Mayor Adams, Department of Small Business Services Announce new Initiative to Equitably Grow Cannabi

Mayor Adams, Department of Small Business Services Announce new Initiative to Equitably Grow Cannabi

August 22, 2022

Video offered at: https://youtu.be/jIS7gfvd0-U

Very first-of-Its-Kind Initiative Offers Business enterprise Help to Justice-Included New Yorkers Forward of Condition Opening Hashish Retail License Purposes

Applicants Inspired to Call 888-SBS-4NYC or Go to Cannabis NYC On the net for Aid

NEW YORK — New York Metropolis Mayor Eric Adams and New York Metropolis Section of Tiny Enterprise Products and services (SBS) Commissioner Kevin D. Kim currently declared the launch of Cannabis NYC, a to start with-of-its-kind initiative and suite of expert services to help the equitable development of the cannabis sector in New York Town — a essential pillar of Mayor Adams’ Blueprint for New York City’s Economic Restoration. Housed at SBS, Hashish NYC will support hashish business owners and their workers as the industry develops. The initiative will work with business stakeholders to produce great positions, prosperous compact businesses, and sustainable economic options, when also addressing the harms of hashish prohibition. Cannabis NYC solutions will also contain the city’s 1st-at any time technological support for cannabis license candidates, as effectively as other organization solutions to just take business people outside of licensing to a flourishing procedure.

“Today, we light-weight up our financial system and start Cannabis NYC — a first-of-its-kind initiative to guidance equitable advancement of the cannabis field in New York Town,” claimed Mayor Adams. “The controlled adult-use hashish industry is a when-in-a-technology chance for our underserved communities that have, for as well extended, faced disproportionate charges of drug-similar incarceration to get in on the sector on the floor floor. Hashish NYC will plant the seeds for the overall economy of tomorrow by supporting New Yorkers apply for licenses and understand how to open up and successfully run a business enterprise, even though concurrently rolling equity into our economic climate by supplying those people who have been justice-concerned and individuals with a hashish conviction a possibility to do well. This is about producing good work, profitable little corporations, and lastly delivering fairness to communities harmed by the ‘War on Medications.’”

“Whether you are intrigued in opening up a hashish dispensary or in the several other enterprise and work alternatives that will soon be available, Hashish NYC is prepared to aid you get to get the job done,” stated Deputy Mayor for Financial and Workforce Improvement Maria Torres-Springer. “With a meaningful concentration on fairness, Hashish NYC will assistance force our town toward a robust financial restoration with new and higher-shelling out work opportunities and hundreds of millions in earnings to be reinvested in people communities most harmed by the ‘War on Drugs’ and the existing pandemic.” 

“Cannabis NYC is ready to help New Yorkers do well in this budding field,” mentioned SBS Commissioner Kim. “New York Town and state will do the job hand-in-hand to supply on our shared social equity objectives, help the transition of legacy operators to the legal current market, and transform the page on the ‘War on Prescription drugs.’”

“For generations, communities of coloration across our city have skilled the compounding social and economic impacts of the ‘War on Prescription drugs.’ The close of prohibition and the emerging New York hashish marketplace opens avenues for modify and prosperity,” said Mayor’s Place of work of Equity Commissioner Sideya Sherman. “Getting commenced is the 1st step. With Hashish NYC, New Yorkers now have a 1-halt shop for navigating the licensing approach, obtain to no-expense providers, and ongoing aid as the marketplace proceeds to evolve. We’re enthusiastic for this new chapter and what it signifies for these persons and communities most harmed.”

“New York Town Financial Improvement Corporation is happy to do the job with our metropolis and point out partners to build an equitable adult-use hashish industry in New York,” claimed New York Town Financial Improvement Corporation President and CEO Andrew Kimball. “Cannabis NYC will assistance firms and our nearby economies by career generation, though prioritizing financial commitment in communities of shade and supporting these who have been most adversely impacted by hashish enforcement.”
Today’s announcement arrives in advance of the opening of the state’s initially-ever cannabis retail dispensary license application afterwards this week and developments a crucial plank of Mayor Adams’ financial restoration strategy, which phone calls for a partnership with point out and neighborhood leaders to make the nation’s most equitable hashish business.”

