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Cbiz: An Annuity-like Cash Flow Machine

Want to Make Money in Real Estate? Understand Returns

In terms of downside, there isn't much protection from the balance sheet perspective given the main asset here is CBIZ 5,200 employee workforce and client relationships. To that end, one potentially large negative catalyst has been removed after CBIZ announced it had agreed to terms on a new 5-year contract with its largest client, Edward Jones, which makes up less than 3% of CBIZ's revenue base. Because Edward Jones represents a small fraction of CBIZ' book of business, it also indicates that CBIZ has a diverse client base which should provide downside protection in the event of a broad economic decline, and therefore, a richer valuation multiple to account for CBIZ expansive client list which de-risks the business. Finally, CBIZ targets clients that generate between $5 to $200 million in revenue annually. Therefore, it serves a market segment that is generally overlooked by the Big Four and other large national accounting firms who seek to serve mega corporations. As a result, CBIZ' main competitors are smaller, local and regional CPA firms which it actively seeks to acquire via M&A activity.

Perry County borrows $200,000 to help cash flow

Each monthly mortgage payment pays the accrued interest, plus a little bit of the outstanding principal of the mortgage. That principal is pure investment return and it can really super-size your returns. However, principal pay down does not provide cash flow, so it can't help pay the bills if you need money for a plumber, electrician or handyman. While all the investment returns may help your long-term wealth, the cash flow component is the most important.

"They (bills) came in sooner than we thought," Perry County Board of Commissioners Chairman Robert Kelly said. "We had it in the budget, but we didn't think it would come to us this quick." The unexpected bills included insurance payments and a vehicle purchase. The 1.4 percent interest loan was received from First National Bank in Pinckneyville. By law, the loan must be paid back with the first disbursement of real estate taxes around September. The loan amount is more than the visit website board needs at the moment, but it hopes the amount will prevent the county from having to take out another loan before the end of the fiscal year. "This will carry us through," Kelly said.

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