Retail Practice Group

CASH IS KING:
EFFECTIVELY MANAGING CASH FLOW
FOR RETAILERS
Authors

John Mellage, CPA

David Calotta, CPA
Harold sobel, cpa
Summer 2014

Abstract
The goals of the authors of this white paper are to define cash flow and then specifically
address its impact on retailers of all sizes. Using accounting principles as a basis for the
discussion, they use real world examples and relevant situations to demonstrate the
importance of predicting and managing the flow of cash, most specifically for retailers.
 Retail Practice Group
Cash is King: Effectively Managing Cash Flow for Retailers

Table of Contents

1. What is Cash Flow and Why Does It Matter?..................................1-2

2. How Do You Measure and Manage Cash Flow?..............……………..3-7

3. Three Types of Cash Flow …………………………….……………………………..8-10

4. What are the Implications of Cash Flow on Retailers? ……………….11-12

5. Citations ……………………………..…………………………………………………….13-14

6. About the Retail Team ………………………………………………………………15-17

7. About Sobel & Co.’s Retail Practice Group ………………………………….18

 Retail Practice Group
Cash is King: Effectively Managing Cash Flow for Retailers

1. What is Cash flow and why does it

matter?

“Cash is king” – we have all heard this maxim many times. But what does it
mean, and how does it apply to modern retailers? In short, it means that the
most important financial questions about a business all start and end with cash.

Cash in a business is considered in the framework of three questions: 1) how

much cash do we have, 2) where is our cash coming from, and 3) where is our
cash going. The answer to each of these questions underpins the financial
management of a retail business. A retail operator will ignore the firm’s cash
position at his peril.

The first question, how much cash do we have, is more properly phrased “how
much cash is on hand?” The answer is very straightforward: $100, $20,000, etc.
We all intrinsically understand this from our personal lives – we check our
wallets and bank accounts to see if we can afford to buy something or if we are
able to pay our mortgage this month. A business must go through much the
same process, instead considering whether there is sufficient cash on hand to
cover payroll, vendor payments, and other obligations.

The second two questions consider “cash flow” – that is, the movement of funds
into and out of the business. In a retail setting, “Where is our cash coming from”
is really asking about customer payments – are they paying with cash or credit
card, and when are they paying on their accounts. In other words, when do
revenues become cash on hand? In certain other settings, it can also mean draws
on a revolving line of credit, equity investments, or mortgages to buy equipment
or property. These are alternatively termed “cash inflows.” “Where is our cash
going” looks at the payments that the business makes. There are many types of
payments – purchasing inventory, paying employees, maintaining common
areas, paying down debt, tax payments, and distributions to owners, for
example. These payments are also called “cash outflows.” At the intersection of
cash inflows and cash outflows lies the business’s cash on hand – what is left
after all monies are collected and obligations are paid.

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Cash is King: Effectively Managing Cash Flow for Retailers

Cash flow can be very different from profit, and as such, measuring the success
or financial position of a firm solely on profits and losses can be misleading. For
example, consider a business that is profitable, collects from its customers in 90
days, and has to pay its vendors in 30 days. This company could earn a profit, but
may find it unable to meet its liabilities because of a long cash collection cycle.
Therefore, the information in a profit and loss statement doesn’t portray the
entire picture, even though many owners prefer to measure their success by
their profits.

Academic studies over the years support what common sense tells us:
insufficient cash flow can be one of the leading causes of a business’ failure.
Equifax, the credit-reporting agency, found that bankruptcies among the
nation’s 27 million small businesses leaped by a whopping 81% between June
2008 and June 2009 when the economy plunged and cash dried up. Similarly,
the U.S. Small Business Administrations’ (SBA) statistics indicate that
although about 600,000 new small businesses are launched, on average,
every year, only about 66% will survive the first two years, 44% will survive
four years and 31% are likely to survive for seven years or more. The
management and ownership of a business can work to effectively and
efficiently manage the company’s cash position and project its future cash
flows; doing so is a highly effective management tool that can act as a
leading indicator of a liquidity crunch, allowing for time to address the
situation before it becomes dire.

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Cash is King: Effectively Managing Cash Flow for Retailers

2. How Do you measure and manage

cash flow?
Understanding the definition of cash flow is the first step in recognizing how
essential it is to any business. The good news is that there are many measures
that can be implemented to anticipate, address, and ultimately plan and manage
for positive cash flow.