“This administration is dedicated to putting equity at the heart of the new lawful cannabis industry, which is why the Mayor’s Office environment of Felony Justice is committed to working with our partners at SBS to educate New Yorkers together the public safety continuum on collaborating in the field,” said Deanna Logan, director, Mayor’s Business of Prison Justice. “We look ahead to performing in partnership with our sister agencies to remedy some of the negative effect of past cannabis plan.”

“The introduction of lawful cannabis revenue and use in New York brings in a new era of fairness and fairness with welcomed economic and social option for all,” said Ariel Palitz, govt director, Business of Nightlife at the Mayor’s Business of Media and Amusement.

The very first period of Hashish NYC will target on ensuring that justice concerned New Yorkers are able to implement for and protected retail licenses from the condition. As legal cannabis businesses open their doors in the coming yrs, the initiative will broaden to incorporate a wide suite of business and complex aid expert services tailored to the marketplace, as well as networking chances and efforts to establish Cannabis NYC as a worldwide model. The metropolis is also checking out how to ideal hook up hashish entrepreneurs who may possibly struggle to access standard company cash with money assistance.

Not only will Cannabis NYC raise the city’s economic climate and give New Yorkers with new position opportunities, but it will also do so while addressing the harm accomplished to Black and Brown communities in the course of hashish prohibition. The envisioned size of New York City’s rising controlled grownup-use cannabis will be historic, with estimates of up to $1.3 billion in sales by 2023, and between 19,000-24,000 employment produced above the future 3 a long time.

About the next thirty day period, New York State’s Office environment of Hashish Management will settle for apps for Conditional Grownup-Use Retail Dispensary (CAURD) licenses to be distributed to qualifying corporations owned by justice-concerned people or their father or mother, lawful guardian, boy or girl, wife or husband, or dependent. CAURD licensees will be positioned to be the first legal hashish stores open in the condition, setting an equitable foundation for the grownup-use hashish market from the outset.

To progress the state’s formidable equity goals and assist New Yorkers intrigued in implementing for CAURD licenses, Hashish NYC will provide:

  • Application Guidance: Answer concerns about CAURD software demands, keep academic webinars, and get the job done with license applicants to comprehensive the software in the course of the month-long software interval from August 25, 2022 – September 26, 2022.
    • Help Past the License: Join aspiring hashish business owners to no-price tag providers, along with specialized aid, to guidance effective companies.
  • Lengthy-Term Business Help: Increase programming as the sector grows to join New Yorkers to excellent careers and create robust businesses in the cannabis market, as nicely as ancillary industries that do not “touch the plant.”

New Yorkers can find out additional about Hashish NYC on the internet or by calling 888-SBS-4NYC (888-727-4692).

“I applaud Mayor Adams and his administration for establishing this initiative,” claimed New York Condition Senator Diane Savino. “Building on our operate in Albany, building the professional medical cannabis method, and now the birth of grownup use will be challenging for a lot of. It is vitally critical that we assist business people navigate the course of action and stand up the lawful controlled marketplace and send the information that we will not ignore the illicit sector.”

“When New York legalized cannabis, we wished to do it suitable,” claimed New York Point out Senator Brad Hoylman. “The very long-awaited rollout of our restorative and neighborhood justice-centered cannabis licensing program will prioritize communities of shade and help fund public colleges. I applaud Mayor Adams and Commissioner Kim for developing Cannabis NYC to assistance corporations via this fascinating new process. I appear ahead to all marijuana bought in our point out currently being legal and properly accredited, appear from New York growers, and taxed accordingly.”

