking to refinance a couple of real estate loans. If you ignore the universal impact of the surge on businesses everywhere – as their bank apparently did – you would look at their growth curve and say the growth part is missing. “Let’s wait a couple years to see how you rebuild revenues. Then we can talk about real estate financing.” In my view that is not productive for the company or the bank. The company’s job is to rebuild their business by profitably employing as much external capital as possible, consistent with reasonable needs and the ability to service their debt. The bank’s job is to make profitable loans that will be repaid in accordance with their terms. That sounds like a match to me, but apparently it didn’t to their bank. We are introducing them to new bankers who think differently.

Company B is a provider of manufacturing equipment sales and service. They’re a tenth the size of Company A, and coming off a COVID period that saw their investment in territorial growth deliver a couple years of losses, followed by a very strong resurgent 2021 and an even stronger start to 2022. They are looking for an SBA-guaranteed loan to replace their monthly rent with a much smaller mortgage payment, plus the room to continue to expand. Perhaps not as strong a loan candidate, but with over a year of solid profits and a loan that is partially guaranteed by the SBA, this should be worth considering by the bank they’ve been with for nearly a decade. But their banker is trying hard to lower expectations and hint that they’ll not be favorably treated by the loan committee. And as we all know, it’s your assigned banker who will take your story to the loan committee, and if he/she’s not sold, they’ll not likely be sold either. So, we are going to give their current banker enough information to document our story, and see what he does with it. We are at the same time preparing a short list of new bankers to introduce to them. They will get their financing – it’s just a question of old bank or new bank.

What’s the common thread in both these stories? A banker who doesn’t value the years-long relationship with their customer, who doesn’t see what’s happening today and how it differs so much from the past couple years, and is choosing “easy to say no” rather than finding “a way to say yes.” Banks have been burned in the past, and I can understand the conservative leaning that many of them retain as lending policy. The question is how far should that tendency go before a banker is not doing service to the customer or the bank. A question best answered with honesty, solid reporting of financial results, meeting ongoing projections, and recognizing when it’s time to make a change.

We are Your CFO for Rent.

Inflation Fighting Ideas

It will cost you $2.15 today for what would have cost you $1 in 1990. You don’t have to read about the effects of inflation to know that it’s hitting everyone and every company. You see it at the gas pump and the supermarket. Your managers see it in the cost of raw materials, supplies and (of course) labor. CEOs rank it as their #2 concern (behind labor shortages) in trying to grow their companies and preserve profits. When inflation hits your cost structure and it isn’t dealt with effectively, the result is damage to your balance sheet, decline in the value of your business, and perhaps even the survival of that business.

So, here’s a list of ideas for you to carefully consider to moderate that impact, taken from over 30 years of serving corporate clients through several periods of serious inflation – although this is arguably the worst in that timeframe (see chart).

  1. The obvious one is passing cost increases through to your customers in the form of price increases. But this needs to be implemented with care and communication, both before and after changes are made, to avoid negative feedback. If I can’t empathize – at least a little – with your need to charge me more, I’m going shopping elsewhere.
  2. Consider scaling back the breadth of your product offering, keeping those most popular and/or most profitable. For manufacturers, look at products that have component overlap to consolidate manufacturing complexity, potentially lowering your production costs.
  3. In your budgeting, allocate available resources to your most profitable offerings to maintain an overall ROI and preserve profit margins. Go back and re-read my post of 2/11/2022 outlining the five things you must know about your cost and profit structure. Focus on items 2 and 3 on that list.
  4. While the urge to get people back to the office may be strong, consider adopting a hybrid staffing model enabling you to downsize committed office space. If leases are coming up for renewal this is the perfect time to seriously consider how much space you really need.
  5. Since some suppliers will use the supply/demand imbalance to add to their profits rather than just preserving margins, don’t be afraid to actively engage in negotiating lesser price increases, diversifying your supplier base, building more inventory in return for special pricing concessions, etc.
  6. Have a long-term capital spending plan? Consider accelerating that plan with today’s lower cost of money as the Fed raises interest rates in an effort to suppress inflationary demand. If you have cash put aside for that purpose, even better. You can expand capacity at a lower cost and sell the output at the higher prices that tomorrow will likely bring.

Want to move on some of these ideas now but need some help in implementing them? Call us today.

We are Your CFO for Rent.

CRE: Could Relate to Everything

I have a lot of interest in real estate investing, so I read a lot about trends and opportunities across the country. One of the odd things I see is the labelling distinction between types of investment properties. Single family homes, or SFH’s, are clearly labelled as such, but often everything else is lumped into the label “CRE” for Commercial Real Estate. To me, saying CRE is like saying “Hot Food.” It tells you nothing about the wide variety of property types that are grouped under that umbrella, and the variety is like grouping chicken noodle soup with a filet mignon steak or hot roasted chestnuts. A couple of examples to further reinforce the obvious:

  • Apartment Building (Multifamily) – multiple tenants with low commitment to the property who come and go frequently, often in the middle of the night – CRE
  • High rise office building, now half empty, multiple business tenants under various types of leases ranging from a year to perhaps 5 years – CRE
  • Hospital, owned by a nonprofit corporation, run by doctors who really need a hospital management company to keep them afloat (and may soon sell to one) – CRE.
  • Restaurant/Food Service – Subject to the whims of local appetites, COVID restrictions, and anything else that keeps people from eating out or eating at this particular place – CRE

While those may be examples of not very good real estate investments, depending on your risk tolerance profile, they are all generally referred to as Commercial Real Estate. So when you read about the good news – apartment rental rates continue to climb– or the bad news – your local (now closed) movie theater is owned by AMC who may or may not survive the threatened bankruptcy that hovers over them – keep in mind that this does not spell doom for CRE, just problems for that particular segment of CRE.

The good news: Lots of CRE is doing just fine, thank you.

  • Multifamily properties that are well managed are doing great.
  • Dollar discount stores are having great year-to-year growth as shoppers pay more attention to prices and value and less to fancy surroundings, particularly in suburban communities.
  • Large chains of specialized medical properties – notably dialysis treatment and urgent care centers – are expanding as fast as they can across the country, then selling off their properties and signing long term leases so they can focus on the business and put their money into more new locations.
  • Warehouse properties – well, if you shop at Amazon and get your purchases delivered the next day, you know how that’s going.

So what’s the point of this discussion? Don’t let your financial advisors rule out CRE because they read the bad news about chicken noodle soup and forget there’s a nice steak on the menu. Do your homework, expect them to do theirs, and make better investment choices as a result. A few years down the road you’ll be glad you did.

We are Your CFO for Rent.

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