For a retail business owner or CEO, the most important advice on how to
properly management cash flow is to engage in upfront planning. Failure to plan
is a leading cause of any business’ demise. You not only need to know how much
you will be spending, but on what. It is no surprise that statistics from the SBA
show that a high percentage of small businesses that file for bankruptcy have
engaged in poor, or no, cash flow planning. You need cash to meet the demands
of the company – so it is little wonder that preparation and planning can make a
major difference in success rates for entrepreneurs.

This is especially true when a business is in a robust growth mode. A company

requires positive cash flow when it expands capacity, increases inventory,
extends its product line or penetrates additional markets. The results of these
new efforts, in the form of more sales, will most likely not be felt immediately, so
there needs to be sufficient cash on hand – based on credible forecasting – to
sustain the company while these initiatives gain momentum.

Another word of caution as you begin measuring and managing your cash flow:
don’t be unrealistic in your predictions. If you plan for unreachable sales goals,
or minimize your expenses and other liabilities, you will find yourself caught in a
dangerous situation. Be honest with yourself. Hiding from reality will not
improve your cash flow, but understanding it will help you when dealing with
your vendors, customers and employees.

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Cash is King: Effectively Managing Cash Flow for Retailers

Here are some ideas that can have an important influence on the availability of
cash in the business:

• Follow a budget. If you do not have a clear and complete understanding

of every expense you need to address, you cannot manage your cash
flow. To assist with this, write and adhere to a budget. This process keeps
you focused and structured regarding the true costs of operating the
company. If the budget is complete and accurate it enables you to
account for everything, with few surprises, so you won’t be caught
saying, “where’s my cash?” at the end of the month. Seasonality
adjustments should be considered, especially in the retail world. Cyclical
purchasing (brought on by holidays, for example) is expected, but you
must also realize there will be situations beyond your control.
Unpredictable weather, catastrophic emergencies, even economic
downturns may be beyond your purview to anticipate, but with good
planning you can soften the impact.

• Encourage repeat business by rewarding loyalty. In the retail world,

customer loyalty is one key way to ensure positive cash flow. To start,
review your customer service policies. Next, invest in training your staff,
particularly the employees on the front line who must be customer-
centric. Finally, reward repeat buyers with added value. The more you
can provide incentives for them to return, the more often they will be
back and the more often they will tell their friends about you as they help
spread your reputation by word of mouth.

• Collect receivables promptly. You do not have cash until your customers
pay you. Few reports are as discouraging as an aging analysis that
demonstrates 90-150 days of receivables on your books. Georgia
Solotoff, owner of PIP Printing in Livingston bills her customers twice
monthly. In addition to attaching the invoice to the finished product on
delivery, she sends a copy of the invoice two weeks later. This not only
has really accelerated collections but it keeps the company name in front
of customers with more frequency. What started as a way to improve
cash flow also has a marketing component to it. As the business matured,
Georgia worried about how long it was taking to collect on her credit
sales. Today she reviews the accounts receivable aging twice per month
so she has a better handle on the details and is able to stay on top of her
collections. Unlike most business owners who are uncomfortable making
collections calls, Georgia knows she needs to be proactive on the phone,

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keeping after the customers who are holding up her cash flow. If this is
difficult for you, there are reputable companies that specialize in
handling collections calls professionally and sensitively on your behalf.

While not all retailers maintain customer accounts in this day and age,
many retailers maintain a different type of account receivable:
credit/debit cards. Electronic payments are a great tool to accelerate
cash collection, but like any other facet of a business, they must be
reviewed periodically. Because not all credit card processors are the
same, it is important to ensure that your business has the best
agreement possible with the vendor. The most crucial features of a credit
card processing agreement are the fees charged on each transaction
(which can range from 1% to 4%) and how quickly after the transaction
occurs the business receives its cash. Some payment processors offer
deposits as quickly as the next day.

Despite the emphasis on generating cash, your customers may ask you to
extend payment terms to them in much the same way that you may
attempt to work with your suppliers to defer your payments. When this
occurs, spend time with the customers who you trust and value; help
them, if you can, by agreeing to make arrangements for delayed
payments. The problem with these types of accommodations is that it
slows down the flow of cash into your company. But just as some of your
vendors will make special arrangements for you – because it is a sensible
business decision – you can offer special terms to your customers under
the appropriate conditions. However, overall, your goal is to encourage
customers to pay as quickly as possible. One popular idea is to offer
discounts to reward early payment or offer prepay terms on preordered
products, thereby giving them a discount that you can afford in order to
increase cash on hand.

