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Incubator Company of The Year
Congratulations to finalists of the 12 Annual “Maryland Incubator Company of The Year” awards.
The finalists are selected by the Maryland’s most prominent industry leaders and early-stage investors including Evergreen’s Rick Kohr and Advisory Board Member Paul Silber. Entering in the competition provides emerging companies with a rare opportunity to present their business plan and vision to the most influential panel of early-stage investors and industry leaders in the region.
The Big Six!
Recently Mike Gill connected with a long-time friend Bob Paff. Bob is a nationally known Motivational Speaker and former host of the popular CBS Radio show, Communicating To Win and current co-host of Fox News Baltimore’s Morning Show segment the Competitive Edge, seen every Thursday morning at 9:20.
We have posted an excerpt from Bob’s blog on this encounter.
While catching up with an old friend last week, he shared a lesson with me that he learned from the master himself, legendary CEO Jack Welch. Mike Gill is chairman of Evergreen Advisors and has been known to many in Baltimore and the surrounding communities for years. When I first met Mike, he was founder, president and CEO of Americom Telecommunications, a company he and his partner later sold.
Never one to be idle, Mike has reinvented himself multiple times, finally into his current position with Evergreen. We reconnected when Mike sent me a handwritten note congratulating me for being nominated for Corridor’s 2011 Person of the Year. While we go back some 20 years or so, our paths rarely cross, with the possible exception of seeing each other across a crowded restaurant or business event. Such is Baltimore, the village trying so hard to be a city! When we met last week, Mike seemed as full of life as ever, just the executive I remembered meeting many years ago. Honored that he remembered me, I told him that neither time nor the responsibilities of life had dulled his charm. We met briefly, but before he departed, Mike shared a little something with me – something he lives by every day and that I too will now incorporate into my daily life. “The Big Six,” from Jack Welch. I think I’ve read it 100 times since Mike pulled it out his pocket and gave it to me with such pride that you would have thought it was a great stock tip! Or maybe better!
Never Quit!
A couple of weeks ago I was watching the CBS final round telecast of the Waste Management Open from Scottsdale, Arizona. At the beginning of the days round, Kyle Stanley, a second year player from the state of Washington who went to Clemson, was eight strokes back. All Kyle did was shoot a final round 64 and at the end the day was raising the crystal and the check for over a million dollars that went with it.
As Kyle was playing the final hole, analyst and hall-of-famer, Sir Nick Faldo, made this comment, he said, “Real happiness is great health and a short memory.” It had only been seven days since Kyle Stanley experienced a “golf meltdown”, witnessed by millions. He entered the final round play of the Farmer’s Insurance Open with a six stroke lead. On the final hole, still leading by three and just 90 yards from the flagstick, he could take five more shots to get it in the hole and win the tournament. He took six……and lost in a playoff. He was devastated, overnight he became the most talked about golfer in America for all the wrong reasons.
Life is amazing and how we react to the hand that is dealt us determines EVERYTHING. Not too many weeks ago we had our Annual Kick-Off Meeting at Evergreen. I had a number of posters made up that decorated the walls of our conference room. I “borrowed” one of them from the famous American essayist and author, Ralph Waldo Emerson.
“A hero is no braver than an ordinary man, but he is braver five minutes longer”
There is no time-frame or time-limit on achieving success. Jim Valvano, the late basketball coach of the national championship N.C. State Wolfpack and one of the most dynamic and characteristic coaches ever in the game said this on the ESPY awards just weeks before he died of cancer, “Never Never Ever Quit, he went on to say, “Don’t give up, Don’t even give up.” He went on to say that each of us needs to do three things, we need to laugh, we need to think, we need to cry because of the joy we feel.”
Life is not a dress rehearsal….make everyday count!
About Evergreen Advisors
Evergreen Advisors is a leading middle market investment bank and corporate advisory firm focused on assisting companies in the areas of corporate finance, growth and exit strategies, business valuations and CFO advisory services.
Inside the “huddle” with Kevin Plank
Recently, Rick Kohr, CEO of Evergreen Advisors and Mike Gill, Chairman met with Kevin Plank, Founder and CEO of Under Armour. They covered a wide range of topics from leadership, a 1,000 hits, innovation, to what Kevin looks for in people that join the Under Armour team.
