Bruce Benes

Providing CFO services and Business Transition Services in Dallas/Fort Worth, TX and surrounding areas

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About Bruce

Bruce Benes

Fort Worth, TX CFO

35 Years of Experience

Direct Contact

brucebenes@b2bcfo.com

817-729-0688

Universities:

Miami University (Ohio)

Certificates & Licenses:

Organizations:

Contact Bruce Benes and receive a free Discovery Analysis™

  • A confidential meeting with the business owner(s), then interview company staff.
  • Look at the company’s financial information and computer systems.
  • Benchmark financial information against industry averages.
  • Create a confidential report of our findings in The Strategy Gameplan™







Bruce’s Bio

Bruce is an experienced CFO who integrates the operating processes with financial reporting resulting in improved efficiencies and business profitability. His focus on communication and education helps build organizations that understand their key success factors and how to challenge the status quo to drive targeted and measurable improvement. These efforts help all team members understand how their actions impact cash planning and budgeting with an increase in profitability.

Bruce has worked with entrepreneurs, not-for-profit boards and mid-sized companies both domestically and internationally, as well as, in construction, automotive, manufacturing, and service industries. Through this experience, Bruce has:

  • Secured bonding and managed banking relationships including lines of credit, term and mortgage loans, and bank work-out programs.
  • Developed long range plans and annual operating budgets including new business development funding and owner exit strategies.
  • Managed working capital through improved collections and cash management planning resulting in increased capacity for growth.
  • Implemented and converted accounting software for timely operational reporting and efficiency.
  • Managed sales tax, insurance and external financial audits for timely results and reduced expense.
  • Trained staff on operating system applications and reporting to increase marketing activity effectiveness while improving operational profitability.

Bruce was the CFO of a large regional general contractor where he improved financial reporting, increased cash flows and improved overall profitability. He has hands-on operating experience having led disaster response teams reconstructing hurricane Rita damage along the Gulf Coast. He has worked to drive revenue growth of close to 100%, effectively managing cash flows, lender relations and staffing.

Bruce also has experience working through tough economic cycles. He has negotiated the sale of business units, planned and implemented major organization restructuring, and developed and coordinated marketing programs to increase market share.

Bruce has a solid reputation of providing valuable insight for planning and practical counsel based upon realistic experience. His ability to manage multiple disciplines and projects allows him to quickly grasp the critical issues facing an organization.

Bruce earned a Bachelors of Business Administration from Miami University with majors in Finance and Economics. He has completed additional post-graduate accounting courses and passed the certified public accountancy examination.

Bruce and his wife Lorna have two high school sons who attend Southwest Christian School. Bruce serves on the school's board of trustees, along with the finance and endowment committees.

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Who Needs a CFO?

Every Company Needs a CFO

Companies without a Chief Financial Officer are at a competitive disadvantage.  It’s not unusual for small to mid-sized firms to have sophisticated operations and complex cost and financial challenges like large companies.  This often means that the CEO or the owner of the business needs the expertise of a senior financial executive.As an owner or CEO of a company, have you ever wondered how to solve the problems you’re facing?  Have you ever spoken with another owner and come to the conclusion that what you really need is the advice of a CFO . . . but knew that you either didn’t need a CFO on a full-time basis or couldn’t afford the cost of a full-time CFO?  Did you then decide to give up on finding the advice you need?You are not alone.

And, you are perhaps doing what many owners do . . . you try to figure it out yourself.  Let’s be honest, however-are you really the right person to do that?  Do you have the background or expertise to prepare financial statements, or even truly understand them?  And is your digging into these areas even a good use of your time?  As the owner, you need to be the visionary, focusing on the future-and you are the one who should be spending more time with your customers.Using your time to develop financial information or analyzing your cash balance and future needs is something that someone else should be doing.  What you need is the assistance of a high level financial professional.  Outsourcing this function is an alternative to hiring another employee (with all of the costs, like salary, payroll taxes, and fringe benefits).

