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All Hands 2020 Award Winners

All Hands 2020 Award Winners

2020 Award Winners

Congratulations to these Associates for their recent award at the FocusCFO All Hands meeting.

Client for Life Award

Gold Level

David Bourke

Leadership and Support Team
Director, CFO Services

Tom Flynn

Central and Eastern Ohio
Area President

Client for Life Award

Silver Level

Don Cain

Central and Eastern Ohio
CFO

Pat Lang

Central and Eastern Ohio
CFO

Tom Flynn

Central and Eastern Ohio
Area President

Jim Zins

Central and Eastern Ohio
CFO

Jeff Lacy

Central and Eastern Ohio
CFO

Lynnette Zody

Central and Eastern Ohio
CFO

Client for Life Award

Bronze Level

Dan Bloom

Central and Eastern Ohio
CFO

Forest Bookman

Northern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

Mike Derringer

Central and Eastern Ohio
Area President

Kathleen Ferry

Northern Ohio
CFO

Tom Flynn

Central and Eastern Ohio
Area President

David Green

Central and Eastern Ohio
CFO

Jeff Lacy

Central and Eastern Ohio
Area President

Pat Lang

Central and Eastern Ohio
CFO

Jim McKinney

Central and Eastern Ohio
CFO

Lyle Rhodebeck

Central and Eastern Ohio
CFO

Jim Rowlands

Northern Ohio
CFO

Jeff Semple

Northern Ohio
Area President

Bob Stecki

Central and Eastern Ohio
CFO

Jim Zins

Central and Eastern Ohio
CFO

CFO Hall of Fame

Gold Level

CURRENT MEMBERS

Lynnette Zody

Central and Eastern Ohio
CFO

Bruce Collen

Central and Eastern Ohio
CFO

NEW MEMBERS

Pat Lang

Central and Eastern Ohio
CFO

David Bourke

Leadership and Support Team
Director, CFO Services

CFO Hall of Fame

Silver Level

CURRENT MEMBERS

Jim Zins

Central and Eastern Ohio
CFO

Dan Bloom

Central and Eastern Ohio
CFO

NEW MEMBERS

Jim McKinney

Central and Eastern Ohio
CFO

Don Cain

Central and Eastern Ohio
CFO

CFO Hall of Fame

Bronze Level

CURRENT MEMBERS

Wendy Brugmann

Northern Ohio
CFO

Joe Dougherty

Central and Eastern Ohio
CFO

Skip Vermilya

Northern Ohio
CFO

Sherif Matar

Central and Eastern Ohio
CFO

Jim Rowlands

Northern Ohio
CFO

Kathleen Ferry

Northern Ohio
CFO

NEW MEMBERS

David Gouttiere

Northern Ohio
CFO

Will Cooper

Central and Eastern Ohio
CFO

Dean Cole

Central and Eastern Ohio
CFO

Todd Peter

Northern Ohio
CFO

David Green

Central and Eastern Ohio
CFO

Bob Stecki

Central and Eastern Ohio
CFO

Area President Awards

Rookie of the Year

David Tramontana

Southwest Ohio
Area President

Area President Awards

Rising Star

Darren Cherry

Central and Eastern Ohio
Area President

Bob Miller

Central and Eastern Ohio
Area President

Area President Hall of Fame

Gold Level

CURRENT MEMBERS

Tom Flynn

Central and Eastern Ohio
Area President

Mike Derringer

Central and Eastern Ohio
Area President

Jeff Lacy

Central and Eastern Ohio
CFO

NEW MEMBERS

Jeff Semple

Northern Ohio
Area President

Area President Hall of Fame

Silver Level

CURRENT MEMBERS

Jim Gilbride

Northern Ohio
Area President

NEW MEMBERS

Forest Bookman

Northern Ohio
Area President


Fred Dannhauser

Northern Ohio
CFO


Peter Geise

Northern Ohio
CFO

Area President Hall of Fame

Bronze Level

CURRENT MEMBERS

NEW MEMBERS

Bob Miller

Central and Eastern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

Jim Collins

Southwest Ohio
Area President

Greg Gens

Northern Ohio
Area President

2020 Continuous Learning Award Exit Planning Institute – CEPA

VETERANS

Kathleen Ferry

Northern Ohio
Area President

Tom Flynn

Central and Eastern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

NEW MEMBERS

David Bourke

Leadership and Support Team
Director, CFO Services

Jim Gilbride

Northern Ohio
Area President

Jeff Semple

Northern Ohio
Area President

Brad Martyn

Leadership and Support Team
Visionary and Founder

Mark Clower

Southwest Ohio
Area President

FocusCFO Logo 2021

855-236-0600

What’s Your Business Exit Plan

What’s Your Business Exit Plan

What’s Your Business Exit Plan

By Jeff Semple

Recently, I was introduced to a Business Owner of a manufacturing company who had decided it was time to sell. He was 67 years old and was tired of working 6 days a week. The company was profitable and he made a nice living, but he wanted to spend more time, in his words, smelling the roses. I asked a few questions that all had the same answer: I am or I do. Who is your best sales person? Who runs manufacturing? Who does purchasing? Then I asked what do you think the business is worth? And the Business Owner explained he had heard that other manufacturing businesses had sold for 5x, 6x or sometimes higher multiple of earnings.