Frustrated by the “soaking wet” T-shirts he wore under his University of Maryland football uniform, the special teams captain created a fabric that wicked away sweat while providing muscle support. Sixteen years later and over $1 billion in revenues, Kevin has built one of the most recognizable brands in America.
What follows is an excerpt of the conversation that Mike, Rick, and Kevin had at Tark’s in Greenspring Station.
{Mike Gill} Some people talk about vision and some people talk about growth. You have said that you don’t think people talk enough about growth. Can you make a couple of comments in that regard?
{Kevin Plank} I am a huge believer that every business we get into has to make money and every business needs to go beyond just a vision. They have to have a practicality of how are we going to make the rubber hit the road and create the returns because: A) we are not that big and B) anyone these days can go out of business as fast as the world moves today. I have a great saying from a guy who told me one time: It’s ok to take one dollar to make ten, but it’s not ok to take ten dollars to make one. Therefore, I live by that rule at Under Armour and frankly, personally too. It is one of my investment philosophies.
Little Details & Pitching to Investors
Often times when you get advice on making an investor pitch the focus is all on the presentation. What slides should be included and how you should talk to your audience. Often overlooked is the importance of first impressions and the fact that you have only one opportunity to make the right impression. In the case of a pitch, you have to provide the investors with enough information to interest them and make them want more. So when you only have 7-15 minutes how do maximize your impact?
What is overlooked is that the little details can make or break the deal. The benefit of preparation is that you can prepare for your first impression. While small details, these items do make a significant impact.
A Liquidity Event Doesn’t Necessarily Mean an Exit
You’ve worked tirelessly to take an idea, commercialize it, acquire customers, hire employees and create a growing company. You may or may not have raised outside capital to get to where you are, but you would somehow like to get “a little something for the effort.” How do you convert your ownership into cash?
You could sell your company, which could very well eliminate your future participation in that industry for a period of time due to a covenant not to compete which the buyer will surely make you commit to as a condition of sale.
You could merge with another company, stay involved in managing the combined entity, but you might not get any cash consideration as a result of the deal.
If you have achieved sufficient scale, you could take a shot at bringing the company to the public markets via an IPO, but your underwriters probably won’t let you sell any shares for six months after closing the offering and you will be operating in the fish bowl environment as a reporting company filing quarterly financials with the Securities and Exchange Commission for all to see – including your competitors.
OR
New Qualitative Factors for Goodwill Impairment Testing
Under new guidelines released last month, the Financial Accounting Standards Board (FASB) will permit an entity to determine whether it is “more likely than not” (greater than 50% likelihood) that the Fair Value of a reporting unit is less than its carrying amount by considering industry and company specific factors.
Based on its assessment of “qualitative factors,” the entity can determine whether it is necessary to perform the two-step goodwill impairment test under Accounting Standards Codification 350 (“Goodwill and Intangible Assets”).
Corporate financial officers have been vocal in their criticism of the cost and complexity of the two-step goodwill impairment testing process, prompting the FASB to act. However, introducing highly judgmental factors into the goodwill impairment determination, in our opinion, invites abuse and the distortion of earnings and financial condition which the two-step impairment test was designed to prevent. Consider the factors the FASB suggests for management’s evaluation in the recent Accounting Standards Update 2011-08:
Evergreen Advisors Gives Back
Evergeen Advisors helped celebrate its tenth anniversary with a food drive for the Howard County Food Bank located around the corner from their Maryland Office.
Shelley Lombardo, Vice President of Marketing noted that “It has truly been a rewarding experience as the families of Evergreen employees have come together to collect food and provide a monetary donation. The 249 pounds of food are equivalent to 208 number of meals supplied to disadvantaged families. Food pantries have been struggling to keep up with the increased demand and we are grateful to help one in our own backyard. “
Evergreen Advisors has a long history of community involvement assisting local charitable organizations. Among the many groups supported are Ed Block Foundation, University of Maryland Medical System, Catholic Charities, National Alliance of Mental Illness (NAMI), The Krista Rita Strouse Foundation, American Heart Association, and the Columbia Foundation.