“The passage of the MRTA was a historic move toward justice and fixing the damage inflicted on communities of colour by decades of inequitable drug enforcement,” explained New York Point out Senator Jamaal Bailey. “I’m grateful that Cannabis NYC will make on the development made at the condition stage by prioritizing possibilities for disproportionately impacted communities to participate in the new authorized sector whilst taking crucial ways to make investments in nearby economies, develop job possibilities, and decrease limitations to access for business owners and little corporations. New Yorkers will have a vital useful resource in Hashish NYC as we keep on to develop an equitable legal cannabis field and stage the actively playing discipline for all those most impacted by the war on medication.”

“It’s excellent that Mayor Adams and Tiny Small business Companies Commissioner Kim are carrying out serious floor-level function to assistance established up sound neighborhood companies in the new grownup-use cannabis area, primarily for people today who ended up harmed by our previous criminalization of cannabis,” reported New York Condition Assemblymember Richard Gottfried. “This commonsense method should be a design for other localities.”

“I’ve witnessed my household users be arrested and prosecuted for a plant my white counterparts utilised recreationally with no repercussion,” reported New York Point out Assemblymember Chantel Jackson. “It is time to appropriate the wrongs of our failed drug enforcement process and make clear and effortless pathways for the most negatively impacted teams to profit from hashish. I assist the mayor’s determination to launch Hashish NYC, as a way to assure Black and Brown groups very own aspect of the emerging professional hashish field.”

“I am very pleased of the progress our point out proceeds to make in advancing our social fairness agenda for legacy households that had been most impacted by the marijuana prohibition,” explained New York State Assemblymember Stefani Zinerman. “Earlier this year, we passed a spending plan that involves $50 million to support the Hashish Administration Method that assists socially and economically deprived people today with developing retail hashish dispensaries. It can be good to have my hometown and the state’s greatest municipality as legitimate associates in this work. I glimpse ahead to performing with Mayor Adams and Commissioner Kim to join regional business people and cannabis practitioners to the new Cannabis NYC method. We have an option to empower the upcoming generation of hashish entrepreneurs to develop new resources of work on the neighborhood stage and economic freedom and therapeutic in the 56th Assembly District and in the course of five boroughs. This initiative will go on supporting our city’s and state’s recovery from the ravages of the pandemic that tends to make New York Town a leader in constructing an equitable and sustainable cannabis business.”

“I commend Mayor Adams for not just observing the probable economic alternatives of the hashish marketplace, but also making equity an significant pillar of that industry’s advancement in New York Town,” mentioned Brooklyn Borough President Antonio Reynoso. “Although the disproportionate impacts of drug-associated crimes we’ve professional in our Black and Brown communities simply cannot be erased, Hashish NYC will enable to accurate some of individuals generational wrongs.  Whether it is for a hashish organization or other industries, we must all be thinking of ways to bridge the inequities much too several persons in our communities face when beginning a smaller company. The only way to establish bigger and extra sustainable communities is to deliver equivalent options to all.”

“Once underground, the cannabis industry is coming into the light, and it is crucial that our borough get full advantage of the social and economic added benefits to our communities,” said Bronx Borough President Vanessa L. Gibson. “The legalization of cannabis is an possibility for us to undo the hurt prompted by decades of disproportionate mass incarceration and prosecution of Black and Hispanic New Yorkers who have endured beneath unfair drug legislation and procedures for a long time. I want to thank Mayor Adams, New York Metropolis Little Organization Solutions Commissioner Kim, and all of the advocates for prioritizing fairness and justice with the generation of Hashish NYC and I glimpse ahead to functioning with them in making certain the Bronx is a element of this important initiative.”

“The blossoming hashish market gives important socioeconomic opportunity for Queens and for New York Town,” explained Queens Borough President Donovan Richards Jr. “That is why my business has been energetic when it comes to cannabis-related outreach, and I seem forward to working with all our companions to make sure the mission of the Hashish NYC software is realized. It is vital that we create an business rooted in fairness that prioritizes communities that have prolonged felt the sting of inequitable cannabis enforcement. With these techniques introduced now, I’m self-assured our city is getting very seriously the worth of doing just that.”