ADVANTAGES OF OUTSOURCING CFOs

Better financial information for key decision-making.

It’s a fact:  most small to mid-sized businesses either don’t prepare financial statements, or they are not reliable.  Another fact:  you simply cannot make important business decisions while relying on bad, inaccurate, or incomplete information.  If you have found yourself frustrated with the lack of information from your bookkeeper or controller, chances are the information they are giving you is of questionable value.  You cannot effectively run a business in that situation.

More time to spend with customers.

To be competitive, you need to spend most of your time with current and prospective customers.  Particularly today, you need to be with your customers as much as possible.  Just as you are trying to get new customers, your competitors are trying to meet with your customers.  You simply need to be spending the majority of your time with them.

More money from the bank and from vendors.

Bankers and vendors are more sophisticated than ever.  With the current financial situation affecting all businesses, they are more skittish about lending to anyone other than the largest and safest companies.  And they require regular, reliable financial statements.  The financial statements must look professional, follow accepted accounting principles, and highlight the company’s key ratios. A CFO working with you on a part-time basis can improve your company’s external “image” and assist you with opening doors to banks and obtaining better vendor terms.

Other advantages to having an outsourced CFO  include:

  • A sounding board for the owner in making key decisions
  • Fewer cash flow surprises
  • Better trained accounting staff
  • A theft deterrent
  • Better documentation and controls
  • Fewer surprises relating to tax payments
  • Solutions to company problems

Recent Articles

Dec 9Bruce Benes

Article: Business Is Personal. And Should Be. So, Tell People Your Story | Inc.com

Dec 9Bruce Benes

Business Is Personal. And Should Be. So, Tell People Your Story | Inc.com Many businesses operate on “relationship” type selling.  There may be price or service competition,  but established relationships help identify the decision criteria thus enabling the sale.  A last look or information on a key overlooked service aspect are outcomes of well established relationships. So why is this important in the finance and accounting function of your business?  Relationships with vendors, bankers and client accounting departments are just

Dec 2Bruce Benes

Article: What Maslow’s Hierarchy Won’t Tell You About Motivation

Dec 2Bruce Benes

What Maslow’s Hierarchy Won’t Tell You About Motivation A great summary of motivating in today’s professional environment.   Just like the last post on delegation, understanding and adjusting to the current economic environment can help build a more engaged and effective management team.  Autonomy properly defined can build great managers.  Enabling your staff to find solutions can increase loyalty and the organization’s profitability.  Discussed in terms of “joint” or mutual goals, by identifying the areas of passion of your management team

Nov 29Bruce Benes

Article: Why Business Owners Have a Hard Time Delegating

Nov 29Bruce Benes

Why Business Owners Have a Hard Time Delegating Delegation is always a challenge.  This article highlights some simple issues.  In working with a number of Fort Worth businesses I’ve found that many business owners simply have so much on their plate that it is hard to follow up on delegated items. Having a trusted manager is critical to delegating the delegation follow up.  It sounds crazy but a trusted manager understands the owner’s goals and direction.  A trusted manager is

Oct 30Bruce Benes

The Value of Keeping the Right Customers

Oct 30Bruce Benes

The Value of Keeping the Right Customers:   Tracking churn or retention rates helps identify trends on a trailing basis.  The key is using the data proactively to expand opportunities.   Make sure you are developing this metric for your business.  Are you tracking who leaves, why and what segment they are from? Article Link

Oct 28Bruce Benes

Article: 6 Secrets to Getting Employees to Do What You Want

Oct 28Bruce Benes

A great article that highlights what gets measured – improves.  Let me help you develop meaningful metrics. Article Link