About Evergreen Advisors
Evergreen Advisors is a leading investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies in the areas of corporate finance, growth and exit strategies, business valuations and advisory services. For more information, visit https://evergreenadvisorsllc.com/
GO FOR IT! Culture : Competitive Difference
Southwest Airlines celebrated their 40th anniversary this year, young by most standards for larger corporations. The origin of Southwest is as remarkable as the great airline that they have come to be. Their first chairman, Herb Kelleher, led the legal fight to provide service within the state of Texas. It was a long and costly fight but finally on June 18, 1971 Southwest Airlines began offering service to Houston, Dallas, and San Antonio. (If you would like to know more about the Southwest story and their colorful former chairman, Herb Kelleher, a book you would thoroughly enjoy is called “Nuts.”)
Culture is neither negotiable nor optional. Almost 20 years ago, two former Price Waterhouse partners wrote a book called, “The 100 Greatest companies in America”. They reviewed thousands and thousands of pages of data on over 5,000 companies to determine the best of the best. They discovered two unique traits about the companies they eventually chose as “the best 100”. First, except for one company the other 99 had stuck to their knitting during their entire history. The other discovery was that the original “Value statement” and Culture of the organizations had remained intact.
I can remember as a kid in the 60’s and in love with baseball and the Oriole’s, you would often hear people talk about “The Oriole Way” (their culture). What was it that made the hometown team dominant in baseball through the 60’s, 70’s, and 80’s? Sure, it was great pitching and defense and as Hall of Fame Manager Earl Weaver would say, “and a nice three run homer from time to time”. However, it was also the professionalism, team spirit, “hustle” preparation and a determination to be the best that was expected from every player. An organization that has had the highest winning percentage in baseball the last twenty years is the Atlanta Braves, and it is not a coincidence that their leader as GM and now team president for that entire period has been Baltimorean John Schuerholz, whose first job in baseball was in 1966 with…. You guessed it, the Oriole’s.
Is your Culture a competitive differentiator?
Go For It!
http://www.southwest.com/assets/pdfs/about-southwest/garys-greeting.pd
Evergreen Advisors and Maryland Cyber Battleground: APG to Ft. Meade
Evergreen Advisors is pleased to announce that Rick Kohr will be a panelist at the, “Maryland’s Cyber Battleground APG to Ft. Meade: The Regional Impact and Global Reach of the New Cyber Technology,” Corridor Inc. conference on September 22, featuring keynote speaker Dutch Ruppersberger, Ranking Member, House Select Committee on Intelligence. Along with working many cyber related businesses in the area, Rick also serves on the Howard County Cyber Commission. The commission advises Howard County Executive Ken Ulman to help maximize opportunities generated by the growth of cyber activity in the Baltimore-Washington region.
Other panelists include high-level Security, Intelligence Business and Military officials including Mark Barnett, Director of Small Business Programs, NSA, Neal Ziring, Technical Director of Information Assurance Directorate, NSA, Bob Hannon, President & CEO, Anne Arundel EDC, Hart Rossman, VP & CTO Cyber Security Services & Solutions, SAIC, Bill Varner, President & COO Mission, Cyber and Technology Solutions, Mantech, Chris Foster, Business Development Executive, Raytheon, and Christian Johansson, Secretary, DBED.
Panelists will outline the state of cybersecurity in Maryland, what lies ahead, and – most importantly – financial opportunities that exist for companies of all sizes.
Special commentary will be provided by Aris Melissaratos, Special Advisor for Enterprise Development to the President of Johns Hopkins University.
For more information visit: http://corridorinc.com/corridorevents/event/3/Maryland%E2%80%99s-Cyber-Battleground
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About Evergreen Advisors
Evergreen Advisors is a leading investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies in the areas of Mergers and Acqusitions, Business Valuations, Advisory including corporate finance, growth and exit strategies, and CFO advisory services.
GO FOR IT! Accelerate – NOW!