“Mayor Adams’ Hashish NYC initiative is a action to restorative justice as the town is investing in marginalized communities that have been disproportionately impacted by punitive marijuana laws,” stated New York City Councilmember Julie Menin, chair, Committee on Smaller Company. “These expert services in New York City supply possibilities in an impending industry by using an equitable approach that uplifts people and the households of people who have been afflicted by former cannabis convictions.”

“Not only will Hashish NYC raise the city’s financial system and supply New Yorkers with new work options, but it will do so while addressing the damage completed to Black and Brown communities all through hashish prohibition,” said New York City Councilmember Amanda Farías, chair, Committee on Financial Growth. “The expected sizing of New York City’s emerging regulated grownup-use cannabis will be historic and will not only specifically assist our city proceed to equitably recuperate, but also assistance make sure we have a way to safe the long term of our overall economy — both of those in income and positions. This initiative is individual to my district of the Bronx and I thank Mayor Adams for his attention to individuals who have been most afflicted by the previous criminality of cannabis in this town and throughout the nation. Hashish NYC is community forward and facilities the wants of communities like mine. Thank you Mayor Eric Adams and Commissioner Kim, I glance ahead to doing the job with each other to continue to construct the nation’s most equitable cannabis sector ideal below in New York City for the men and women of New York Metropolis.”

“I applaud Mayor Adams and Commissioner Kim for committing assets that will make certain fairness and stability in the emerging hashish marketplace,” mentioned New York Town Councilmember Gale Brewer. “The Hashish NYC Initiative will assistance business people as they navigate the complexities of an evolving field that could deliver over $1 billion in sales by 2023. This is a exclusive chance to create very good spending jobs and bolster our overall economy.”

“Our metropolis and point out are on the frontier of the hashish industry and a key facet of that is supporting hiring and entrepreneurship efforts,” claimed New York City Councilmember Kamillah Hanks. “This new initiative will get the ball rolling on guaranteeing and advertising and marketing fairness in this blooming marketplace in New York. Hashish NYC will get the job done to suitable the wrongs for so a lot of group users who have fallen target to the war on medications whilst aiding and encouraging a sturdy new arm of our city’s financial restoration.”

“The state’s legalization of hashish is a incredible opportunity for New Yorkers,” reported New York City Councilmember Marjorie Velázquez. “As these, we should assure our company homeowners are nicely equipped with the essential resources to work their enterprises legally and that our community’s issues are dealt with in the method. The Hashish NYC initiative will also make it possible for additional equitable and attainable alternatives for business owners and enterprise entrepreneurs who have been impacted by the Justice method, closing the gap on the disparities confronted. I commend the mayor and his administration on this initiative and appear forward to functioning jointly.”

“The Bronx Cannabis Hub was created to provide New Yorkers most impacted by cannabis prohibition with vetted and dependable hashish providers and training, reported Cristina Buccola, co-founder, The Bronx Hashish Hub. “We look ahead to working with Mayor Adams, SBS, and Hashish NYC across our incredible city to supply on the equity objectives of New York’s hashish plan.”

“Building an equitable marketplace in New York Metropolis is no small feat and we are very pleased to stand in assist of Mayor Adams and the Hashish NYC initiative as it delivers tangible sources for these looking for to enter the hashish sector but have been historically turned away due to lack of entry,” reported Kaliko Castille, board president, Minority Cannabis Organization Association.

“As New York’s grownup-use hashish business kicks into equipment, it is essential we have associates on the community degree who share our aim of guaranteeing that this sector is just one that is equitable in chances for both possession and fantastic, union careers,” said John R. Durso, president, Nearby 338 RWDSU/UFCW. “Mayor Adams’ Hashish NYC initiative is just that — by supporting staff and business people alike, we are earning absolutely sure that this new and rising sector is one particular that will assist absolutely everyone triumph.”