May 28Bruce Benes

Emergency Succession Planning

May 28Bruce Benes

What do you do when you need to break the glass?  Is your organization ready?  Emergencies can come in many forms:  personal illness, disability, family illness or catastrophe or death.  While not a pleasant topic, it is important to have a plan in place to continue your business.  Among other items, these plans need to include the following: Definition of the emergency event Outline the decision making authorities Establish job roles and management succession Plan for the sale of the

Apr 16Bruce Benes

Starting that new venture

Apr 16Bruce Benes

Existing and new business owners frequently look to hire key talent to spawn a new idea.  My discussions with them in planning these ventures, we work through the financial plans, marketing ideas, goals and often incentives.  At some point we typically discuss and debate corporate structure and the “partner.”  Should the new key manager have equity, how much, and with what level of compensation?  A recent Inc. Magazine article by Bill Murphy, Jr., 9 Key Things Successful Business Partners Always

Apr 8Bruce Benes

Bonus and Goal Alignment

Apr 8Bruce Benes

In a recent article in Harvard Business Review, Amy Gallo discusses “How to Navigate Bonus Season.”  The article presents a good recap of many of the issues my clients often discuss when designing and implementing bonus and incentive plans.  Ms. Gallo hits a key point which is know what you are rewarding.  Are you paying for people who simply show up while others may do the actual top performing work; or is the program balanced and fair?  Regardless of the

Apr 2Bruce Benes

Finders, Minders & Grinders

Apr 2Bruce Benes

Entrepreneurs are a unique breed.  The recent article in Entrepreneur magazine highlights 50 traits of an entrepreneur.  How do you stack up?  I particularly appreciate the never accept “no” or “can’t be done ” attitude.  B2B CFO describes the role as the “Finder”.  Each organization needs finder, minders and grinders.  Typically the entrepreneur is  the finder – seeking business, developing new initiatives, kick-starting projects.  To be successful over the long term, finders need grinder to do the work and minders

Jul 15Bruce Benes

Why do we still have fax numbers?

Jul 15Bruce Benes

Keeping current is important in every business.  Products need to utilize current technology.  This goes for the internal tools as well as the external products.  Have you looked to see how you might utilize online forms and remote access to improve record keeping and streamline data reporting?  What about file sharing?  Have you looked at Dropbox (www.dropbox.com) or any of the other cloud based file storage services.  Most are free and secure. How about training?  Do you make sure your

Jun 15Bruce Benes

Fort Worth B2B CFO Sponsors Exit Planning Seminar

Jun 15Bruce Benes

The Exit StrategyTM  Seminar  Do you know how much you need to sell your business to retire? Do you know how much your business is really worth today?                                                 Do you have a strategy: To bridge the gap Position your business to get full value when you sell Tuesday, July 30th The Hall of Fame at the Rangers Ballpark (south side entrance) Check-in 3:00 to 3:30 Presentations and sponsor networking 3:30 to 6:45 Buffet dinner 6:30 to 8:00 Angels versus

May 31Bruce Benes

Coaching

May 31Bruce Benes

What makes B2B CFO different? One key element is the focus on team and staff development. When starting a relationship with a new client, the focus remains on building the existing resources. This includes staff, systems and outside relationships. Staff changes are expensive. Loss of historical knowledge cannot not be measured. Transition cost of hiring and training can be measured in real dollars, but the stress on the organization can only be “felt” by others. Finally, the opportunity benefit of

May 21Bruce Benes

Storms ahead for selling your business?

May 21Bruce Benes

With the economy showing signs of strengthening, it appears business owners are jumping to sell their business.  The recent article by AP Journalist Joyce Rosenberg, “Retiring boomers driving sales of small businesses” supports the notion that the market is going to have an increase in sellers.  B2B CFO® calls this the Tsunami effect. The Exit Strategy Handbook presents valid statistics on the upcoming volume of businesses that will need to be sold.  Only the strongest will get the best price. 

Apr 30Bruce Benes

What’s the Owner’s role in selling a Fort Worth Business?