I was talking to a friend the other day and she was telling me how tough the marketplace has been for her for too long. I shared with her my philosophy about the “pie” and what you need to do to get your fair slice. You see when times are tough the pie is smaller or to put it another way, your opportunities are fewer than when the tide is rising and there is plenty for everyone. But you still need to get your fair slice of the pie, a daunting task but one that you have to win-no excuses!
Here are some ideas for you to consider and implement NOW.
Say out loud, “THE ECONOMY STINKS”, OK do you feel better, now do something about it…….get the slice you want and leave the crumbs for your competitor.
1. Spend more time each evening and morning reviewing your game plan for the day.
2. Ask for referrals more often. If you did a great job taking care of the customer you’ve earned the right.
Accentuating the Positive in Funding with Convertible and Participating Preferred Stocks
With the advent of accounting (FASB 123R) and income tax (IRC 409A) guidelines regarding the valuation of equity-based compensation, it has become increasingly important for entrepreneurs to become familiar with complex equity securities and the valuation of equity-based compensation such as stock or option grants.
This typically arises in the context of venture capital funding. Providers of early stage institutional funding provide growth capital for emerging companies and therefore, are interested in the return of the their capital (often called liquidation preference) but also participating in the “upside” or increase in equity value of the business, hence achieving a return commensurate with the risk involved.
Positive Energy – A Conversation with Mike Gill
Newt Fowler sat down for a conversation with Mike Gill, Chairman of Evergreen Advisors, published in www.Citybizlist.com. Here is an excerpt of the article…
How does one seek out mentors? Is that enough? What does it take inside of us to be reflective enough to grow? I explored these questions with Mike Gill and came to better understand from a consummate mentor to many exactly what he means by “positive energy,” how we comport ourselves, and how we choose to learn from others.
The Skinny. Mike Gill is CEO of Hoyt Capital, a small investment firm providing capital and business advice to start-up and existing enterprises and also serves on the Board of Advisors for Evergreen Advisors, a regional M&A and advisory firm.
Wanting to Succeed. Mike has mentored many business leaders in the region, so when we sat down for breakfast, I wanted to understand what makes a great mentor. But Mike really wanted to explore what it takes to succeed in business, what attributes enable a young entrepreneur to succeed. So Mike had us start our conversation at the other end of my question: what is it that makes a young entrepreneur “want to be successful?” He started by telling the story of another Calvert Hall alumnus, a fellow who, with 28 promotions, worked his way through IBM to become its CEO – Sam Palmisano. “How does that internalized desire become demonstrated by actions?” Mike answered his own question, “he is always working to get better, a constant effort at self-improvement.”
To read more: http://baltimore.citybizlist.com
2011 Winners for Maryland ICOY
Together with regional industry leaders, government leaders and early-stage investors, Rick Kohr, CEO Evergreen Advisors, helped select the 2011 eleventh annual Maryland Incubator Company of the Year (ICOY) Awards. The winning companies were selected based on the organization’s goals and its success in achieving their objectives. Judges considered factors such as technology or product development; intellectual property; increase in employee numbers; growth in revenue or earnings; engagement of significant customers and strategic partners; attraction of outside investors; innovation; self-sufficiency; impact on the region; and usage of the incubator’s services.
Click here to see the list of winners: http://www.marylandtedco.com/_media/pdf/2011ICOYWinners.pdf
Celebrating our 10th Anniversary as a Middle Market Investment Bank
Over the past 10 years, Evergreen Advisors has served middle market investment banking clients through the Mid-Atlantic with the objective to assist clients in Realizing Their Destiny by understanding their needs and coming up with creative solutions to help them achieve their goals. Increasingly, clients have accessed the full landscape of advisory services. “From assisting clients with CFO services, business valuations, capital raises to growth and exit strategies, we are providing the full range of financial advisory services needed by companies throughout their life cycle, explains Drew Clark, Managing Partner and Chief Operating Officer. The length of Evergreen’s relationship with clients throughout different times provides compelling evidence of the commitment to forming a relationship with clients rather than just completing a transaction.
The company has grown considerably over the years with an office outside of Baltimore, in Columbia Maryland, and is planning the opening of a new office in Northern Virginia this year. “We have invested very heavily in the last two or three years in our Board of Advisors, in people, and in marketing. We are coming off our best year ever and there is no reason it should not continue”, Rick Kohr, Founder and CEO. Beyond 2011, Evergreen Advisors will continue to expand its employee base and build upon well-established customer relationships and our core capabilities to maintain growth and expertise.
