Sept. 12, 2008
Summit CFO Presents at New Mexico Family Business Alliance Symposium
ALBUQUERQUE, N.M. - Summit Electric Supply's Chief Financial Officer Russel Hiller today presented "Building Your Financial Acumen" to nearly 100 attendees of the second annual New Mexico Family Business Alliance Symposium.
In a simple, straightforward way, Hiller explained the basic accounting financial statements, why return on investment is important, and how to use the numbers to better run a family business.
He encouraged attendees to face the numbers squarely and ask some key questions, like:
Is the business really profitable? What is the actual return on investment? What do you want to be doing in five or 10 years? Do you envision selling your business one day? If so, how will you determine its value? If you plan to keep the business, what can you do to maximize your return on investment?
Taking the time to answer these and other basic questions can help business owners decide on a direction not only for their companies, but also for their lives.
Headquartered in Albuquerque, with branches in 20 cities across five states, Summit Electric Supply is among New Mexico's largest family-owned businesses. Hiller joined the company in 2005.
See Hiller's entire presentation.
Background
Russel Hiller, CPA, is the CFO and Treasurer of Summit Electric Supply Co. Inc. He received his BBA from the College of William & Mary in Virginia. He served as a manager for John R. Howard & Associates and as senior manager in the audit department of Atkinson & Co. Ltd. before joining Summit.
The New Mexico Family Business Alliance is a nonprofit organization created to provide resources and education to family-owned businesses of all sizes. www.nmfamilybusinessalliance.org. |