Apr 30Bruce Benes

Ever wonder what the owner’s role is in selling the business?  Sounds straight forward, huh?  Well the owner needs to continue building the business while the sale takes place.  The Exit Planning process, done right, can take time.  The initial phase assess the potential selling price relative to the desired price.  Then programs are implemented to achieve the desired price.  Once these steps are implemented, the owner needs to continue to develop the business to avoid any decline in the

Apr 15Bruce Benes

Selling a Fort Worth Business

Apr 15Bruce Benes

B2B CFO has just released a new book to help business owners sell their business.  This simple guide can be supplemented with software and help from a strategic team of your advisers.  If you want more information on obtaining the book at a discount, give me a call at 817-677-8CFO.  To order the book, click the book:

Mar 30Bruce Benes

Tax Deadline Calendar and Sales Tax Link

Mar 30Bruce Benes

April 15th is not too far away.  While we’re all aware of the April 15th deadline, ever need to know other tax deadlines?   Like 1099 filing dates, quarterly tax payments, and the like. Use this link to the IRS Calendar.  It could save you real money by avoiding a tax penalty. IRS Tax Calendar There’s also a tool to download the calendar as a reminder to your desktop:  Calendar Download Finally, ever need to know the sales tax rules in

Mar 15Bruce Benes

Taking Financial Control of Your Company

Mar 15Bruce Benes

A great article from the B2B CFO Ultimate Small Business Playbook: Many small and mid-sized companies have basic accounting systems. They have a book-keeper, maybe a Controller. They have an accounting system – probably QuickBooks, or possibly a more advanced product. What they usually don’t have – and what for many is a major weakness – is a coordinated Financial Process. Jim Collins, entrepreneurial author and guru, says there are plenty of great mousetraps but not very many great processes

Feb 28Bruce Benes

Growing Out of State

Feb 28Bruce Benes

For many construction and retail businesses, the prospect of expanding through out of state activities poses a glimmering opportunity.  But take time to research.  Out of state business adds a number of complex challenges. Employment:  Most states outside of Texas have a state income tax.  Be aware that if you employ others with an address in that state, you will likely be required to register in that state, file regular unemployment and income tax returns.  Regardless if you have a

Jan 30Bruce Benes

11 Ideas for Growing a Fort Worth Business

Jan 30Bruce Benes

Need ideas on ways to expand your business? Look at offering new products or your existing products or services to these growing industry segments. Adapting your products or services may take some planning, financial models or adding some technical resources, but it may position you well for the next economic wave. This article from Inc. has some great ideas and links. See Inc Magazine “11 Business Opportunities by Industry” by Darren Dahl.

Jan 15Bruce Benes

Making the Game of Work

Jan 15Bruce Benes

A key element in planning and understanding your business is measurement. Each month as owner, you get the scorecard of profitability. Helping the organization understand how their actions impact that profitability requires analysis, measurement and communication. Most likely, as the founder of the business you have a gut sense of what works in the business and what doesn’t. Take that gut feel, and try to put it into actual measurement. Remember, as businesses grow or shrink, those relationships can change.

Nov 11Bruce Benes

Construction Sales Tax in Texas

Nov 11Bruce Benes
Construction Sales Tax Picture

The complexity of various construction sales tax regulations makes tracking sales tax difficult and cumbersome.  However, the liability remains and states and local tax authorities are aggressive in auditing large construction projects due to the relative ease of collecting additional tax revenue.  Properly set-up, an accounting system should track all aspects of the construction sales tax.  In addition, the contracts and billing needs to follow certain protocols to avoid creating additional liabilities. Construction Sales Tax Liability Different sales tax rules apply

Oct 30Bruce Benes

Obamacare Hurts the Core of America

Oct 30Bruce Benes

Make no mistake, Obamacare hurts the core employers of America.  How so? First, large employers are exempt from some of the rules.  Large employers with over 100 FTE’s are exempt from many of the regulations regarding what is considered “Essential Health Benefits.”  Thus the larger employers will have the ability to offer health plans that may provide less benefits than small employers will be required to purchase.  This translates into a potential cost advantage and can crimp margins of small