2011 Maryland Incubator of the Year
Rick Kohr is honored to serve on the selection committee of the eleventh annual Maryland Incubator Company of the Year (ICOY) Awards on June 11, 2011. The companies hail from many parts of Maryland and they each represent unique technologies and services. The ceremony will recognize 22 current and graduate companies within Maryland’s incubator network. For more information go to: http://www.mdincubatoraward.com/
Evergreen Advisors Sponsors Columbia Foundation
Evergreen Advisors is proud to be sponsoring and attending The Columbia Foundation ‘s Spring Party on 05.05.11. The Columbia Foundation, Howard County’s community foundation, awards grants to Howard County nonprofit organizations delivering human service, cultural, educational and civic programs. Rick Kohr, Evergreen Advisors CEO serves on the board of trustees.
The Columbia Foundation’s 29th Annual Spring Party will be held on Tuesday, May 5, from 5:45 p.m. to 8:30 p.m. at The Spear Center located in The Howard Hughes Corporation building at 10275 Little Patuxent Parkway in Columbia, Maryland. Each year the Foundation awards grants to over 50 Howard County nonprofit organizations. Learn more at http://www.columbiafoundation.org/
Evergreen Advisors
Evergreen Advisors is a leading middle market investment bank and advisory firm focused on assisting companies in the areas of corporate finance, growth and exit strategies, business valuations and CFO advisory services.
Newt Fowler: It’s About the People: A conversation with Frank Bonsal, Jr., Investor.
Friends of Evergreen Newt Folwer and Frank Bonsal recently sat down for a conversation published in www.Citybizlist.com . Here is an excerpt of the article….
Frank Bonsal By: Newt Fowler
I enjoy talking with Frank Bonsal. He has invested in more companies and seen the launch of more technologies and new market sectors than I can fathom. And each time I see him, as much as I try to coax from him promising leads, he more subtly works me for what I know is going on. I always leave wondering who got the better end of the conversation. Spending time with Frank is like playing poker with that guy who always fumbles with his cards, keeps asking which hand trumps another, and yet ineffably either folds fast or wins a large pot… So we sat down recently over lunch to figure out how Frank succeeds in investing at the earliest and most volatile stage of business growth and what insight there might be for entrepreneurs seeking funding from such an archetypal angel investor.
Evergreen Celebrates their 10 Year Anniversary
Mike Gill, Chairman of Evergreen Advisors sat down with Rick Kohr, Founder and CEO of Evergreen Advisors to hear Rick reflect on the 10th Anniversary.
Mike: It’s Evergreen’s 10th Anniversary, what does that mean to you?
Rick: It’s a sign of a business model that has some merit to it. We were able to stick to something that in hindsight weathered two of the worst economic cycles in our history, going back to the dot-com blow up in 2001-2002 and more recently in the last 3 years of the “great recession” , as its been coined. In 2010, we had our best year, with our best people on board. Therefore, for me it is a badge of honor, its perseverance.
Mike: When you started Evergreen, was there something that was in your mind about what it could be, where you wanted to take it?
Rick: I don’t know that it’s wildly different from where we are today. I probably would have guessed it would have been easier than it was. However, I always viewed the model to have merit to it because I have watched other boutique investment banking firms struggle during the lean times and in some cases struggle even during the better times, due to being totally transaction focused. I felt like there was a big gap in the marketplace for folks who understood the right side of the balance sheet; which is in essence what investment banking is all about. Capital raise and bank debt, evaluation, and sophisticated CFO services, all of that is also understanding the right side of the balance sheet as well as understanding the other aspects of the business.
Leadership Super-Sized… from George Washington to Steve Jobs
The rivers were rising, the skies were dark, and the roads a little perilous, but almost 100 people found their way to Bulle Rock in Harford County, Maryland for a dynamic, energized, breakfast forum, titled, “Leadership Super-Sized….from George Washington to Steve Jobs.”