• Manage inventory carefully. As the retired CEO of a grocery store chain

noted recently, “Imagine the impact on our cash flow when the goods
we’ve paid the supplier for remain sitting on the shelves.” In other words,
understanding and managing your inventory is critical to your cash flow
and, ultimately, to your company’s profitability. When all is said and
done, you need to invest in products that your customers want to
purchase. With perhaps 70% or more of your cash tied up in inventory,
you need to make careful choices about how to stock your shelves. There
is always a new product, an exciting innovative offering, and a broader

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assortment, but, if you are not careful, you will quickly acquire excess
inventory. This can lead to markdowns and deep discounts as you
struggle to clear the shelves, regardless of the cost to you, to make room
for the next shipment and to generate some cash flow.

Accurate and insightful planning is an important ingredient for good

inventory control as is studying reports on inventory movement from
previous months or years and remaining alert to trends in the industry by
attending trade association meetings or reading trade publications. All
these can help you make educated decisions. Paying attention to evolving
changes in your niche can keep you at the cutting edge and keep your
cash flow healthy.

• Manage payables. To use your cash wisely, you may want to take
advantage of payment terms offered by your vendors, as long as they
make sense for your company. However, use caution. Don’t make
decisions in a vacuum; don’t let the immediate benefit of deferring
payments be your only concern. Take into consideration the impact of
missing out on quick-pay discounts if you choose to delay payments.
Make decisions that will be most beneficial for the short- and long-run
whenever possible.

No matter what, talk to your vendors, concentrating your efforts on

building meaningful relationships rather than being caught up in the
details of the transaction. Ask them what they are seeing in the industry,
talk to them about your situation. Don’t consider their pricing as the only
factor in using their products. Identify ways that you can help each other
as ‘partners’ and explore flexible and innovative options that make sense
for both of you.

• Encourage electronic payments. Consider encouraging your customers to

pay using a credit card. This benefits you by dramatically reducing cash
collection time (sometimes as quickly as the next business day) while still
allowing your customer time before their bill comes due. Technology has
made accepting credit cards trivial; some of the new credit card readers,
which easily attach to iPhones and iPads, enable customers to quickly and
effortlessly pay for items without requiring a significant, upfront
investment from your business. However, be cognizant of the cost of
accepting credit cards before making this decision; processing fees can
range from 1% to 4% of the transaction.

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• Understand financing needs. It is nearly impossible to run a retail

operation without some form of financing arrangement in place. A typical
financing arrangement that many retailers maintain is a credit line. There
are going to be times when there are seasonal dips where direct cash
flow from collections may not be enough. And in order to cover payroll
and other related operational costs, it is necessary to have short-term
debt arrangement in place. But drawing on a credit line should generally
be a short-term need. Businesses need to be careful about financing
growth and consider interest rates and bank fees when forecasting both
short- and long-term cash flow positions. This leads into the next types of
financing arrangements - mortgage and notes payable. Generally
speaking, businesses do not have the upfront cash to purchase inventory
as well as the equipment and fixed assets needed to run the operation.
As a result, entering into mortgage and note payable arrangements, due
to purchases of fixed assets, is almost a necessity to sustain operations
and/or continue increased growth.

The message here is clear: the ability to manage cash flow is significantly
improved when you have a plan. The more accurately you can predict your
circumstances, the more prepared you will be and the better your position
for success. By having timely access to financial reports, you will quickly be
made aware of any problems or trouble areas. This allows you to put
procedures in place that can avert trouble or, at the very least, have time to
react before the situation gets completely out of hand.

All of the suggestions listed here are based on implementing them in tandem
with other critical information you have available. You need to work closely
with your business advisors, talk to trusted suppliers and other business
colleagues as well so that you can create the best solutions and implement
those initiatives that will be effective for your unique situation given your
company’s life cycle phase, resources, philosophy and history. Seamlessly
integrating all the data should help you arrive at good business decisions
regarding positive cash flow.

