Fall 2006 issue of Horizons

John Herber Managing Partner

Welcome

For business owners, managers and investors, the business climate is a very competitive environment. As business owners, we are challenged with making decisions on business initiatives that enhance and build value and in time pass on to succeeding generations. As managers, we look to create value through the processes and operations we manage to meet our projections. Finally, as investors, we look for visionary com- panies with a track record of success or those gems buried in unglam- orous and forgotten industries that are ready for a period of growth and expansion. In this issue, we try to define company value. Where do we look for it, how do we define it, what is the basis we use to identify opportunities for profit and continued business growth? We also want to look at various aspects of a business today and offer ideas of improving business value. I invite you to read this publication and offer us your feedback. Our goal is always to build value for our clients and friends. We hope to hear from you - john.herber@rubinbrown.com . Pleasant reading.

St. Louis office RubinBrown

One North Brentwood St. Louis, MO 63105

Kansas City office RubinBrown 9300 West 110 th St. Ste. 600 Overland Park, KS 66210

ii • summer 2006 issue