Q 3 2 0 1 9 C O M PA N Y U P D AT E
WHAT’S NEXT
C U S H M A N & WA K E F I E L D | T H A L H I M E R
FROM THE DESK OF
LEE WARFIELD
2019 YEAR-TO-DATE We’ve had a great first half of the year. Through July, Thalhimer’s overall gross revenue is 4% above budget and our profits exceeded budget by 13%. The operating groups are driving revenue in the door. The company is operating efficiently and maintaining a healthy profit ratio. Brokerage, led by the Richmond office, provided a big chunk of our income. Thalhimer Realty Partners, CPM and RPS continue to grow and are ahead of their individual budgets. We are forecasting a solid second half of the year. All indications are that we will out perform our financial goals and 2019 will be a great year for the company. The lawsuit is behind us with the recent settlement and dismissal of the case. We are working our way through the financial obligations Thalhimer inherited from the construction subsidiary. Through negotiation of very favorable financing terms, we’ve mitigated the negative impact to the company. It’s great to put these matters behind us and move on with a clear focus on our future success. We should all be proud that our company has thrived in the face of adversity. Thalhimer is rock solid thanks to your tenacity.
THALHIMER GIVES Second quarter of 2019 has been full of Thalhimer Gives activities in multiple markets. We thank you for continuing to donate your time, money, and supplies to worthy organizations in our local communities. It’s a great reflection on our company. Keep up the great work!
PTO Effective Jan. 1, 2020, all non-brokerage associates will be upgraded to a PTO (paid time off) plan that will combine paid vacation and sick time. PTO provides greater flexibility on how you schedule your time away from the office. More details to come soon!
ESOP We will be scheduling our annual company-wide ESOP meetings in late October where we will also provide a more detailed financial update. Stay tuned.
LABOR DAY WEEKEND I hope you enjoy time with family and friends on the last long weekend of summer! T H A N K S F O R A L L YO U D O,
L E E WA R F I E L D , C E O