“The adult-use cannabis field will be one of the biggest generators of prosperity in New York at least for the following two decades — and we must make certain that the market presents home for range, fairness, and inclusion,” said Jeffrey Garcia, co-founder, Latino Hashish Affiliation. “Thank you to Mayor Adams and SBS Commissioner Kim for utilizing the Cannabis NYC initiative to assist our communities, which have experienced significantly way too extended from the impacts of prohibition, to now advantage from legalization.”

“New York Town waits for no 1, and Mayor Adams and Commissioner Kim have taken cannabis by its root, stem, and leaf,” reported Bertha Lewis, founder and president, The Black Institute. “Through schooling, complex assistance and lawful oversight they are foremost the country in making certain that ‘social equity’ is actual and functioning. Cannabis is an marketplace and not just a nickel bag. New York condition could have no superior partners than this dynamic duo. This announcement nowadays codifies the New York Metropolis commitment to lead and be a design for the country.”

“The Harlem Company Alliance is dedicated to black economic empowerment,” said Regina Smith, government director, Harlem Small business Alliance. “As a single of the Black communities most harmed by the federal war on prescription drugs and the state’s Rockefeller guidelines, we strongly think that our men and women will have to reward economically from the legalization of the billion-greenback marijuana market. With no huge methods from the town and condition — particularly startup cash and intensive culturally-qualified, neighborhood-centered, small business advancement companies — this will not transpire. HBA is keen to work intently with the Adams administration to make sure that hundreds of effective flourishing organizations are developed to assist the economic spine of the Black community.”

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Barrett Business Services: Value In Stock Repurchase Program (NASDAQ:BBSI)

Barrett Business Services: Value In Stock Repurchase Program (NASDAQ:BBSI)

flying money

ansonsaw

Barrett Business Services (NASDAQ:BBSI) counts with expertise accumulated since 1965 and an extensive network of referrals, which will likely help enhance sales growth. Under the most optimistic case scenario that includes M&A operations and geographic expansion, my DCF model resulted in a valuation of $155 per share. In my view, even considering risks from geographic concentration of revenue in California and failure of partner agreements, the current stock price appears too low.

Barrett Business Services: Better Guidance And A Stock Repurchase Program

Barrett Business Services, Inc., offers business management solutions. With a management platform bringing knowledge from the management consulting industry and the human resource outsourcing industry, the company has been successful since 1965.

BBSI Services

Investor Presentation

Let us go straight to the point. In my view, there are two main reasons to have a look at Barrett Business now. First, management recently increased its guidance. Second, gross billings are now expected to grow at close to 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} y/y. In my view, as soon as traders have a look at the new guidance, the stock price will most likely trend north:

In light of the strong performance in the second quarter, BBSI is increasing its outlook for 2022 and now expects the following: Gross billings growth of 11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, increased from 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the prior outlook. Source: BBSI Reports Strong Second Quarter 2022 Financial Results

Besides, the company recently reported a new stock repurchase program, which will likely enhance value generation for shareholders in the coming months. We are talking about the acquisition of $75 million of stock over the next two years:

On February 28, 2022, BBSI’s board of directors approved a new stock repurchase program authorizing the Company to purchase up to $75 million of its stock over a two-year period. Source: BBSI Reports Strong Second Quarter 2022 Financial Results

Great Expectations From Other Financial Analysts

Analysts out there are quite optimistic about Barrett Business Services. They believe that net sales growth could stand at 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2022 and 7.39{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2023. In 2022 and 2023, the EBITDA margin is expected to reach 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, and the net income would grow to $49 million in 2023. These numbers made me interested in the company, and I decided to form my own opinion.