The event held on March 10th was co-hosted by Evergreen Advisors, the law firm Duane Morris, and the Harford County Office of Economic Development. The focus of the forum was on leadership, the potential of Harford County and the importance of BRAC to the county and business community.
Frank Bramble, former Vice Chairman of MBNA and currently a member of the Board of Directors of Bank of America was the keynote speaker. His talk was focused on the key characteristics of the great leaders that he has been associated with and observed. Some of the characteristics that Frank mentioned were Mental Toughness, Vision, Honesty, and being Fearless. In commenting on the banking industry, Frank said, “We can’t forget who we really are, we’re bankers and the business we’re in is a noble business, We need to do the right things all the time.”
Brigadier General Harold Greene, Deputy Commanding General, U.S. Army Research, Development and Engineering Command, Commanding General, Natick Soldier Systems Center made a guest appearance to describe the BRAC initiative from a leadership and high level perspective.
The last part of the morning featured a panel of three of the most distinguished citizens of Harford County, Lyle Sheldon, CEO of Upper Chesapeake Health System, David Craig, County Executive of Harford County and John Ferriter, Senior Vice President of SAIC. Mike Gill, Chairman of Evergreen was the moderator and engaged the panel on a wide range of topics including, how they dealt with the Economic turbulence that began in 08, Harford County’s greatest challenges and the county’s potential, and a fun discussion on-if they could have one Mulligan- what would they like to do over.
It was a great morning with fabulous speakers and we thank all of our attendees for braving the monsoons to be with us.
Evegreen Advisors
Evergreen Advisors is a leading middle market investment bank and corporate advisory firm focused on assisting companies in the areas of corporate finance, growth and exit strategies, business valuation services and CFO advisory.
Ready, Set, Due Diligence
Whether preparing to raise funds or the eventual sale of your company – always be ready for the due diligence process.
Why wait for a funding event or a possible sale of your company to prepare for due diligence. The due diligence process can be time consuming. By being prepared in advance your business can be well positioned for the process. Today there are cost effective sites you can use to create a data room to house your due diligence materials.
The key documents you can gather in advance are the following:
- Key contracts
- Employment agreements
- Minutes and consents of the board of directors and
- Confidentiality and invention assignment agreements with
- Corporate charter and bylaws
- Patents, copyrights, and other intellectual property related Tax
- Financial and marketing plans
How can Evergreen CFO Services help?
We provide experienced talent to address the challenges faced by emerging businesses on an outsourced, part-time basis. Our staff typically works one or more days per week on site, which positions us to immediately address pressing financial concerns, mentor staff, and help you make critical decisions.
Mark Gretz is a Vice President with Evergreen’s CFO Advisory practice and he can be reached by calling 410-997-6000 x234 or e-mailing him at mgretz@evergreenadvisorsllc.com
Three Approaches to Valuing a Business
There are many options available if you are looking to get your business valued. A simple online search for “business valuation Chicago” will find you a local valuation expert, but what approaches might they use? Well, there are three general approaches that are considered to determine the value of a business. The conventional approaches include the cost, income and market comparison approaches, or a combination of the three. These approaches can be summarized as follows:
In the Cost Approach, the aggregate value of the company’s assets is netted against the estimated value of all existing and potential liabilities, resulting in an indication of the value of the business enterprise. The resulting indication of value often represents a minimum, or floor value that a company may reasonably expect to realize, often through the liquidation of its assets.
The Income Approach considers expected returns on an investment, which are then discounted or capitalized at an appropriate rate of return to reflect the risks and potential rewards associated therewith. These valuation methods include (1) Discounted Cash Flow and (2) Capitalization of Income. These methodologies focus on the income-producing capability of the business enterprise.
Two commonly-used methodologies for business appraisals in the Market Comparison Approach are (1) the Guideline Public Company method, which focuses on comparing the subject company’s risk profile and growth prospects to select reasonably similar (or “guideline”) publicly-traded companies and (2) the Guideline Merged and Acquired Companies method, where consideration is given to pricing multiples in recent merger and acquisition transactions that have occurred in the subject company’s industry or in related industries.