Oct 15Bruce Benes

Part Time Employees and Obamacare

Oct 15Bruce Benes

So if you think the because you hire part-time workers, you will not have to worry about Obamacare regulations?  Time to think again. As a refresher, remember Obamacare pertains to any business with 50 or more full time equivalent employees (FTE) .  One of those employees will need to get a subsidy before the employer’s tax penalty kicks in. So imagine you have primarily part-time staff, like many retailers.  How will those part time employees be counted in the calculation? 

Sep 30Bruce Benes

Planning for Obamacare…

Sep 30Bruce Benes

In 2014, the law kicks in:  individuals will be required to have a qualified health insurance plan covering the essential health benefits.  Employers with 50 or more full time equivalent employees are subject to a tax/penalty if one or more of the employees receive a government health insurance subsidy in order to purchase health insurance on the individual exchanges.  If no employee purchases insurance on an exchange with subsidy assistance, there is no tax/penalty imposed on the employer.  For a

Sep 25Bruce Benes

Health Care Reform Impact on Fort Worth Businesses

Sep 25Bruce Benes

There is little doubt that the health care landscape is changing.  Recently, I was able to attend a seminar on the health care changes and the impact on small business.  While there is still much to be determined, there are a number of changes that have an immediate impact, and some that require some future planning. First, a bit of history of what’s changed.  The health care act has brought about some changes including brand name drug tax, tanning tax,

Jun 3Bruce Benes

Getting that Bank Loan in Fort Worth

Jun 3Bruce Benes

Having recently worked with clients on closing two new lines of credit, some term debt and renewals on three other lines of credit, I found this article provides a simple overview of the process.  Businesses are usually great at selling their products and services and need to apply the same skills in presenting their financial plans and results during the loan process.   If you know someone who may need some help in financing their business, please let me know or

May 9Bruce Benes

Building a sales team

May 9Bruce Benes

Building a business with an effective exit strategy requires an established sales team.  If the owner is the primary sales force, then a buyer is more likely to require a high earn out as a portion of the purchase price in order to help insure an effective transition.  By creating a sales staff, the sales process can be validated and sales can exist in absence of the owner.  A good rule is to have more than one salesman to foster

Jul 27Bruce Benes

B2B CFO Sponsors “Getting to the Next Level – A Business Plan Competition”

Jul 27Bruce Benes

Tonight was the second training session for competitors in the “Getting to the Next Level – A Business Plan Competition” presented by the Fort Worth Business Assistance Center and The Neeley School of Business at TCU amongst others. B2B CFO is also sponsoring the awards and will provide assistance to the winner by helping them implement their business plan. Contestants have submitted business plans and these have been culled down to the top 5. Tonight, there was a training session

Jul 23Bruce Benes

B2B CFO Partners Sponsor ACG 6th Annual Wine Tasting

Jul 23Bruce Benes

The Dallas Fort Worth partners are sponsors of the Association for Corporate Growth (ACG) 6th Annual Wine Tasting event on August 25, 2011.  The event brings together over 600 leaders from corporations, private equity, finance, and professional service firms. They recognize the multiple benefits of networking within an influential community of executives growing public and private companies worldwide.

Jul 18Bruce Benes

Exit Strategies and B2B CFO Interviewed by Morningstar

Jul 18Bruce Benes

Morningstar, known as the leader in independent investment research in North America, Europe, Australia, and Asia, Morningstar offers data on approximately 390,000 investment offerings along with real-time global market data. Morningstar also offers investment management services and has nearly $140 billion in assets under advisement and management as of March 31, 2011. The company has operations in 26 countries. Recently, B2B CFO® founder Jerry Mills was interviewed by Morningstar’s editor on the subject of exit strategies and the importance of