BBSI Financials

Other Investment Analysts

Let’s finally note that the average target price by the analysts stands at $107 with a high price target of $117 and a low-price target of $101. I obtained much more optimistic results.

BBSI Analyst Rating

Other Investment Analysts

Balance Sheet

As of June 30, 2022, Barrett Business Services reports $34 million in cash, $756 million in total assets, and an asset/liability ratio of 1x-2x. The company’s financial situation appears solid.

BBSI Assets Quarterly Report

Quarterly Report

Management does not report debt, which most financial advisors would appreciate. With that, long-term operation lease liabilities stand at $13 million, and accrued payroll, payroll taxes, and related benefits stand at $282 million. Long-term workers compensation claims liabilities are equal to $172 million. Let’s tell it this way, employees and workers seem to be financing part of the company’s operations.

BBSI Liabilities Quarterly Report

Quarterly Report

The Most Likely Scenario Includes 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Sales Growth And A Fair Price Close To $125

Under normal conditions, I believe that organic growth will continue to play a major role. The company knows well how to add new clients as well as design new products. Keep in mind that management counts with know-how accumulated since 1965. I also believe that in the near future, economies of scale and leverage will help enhance the free cash flow margins. These business catalysts were depicted in a recent presentation to investors.

BBSI Sales Growth

Investor Presentation

In my opinion, if the management successfully hires new business teams in existing branches, client referrals will most likely help generate revenue growth. More revenue growth will likely help push the company’s valuation up:

We believe our clients are one of our best advocates and powerful drivers of referral-based growth. In each market, operations teams provide expertise, consultation and support to our clients, driving growth and supporting retention. We anticipate that by adding business teams to existing branches, we can achieve incremental growth in those markets, driven by our reputation and by client referrals. In most markets business development efforts are led by area managers and are further supported by business development managers. Source: 10-k

I also believe that the role of partners will likely help Barrett Business find new clients. Let’s point out that the company counts with a network of insurance brokers, financial advisors, attorneys, and CPAs that introduce the software to clients. Under this case scenario, I assumed that the network built for many years will continue to enhance business:

Our business growth has three primary sources: referrals from existing clients, direct business-to-business sales efforts by our area managers and business development managers, and an extensive referral network. Partners in our referral network include insurance brokers, financial advisors, attorneys, CPAs, and other business professionals who can facilitate an introduction to prospective clients. Source: 10-k

Considering previous sales growth, I believe that sales growth at around 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} y/y is likely. It means that the company would deliver close to $2.17 billion in sales in 2032. If we also assume an EBITDA margin around 5.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and D&A/Sales close to 0.65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, non-operating profit after tax would stand at almost $80 million by 2032. I believe that my numbers are conservative.

BBSI Financials Author Expectations

Author’s Work

If we add D&A between $5 million and $15 million, and subtract capex around $7.5 million and $15 million, the free cash flow would stay between $30 million and $120 million. With a discount of 11.855{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, the net present value of future free cash flow would stand at almost $450 million.

BBSI Author's Work - NOPAT

Author’s Work

Peers trade at an average of close to 7x EBITDA. However, I believe that Barrett Business could trade at 10x EBITDA considering sales growth close to 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and the previous EBITDA margin assumption.

BBSI Peers EV/EBITDA FWD/TTM Ratio

SA

With the previous figures, I obtained an implied enterprise value of $800 million and an equity close to $892.1 million. The fair price would stand at $125 per share, and the IRR could be close to 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

BBSI IRR

Author’s Work

Risks And My Worst Case Scenario Imply A Valuation Of $61 Per Share

Barrett Business Services uses software from third-party vendors. The price of these productions that the company licenses could increase. As a result, Barrett Business may have to increase their prices, which may lead to lower demand. If Barrett Business decides not to increase their prices, free cash flow could be affected, and the company’s fair valuation would decrease. Management warned about these issues:

Significant portions of our services and operations rely on software that is licensed from third-party vendors. The fees associated with these license agreements could increase in future periods, resulting in increased operating expenses. If there are significant changes to the terms and conditions of our license agreements, or if we are unable to renew these license agreements, we may be required to make changes to our vendors or information technology systems. Source: 10-k

Barrett Business Services reports that close to 73{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of its revenue in 2021 came from California. It is a bit risky. If the economy in California does not perform, or performs less than other regions, shareholders may sell shares of Barrett. As a result, the company’s cost of equity would increase, and the valuation may decline substantially.