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 Retail Practice Group
Cash is King: Effectively Managing Cash Flow for Retailers

3. Three types of cash flow

There are three different types of cash flow: operating, investing, and
financing. Operating cash flow represents the cash generated or expended in
pursuit of a business’s mission; for a retailer, it is the amount of cash flow
that comes from buying and selling inventory. Investing cash flow is the
amount of cash spent to support the business; the largest component for a
retailer is the purchase of equipment. Finally, financing cash flow is the cash
flow result of borrowing arrangements or transactions with owners; that is,
the receipt of cash from a loan, payments on a loan, or distributions to
ownership.

When managing cash flow, it is important to recognize the difference

between the different types of cash flow. For instance, while it may be
feasible to improve the cash position by delaying expenditures for new
equipment, it may not be feasible to delay payment to vendors to accomplish
the same goal.

The financial statements of a business reflect the company’s cash flows

through the cash flows statement. The cash flows statement is broken into
operating, investing, and financing sections and shows, in detail, what
occurred that affected the company’s cash position.

The statement itself is only as helpful as the interpretation behind the

numbers. While the cash flow statement provides an overview of the
changes in cash for a specified period, there are many cash flow factors that
will not be immediately discernable through its review. Keep in mind that it is
a historical overview and not a forecast of future cash flows. The review of
the cash flows statement may show key indicators of cash flow factors to
focus on when taking a proactive approach for a better future. Some of the
following factors typically need to be addressed when looking to improve
cash flows:

• Fixed and variable costs. Fixed costs are those not associated with the
sales or production of the products. These typically include rent, utilities,
insurance, real estate taxes, and administrative salaries. Variable costs
include those costs directly associated with the sales and production of
the products. These typically include costs directly related to inventory,
shipping, and direct labor. When looking to improve overall cash flow,
questions can be raised in order to control these costs including:

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Cash is King: Effectively Managing Cash Flow for Retailers

 Are we maximizing capacity at our locations? Do we need all of

the space that we currently own/rent? There may be opportunity
to renegotiate lease terms and/or downsize based on the current
needs of the company.
 Are all of the functions of each employee being utilized
productively? Are multiple employees performing the job that
one employee can complete?

• Equipment purchasing. Depending upon the type of retail operation that

you are running, equipment purchasing may be a significant part of your
business. This is especially evident in the supermarket arena. While
making large capital purchases to invest in the business may seem like a
necessary step, it takes careful consideration in analyzing the return on
investment that is expected to be generated from the purchase. Major
considerations include the following:

 How much financing will I need, if any?

 What are future cash flow implications based on the length of the
financing agreement and applicable interest rate?
 If financed, will there be covenants that the company will need to
comply with?

Depreciation is another critical factor to consider. Over the past several

years, there have been several changes to allowable depreciation that
have been favorable to the taxpayer. These include allowable bonus
depreciation and higher IRS section 179 deduction limits.

If you know that tax rates are going up in the following year, it may make
sense to delay a large purchase in order to apply the related depreciation
expense against a higher tax rate, effectively resulting in a better benefit.
The same is true for taking advantage of allowable bonus depreciation
and section 179 deduction limits. If there are expiring provisions in the
following year, it may make sense to make the purchase in the current
year. Each and every scenario is going to be unique, and current cash
flow will be the critical driver. Timing your capital purchases can translate
into very significant tax savings and positive future cash flows.

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Money float. As noted previously, the overall strategy for nearly all
companies is to effectively delay payments on your payables and speed up
collections on your receivables. By extending these two periods out, you are
not only able to maintain more cash on hand, but continue to earn interest
on that money as well. We all know that this is not always an easy task, but
when you consider the significant dollars being collected and paid on a
regular basis, the interest that can be accumulated by extending payables
and speeding up receivables by a few days on a consistent basis throughout a
given year can become substantial.

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Cash is King: Effectively Managing Cash Flow for Retailers

4. What are the implication of cash

flow on retailers?

Retailers, whether brick and mortar or online, know that cash is king. Cash flow
is at the heart of the retail world. Without cash, there can be nothing on the
shelves, no advertising, no facility, and no employees. Without cash, as Ted
Hurlbut wrote in his blog, Cash Flow, the Lifeblood of Every Independent Retailer,
“When cash flow is positive, there is a tomorrow. When cash flow is negative
there’s an abyss.”