There exists additional valuation methods within each of the above valuation approaches. The specific valuation techniques used in a valuation engagement depend on the facts and circumstances specific to each case, including the nature and characteristics of the business enterprise being valued, and the purpose of the business appraisal.
To discuss which approach or combination of approaches is appropriate for your business or our business valuation services, contact Greg Huff at 410-997-6000.
Rick Kohr on Executive Leadership Radio
Evergreen Advisors CEO Rick Kohr appeared on Executive Leaders Radio on March 3, 2011. Rick shared the founding of Evergreen Advisors and that “it is fascinating because it’s not in many businesses that you get to sit down with someone and really know their passion, vision, dreams, concerns, financial statements…you get to work on their dream.” Executive Leaders Radio is dedicated to honoring individuals who have risen to leadership roles through hard work and dedication.
Evergreen Advisors Ranked 6th
Evergreen Advisors was ranked 6th in the Baltimore Book of Lists recently-published 2011 list of Largest Management Consulting firms. More than 50 companies were surveyed for this list and the growth Evergreen has seen helped lift the firm to the top. Evergreen assisted 75 clients in 2010 with 46 being the in Baltimore Metro Area.
“We take great pride in being ranked in the BBJ’s “Book of Lists,” remarked Rick Kohr, CEO. “Helping business owners in our community Realize their Destiny is our mission. We want to help as many area companies as we can. “
About Evergreen Advisors [Read more…]
How can outsourced CFO solutions work for me?
The biggest weakness we see in entrepreneurial businesses is a lack of access to high-level financial guidance when and where it is needed. At the end of the month, quarter, or year, it is all about the numbers. Revenue, costs, cash flow – all the issues that keep an entrepreneur up at night. In any high growth business, a solid finance function is an early key to success. Yet the cost for a full-time CFO may be out of reach for many early-stage companies. For many businesses, a part-time CFO or an outsourced CFO can be that key. This is where those looking to get into the bookkeeping and accounting game may choose to start. It cannot be easy to create a virtual bookkeeping firm, but there are always businesses searching for the right firm to assist with their finances. Equally, those starting accounting firms or are already in the midst of it may require help with workflow management, as firms can get extremely busy, making it difficult to keep track of deadlines and progress. You can find out more at JetPack Workflow for accountants looking to make their day-to-day work life easier.
The leadership through an outsourced CFO solution can make a difference in your long-term financial strategy. While an office manager or bookkeeper can assist you on a day-to-day basis, this strategy does not provide you emphasis on the overall organization. The CFO service provide you a foundation for success.
The challenges we find in all emerging businesses include:
Rick Kohr Named to Howard County Cyber Commission
Evergreen Advisors announces that Rick Kohr, CEO was named to the 13 member Howard County Cyber Commission. The newly formed commission will advise Howard County Executive Ken Ulman to help maximize opportunities generated by the growth of cyber activity in the Baltimore-Washington region.
“Rick’s financial expertise is a welcome addition, and makes what was already a strong commission even stronger. Much of the Cyber Commission’s work will focus on regional business development and job creation, so Rick’s in depth knowledge of investment banking and corporate financing will be invaluable,” said County Executive Ken Ulman.
Kohr brings a wealth of knowledge to the commission in business development. He serves on the board of many local technology companies and is actively involved with area business incubators and other business development initiatives. “It’s an honor to serve on the Howard County Cyber Commission,” said Kohr. “I look forward to working with the talented people serving on the commission and making recommendations that will maximize opportunities for Howard County in cyber security technology.”
Evergreen Advisors represents Pathsensors in restructuring for the future
WASHINGTON, DC/BALTIMORE, MD – Evergreen Advisors’ client Pathsensors, Inc., an environmental testing company that manufactures pathogen identification systems is positioning itself for future growth. Recently spun-off from Rockville based Innovative Biosensors Inc. (IBI), Pathsensors is a leading edge biotech company focused on the food testing and biosecurity market. The company recently was awarded a $5 million contract from the Department of Defense.
Pathsensors will be relocating to the UMB Biopark, in Baltimore Md., and will utilize a recently completed equity offering for expansion of sales and marketing, automation of quality systems and new product development.