After thinking about what he had just explained to me I said, “so if I understand correctly, you want someone to write a check for a significant amount of money so they can be the sales person, purchasing manager, plant manager and work 6 days a week? Or in other words write a big check for a job you don’t even want.”

I felt bad saying it but it was better to prepare him, than for him to find out the hard way when he tried to sell his company, expecting a big pay day. Now he could find a strategic buyer (i.e. a competitor, supplier or maybe a customer), who would be primarily interested in his gross margin, likely letting all his people go and folding the operation into their current business. However, the Business Owner said his employees were like family and had been with him a long time. He wanted to make sure they didn’t lose their job. Having no children that wanted to join the business, and no management team with the ability to buy the business, left us with the single option of selling to a 3rd party.

The conversation turned to if I were a buyer with the ability to write a check for a significant sum of money, I likely would not want a 6-days-a-week job. As the buyer I would then need to hire a salesperson, purchasing person, plant manager and expect a return on my investment. The problem is if I do that, there wouldn’t be any profit left.

Now the problem is becoming clearer and I can see the disappointment on the business owner’s face. He said, “I’ve devoted my adult life to building this business, provided a nice living and now want to enjoy the fruits of my labor but and you’re telling me it’s not worth enough for me to retire?” I explained that it may not be at this moment but that doesn’t mean it won’t be. We just need a plan!

I can’t tell you how many times I’ve heard a story like this when I speak with business owners. This is why I am passionate about helping business owners who end up in this same spot, with this same problem.

I know many of you will think that’s not you as your business is different. But, are you sure? You are gambling with your company and betting on a different outcome. I read a statistic that said 8 out of 10 businesses that go on the market will not sell, or will sell at a substantially reduced price, because of the lack of transferable value. For Business Owners having 80 or 90% of their personal wealth tied up in their business, this is a scary statistic. Which are you going to be? Will you be among the 20% that sell or the 80% that don’t? Don’t be afraid to ask for help, it’s better than having regret.

Jeff Semple is an Area President for FocusCFO, based in Canton, OH.

FocusCFO Logo 2021

855-236-0600

Is Making A Profit Intentional or Wishful Thinking

Is Making A Profit Intentional or Wishful Thinking

Is Making A Profit Intentional or Wishful Thinking?

By Jeff Semple

Most small business owners figure out the price they need to sell a product and be competitive in the market, then subtract their expenses hoping to make a profit if they do everything really well. What if you turned it upside down and became intentional about making profit? Set your selling price, subtract your desired profit first, then subtract your expenses? Too often I meet with business owners that build a business model based on what they need to get done vs. building a model designed to intentionally make a profit. If you subtract your profit first, you know exactly how much you can spend to produce or bring a product to market. Would you have to do things differently? Would you have to be more creative to accomplish everything? Henry Ford said, “Whether you think you can, or you think you can’t — you’re right.” Either way it’s a great exercise, all you have to lose is improving and becoming intentionally more profitable.

Jeff is a FocusCFO Area President based in Akron, OH.

855-236-0600

The Real Storm May Be Looming Ahead

The Real Storm May Be Looming Ahead

The Real Storm May Be Looming Ahead

By Jeff Semple

At this point, everyone should be able to take a breath from the onslaught of activity surrounding the PPP and EIDL application process, as well as trying to figure out what’s next. No matter where you are in the food chain, I pose a question: What are you going to do differently to ensure success in what will be our new normal? As we head into the initial stages of recovery there is only one thing we do know for certain, and that is the fact that we do not know.

I am beginning to look forward to what the next 6 to 12 months might look like. After working with several business owners, as well as speaking with many more, the risks I see and hear really concern me.

The question we all have to figure out is what are businesses going to do once the PPP or EIDL funds are gone? Especially as so many feel they will be able to continue to operate in the same fashion. That everything is just going to go back to normal.

I believe the real risk is 6 to 8 months from now:

  • When fixed costs eat up any cash because of revenue shortfall or slow ramp up
  • When sales ramp up faster than expected with higher cost associated with COVID19
  • When businesses are assuming the risk of every customer being able to pay, potentially creating higher customer bad debt
  • When suppliers are unable to deliver or there are longer lead times, requiring higher inventory levels
  • When we are reshoring the supply chain at higher inventory cost
  • When there are office cleaning costs
  • When key personnel do not return

When small businesses run into a cash crisis with limited to no access to additional capital, then what?

It is not the end of the world, but it just might feel like it when you have everything on the line. We need to stress test our organizations and understand our cash requirements while mitigating new risks in the market….now not later.

The future will be full of opportunities for those who planned appropriately, paved by the lost fortunes of those who didn’t.

We cannot stand by and do nothing when we have the ability to help. Let me know when we can chat about working together to find the solution.

Jeff Semple is a FocusCFO Area President based in Canton, OH. 

FocusCFO Logo 2021

855-236-0600