Cash flow is essential to any business. But it is even more important for retailers
because of their reliance on major expenditures, such as inventory, employees
and operations as well as the impact of both planned and unexpected
fluctuations. For instance, a building contractor can prepare for a decrease in
cash flow during the winter months when construction slows, finding other ways
to manage and spread out expenses. But an unusual and unexpected warm spell
during Christmas when the stores are stocked with cashmere sweaters can all
but destroy the retailer who has no chance to react. The same thing can happen
if a sudden prolonged cold snap forces people indoors and, therefore, out of
restaurants, malls and movie theaters. Or maybe the retailer did not have the
vision to purchase enough of that new product that is suddenly in high demand.
Unsatisfied customers may go elsewhere to make the purchase. Any of these
things can, and do, happen with great frequency, creating cash flow challenges
for every retailer.

Retail owners need to recognize that 80% of sales generate from 20% of
inventory. It is great to experience high sales volume that occurs from the 20% of
inventory that is “hot” today. But the important question is, why is the remaining
80% of inventory, which is clogging the shelves and racks, only producing 20% of
the store’s sales? In “Talking Cash Flow Blues,” Inc. Magazine warns retailers to
avoid what it calls assortment creep, the desire to offer every possible product
that the customer might want. Instead, the experts say, guard your cash – buy
and ship inventory as close to the time of sale as possible - and keep a close eye
on your own sales forecast. This quantitative report can make or break you, so
be sure the forecast is realistic and relevant. Gather data by listening carefully to
your sales staff and to your customers before you build up your inventory.

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Inc. Magazine also reminds readers how important it is to stay focused. You
know your core mission. Do not be tempted to stray too far from what you do
well, from what you are known for, and from doing what is most profitable for
you.

Financial discipline is of great importance to retailers. Successful owners and

managers rely on return on investment (ROI) to remain healthy, and expansion is
a component of growth, as is return on total assets and return on invested
capital. But positive cash flow is the foundation that supports and sustains the
retailer. If the business runs out of cash and cannot secure new financing, it will
dissolve.

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5. Citations

Some of the information shared in this white paper was drawn from
information researched at the following sites:

“Example of a Retail Store Cash Flow Statement.” Chirantan Basu,

Demand Media. Smallbusiness.chron.com

“How to Manage Cash Flow.”

http://www.inc.com/encyclopedia/cashflow.html.

“Managing Your Cash Flow as an Online Retailer.” Sirena Bergman, The

Guardian.com. October 22, 2013.

“Innovation in Managing Cash Flow.” Matthew Jenkin, Guardian

Professional. August 15, 2013.

“Five Ways to Keep Cash Flow Pumping.” Brad Sugars, Entrepreneur.com.

“Cash Flow: Its Effects on Business and Different Sectors of the

Economy.” www.finpacific.com/statistics for cash flow management.

“Coping with a Cash Crunch: How to Put Your Retail Business on Sound
Financial Footing.” Outcalt & Johnson: Retail Strategists, LLC.

“Talking Cash Flow Blues: Inventory Management.” Inc. Magazine.

http://www.Inc.com/resources/retail/articles/cashflow.

“Cash Flow Forecasting.” www.business.vic.gov.au.

“Six Tips for Managing Retail Business Expenses.” Ted Hurlbut, All Things
Retail. Sept. 2013.

“Cash Flow, the Lifeblood of Every Independent Retailer.” Ted Hurlbut, All
Things Retail. May 2010.

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“Cash Flow Statement.” Small Business Encyclopedia.

http://www.entrepreneur.com/encyclopedia/cash-flow-statement

“Cash Flow Indicator Ratios: Operating Cash Flow/Sales Ratio.” Richard

Loth, www.invetsopedia.com.

“How to Better Manage Your Cash Flow.” www.entrepreneur.com.

“Financial Accounting - A Decision-Making Approach, 2nd Edition.” John

Wiley and Sons, Inc.

Special thanks to Georgia Solotoff, owner, PIP Printing and Eileen Scott
for sharing their insights and ideas.

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Cash is King: Effectively Managing Cash Flow for Retailers

6. About the retail team members

John R. Mellage, CPA, Audit Manager

John Mellage, an Audit Manager at Sobel & Co., brings extensive experience
working with middle market family owned and privately held businesses in the
areas of audit, taxation, financial statement analysis, as well as business
consulting. While specializing in the areas of retail, manufacturing and
distribution and not-for-profit, John has expertise across a variety of industries.
His real-world knowledge helps clients ensure they are in compliance with
related industry requirements. He also performs highly specialized not-for-profit
engagements including Yellowbook and A-133 audits

Over the years John’s clients have valued his guidance and counsel as he has
assumed the role of their trusted business advisor. As such, he is actively
involved in helping his clients with short and long term strategic business
planning, tax planning and compliance, succession and transition planning cash
flow management, and budgeting to name a few areas where his insights are
most needed.