Pathsensors received an investment from the Chesapeake Emerging Opportunities Club, LLC, which is an early-stage private equity investment fund focused on promising emerging growth companies in the mid-Atlantic region.
“When Pathsensors looked for a financial advisor we turned to Evergreen Advisors. With LeadJig, financial advisors can use omnichannel marketing so the chances are you will have contact with a lot of different companies. We selected Evergreen for their strength in Biotechnology and their ability to understand our needs. With Evergreen we know that not only would they guide us through the process but also develop a lasting relationship with us.” _________________________________________________________
Spotlight On Paul Silber; Evergreen Advisors Advisory Board Member
I recently spent part of an an afternoon with Paul Silber, a valued Advisory Board Member. It was a fascinating discussion as we talked about his business career and how he has been “filling his time” since selling In Vitro Technologies four years ago – MG
Dealing with “too much of a good thing”
In 1986, Paul’s first job was at Mary Kay Cosmetics in Dallas, Texas. A newly minted Ph.D., “I thought I’d probably join P&G, or Smith Kline”, Paul said, “but Mary Kay was offering me the opportunity to pursue my greatest interest, Toxicology”. As Paul explained to me, the simplest definition of Toxicology is dealing with too much of a good thing. Paul loved the work he did at Mary Kay, “I could kill a product if necessary and more than once was called to Mary Kay’s office to talk about the affect of one of the company’s products on her sensitive skin”.
Mary Kay turned out to be a great experience for Paul; he worked closely with the regulatory affairs group, marketing, operations, and represented Mary Kay in Washington with the industry groups. “This turned out to be a very critical period for both the cosmetic and pharmaceutical industries as we came under attack by the animal rights groups.” “My boss and I saw an opportunity to start our own company, where animals were not necessary for testing and we began to use test tube methods instead to determine how things would react.” The company they started was called In Vitro Alternatives, and the “aha” moment was when Revlon announced they were going to stop all animal testing. One early bump in his new entrepreneurial life was the partnership failing, “we split the company in half and I never looked back. In Vitro test tube tests changed the paradigm and an American success story was underway.
Set A Foundation For Success Early
The biggest weakness we see in entrepreneurial businesses is a lack of access to high-level financial guidance when and where it’s needed. At the end of the month, quarter or year, it’s all about the numbers. Revenue, costs, cash flow, all the issues that keep an entrepreneur up at night. In any high growth business, a solid finance function is an early key to success. Yet the cost for a full time CFO may be out of reach for many early stage companies. For many businesses an outsourced CFO can be that key.
The challenges we find in all emerging businesses include:
- Lacking the accounting skills necessary to make difficult or urgent decisions
- Spending too much time in the business and not enough on the business
- Need for executive-level expertise, but no cost justification for a full-time position
- Obtaining meaningful, timely, and accurate financial statements and management information
- Evaluating equity transactions and owner equity protection
- Developing key relationships: venture capitalists, bankers, auditors, lawyers
- Maintaining vital flow of financial information during employee turnover or leaves of absence
- Selecting and implementing accounting software
How can Evergreen CFO help?
We provide experienced talent to address the challenges faced by emerging businesses on an outsourced, part-time basis. Our staff typically works one or more days per week on site, which positions us to immediately address pressing financial concerns, mentor staff, and help you make critical decisions.
Mark Gretz is a Vice President with Evergreen’s CFO Services department and he can be reached by calling 410-997-6000 x234 or e-mailing him at mgretz@evergreenadvisorsllc.com.
Building Organizations – Winning Championships
“The battle of life is, in most cases, fought uphill; and to win it without a struggle is perhaps to win it without honor. If there were no difficulties there would be no success; if there were nothing to struggle for, there would be nothing to be achieved.”
Samuel Smiles, a Scottish author & reformer (1812-1904)
Quote is from his most famous book, Self-Help
On many fronts we’re excited to bring you our Fall issue of Evergreen News. As we were planning for it, it struck us that this past Summer should have been called “the Summer of Champions.” The NHL and NBA finals, the US Open, Wimbledon, World Cup, British Open, Tour de France . . . and more. Competing in sports and business has everything in common with building an organization, creating a culture, dealing with adversity and much more.
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