John is a Certified Public Accountant in New Jersey, and holds a Bachelor of

Science of degree from Fordham University. He is also a member of the
American Institute of Certified Public Accountants (AICPA) and the New Jersey
Society of Certified Public Accountants (NJCPA).

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Cash is King: Effectively Managing Cash Flow for Retailers

David Calotta, CPA, Manager

David Calotta joined Sobel & Co. in July 2011, after graduating from Ramapo
College in New Jersey in 2008 where he earned a Bachelor of Science degree in
Accounting. He went through the ranks at the firm, quickly advancing from
senior level to manager because of his knowledge and technical competencies,
his values, and his strong sense of responsibility and accountability. His proactive
approach to client care and his technical skills in accounting make him a favorite
at the firm and with the clients.

Dave works across a range of industry sectors but has begun to develop a
specialty in the retail sector, serving as one of the mentors in this practice group
while working to educate other staff members on the constantly changing and
evolving trends in this niche.

He draws on his industry experience to add value for Sobel & Co.’s retail clients
in areas including financial statement audits, tax return preparation, cash flow
projections, tax projections, and internal controls. Dave leads the firm’s new hire
training program and he is actively building meaningful relationships in the New
Jersey business community.

A member of the New Jersey CPA Society (NJSCPA) and the American Institute of
CPAs, Dave earned his CPA license in May 2011. He has written articles for the
NJSCPA Newsletter, Tomorrows CPA, and over the last five years his
contributions to the firm and to the business community have been recognized,
resulting in his being included on the prestigious NJSCPA “30 under 30” list in
2011.

Outside of work, Dave enjoys spending time training for endurance events as
well as hiking and kayaking with his wife, Danielle, and his dog, Tucker.

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Harold R. Sobel, CPA, Member of Firm

Harold Sobel, Member of the Firm of Sobel & Co., is highly regarded for his skills
as a business advisor. Harold has developed expertise in the area of closely held
business planning, including budgeting, cash flow management, forecasting and
succession planning. Harold also has considerable experience advising clients on
personal financial planning.

Harold is actively involved in consulting to the retail industry, especially to retail

chains in the supermarket niche on cash management, inventory management,
budgeting, LIFO Accounting, and special depreciation issues.

Harold Sobel is a Certified Public Accountant in the State of New Jersey. He is a

member of the American Institute of Certified Public Accountants and the New
Jersey Society of Certified Public Accountants. Harold is an active member of the
New Jersey Retail Merchants Association and the New Jersey Food Council. He is
also a frequent speaker on various aspects of financial reporting and has been
interviewed several times for national supermarket magazines.

In addition, Harold serves as treasurer of Hilltop Country Day School, a non-profit

independent school.

Harold is a graduate of Bentley University in Massachusetts, where he received a

Bachelor of Science Degree in Accountancy.

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7. About sobel & co.’s retail

practice group

Sobel & Co., a regional public accounting and consulting firm located in
Livingston, NJ, has been adding value to the area’s business community since
1956! Our retail clients benefit from the depth of experience of the professionals
in the Retail Industry Services Group. This team offers real world experience
gained from working with clients who’s assets range from $5 million to $350
million, across a range of sub-niches from grocery store chains to drug store
chains to apparel stores.

This expertise enables us to work closely with clients, earning their trust and
delivering exactly the scope of services that they find most relevant. Our team is
involved in several industry trade associations and is knowledgeable about the
trends and changes that are impacting our clients in this sector.

At our clients’ suggestion, and working in tandem with them, our Retail Industry
Services Group offers traditional auditing, accounting, tax and business
consulting along with:

• Cash flow management

• Consulting services
• Financing alternatives
• Forensic accounting/Litigation support
• Fraud vulnerability studies
• LIFO inventory
• New site valuation
• Cost segregation analyses

For more than 55 years Sobel & Co. has served the retail sector with
experience, business acumen, technical skills and a dedication to
understanding the unique situations facing retailers in a constantly changing
business climate.

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