Our California operations accounted for approximately 73{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of our total revenues in 2021. As a result of the current importance of our California operations and anticipated continued growth from these operations, our profitability over the next several years is expected to be largely dependent on economic and regulatory conditions in California. Source: 10-k

Under this case scenario, I also assumed that Barrett Business Services would have some issue with certain referral partners. Keep in mind that these partners don’t have exclusive relationships with the company, and could work for and with competitors. If management fails to sign more partner agreements, the revenue line would decline. If management also tries harder to sign more agreements, operational expenses may also increase, which would lower the company’s free cash flow.

We currently maintain a minimal internal professional sales force, instead relying heavily on referral partners to provide referrals to new business. In connection with these arrangements, we pay a fee to referral partners for new clients. These referral firms and individuals do not have an exclusive relationship with us. If we are unable to maintain these relationships or if our referral partners increase their fees or lose confidence in our services, we could face declines in our business and additional costs and uncertainties as we attempt to hire and train an internal sales force. Source: 10-k

Under an unlikely and detrimental case scenario, I used sales growth of -26{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2023 and sales growth between 3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from 2024 to 2032. I also assumed an EBITDA margin close to 5.77{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and an effective tax around 24{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-26{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. My results include 2032 NOPAT of $47 million.

Author's Work - BBSI FCF

Author’s Work

With an exit multiple of 7x EBITDA, I obtained an enterprise value of $342 million. If we add cash in hand, and subtract debt of $111 million, the fair price would stand at $61 per share.

Author's Work - BBSI Fair Price

Author’s Work

My Best Case Scenario Would Result In A Valuation Of $155 Per Share

From 2012 to 2022, the company reported 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} gross revenue growth. Under this scenario, I assumed that future net sales will be close to this figure.

BBSI Gross Billings

Quarterly Report

I also assumed that geographic expansion and acquisitions will help Barrett Business improve sales growth. Let’s note that management reports a significant amount of goodwill in the balance sheet. It means that the company has expertise in the M&A markets. Directors will know how to run new merger integrations.

Investor Presentation

Investor Presentation

With sales growth close to 12.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and an EBITDA margin of 5.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, 2032 NOPAT would stand at close to $100 million. Now, if we subtract capital expenditures and changes in working capital, and add D&A, 2032 FCF would stand at $150 million.

Author's Work

Author’s Work

With 2032 EBITDA multiple of 11x, I obtained a NPV of the terminal value of $500 million. Finally, the equity value would stand at around $1.103 billion. The fair price would stand at $155 per share, and the IRR would be close to 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Author's Work

Author’s Work

My Takeaway

Considering the accumulation of expertise in the industry since 1965 and a large network of partner referrals, Barrett will likely continue to experience sales growth. By assuming further acquisitions and revenue growth around 12.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, my DCF model resulted in a valuation of $155 per share. Even taking into account risks from geographic concentration of revenue, licenses from third-party vendors, and failure of partner agreements, the current stock valuation is too low. In the worst-case scenario, I obtained a fair price of $61 per share.

XCPCNL Business Services Announces Signing of Reverse

XCPCNL Business Services Announces Signing of Reverse

Charlotte, North Carolina, Aug. 16, 2022 (Globe NEWSWIRE) — XCPCNL Company Providers Company (OTC Pink: XCPL), a undertaking improvement company that leverages knowledge, skill, and experience in the shopper goods industry, and Centiment Cash Holdings, a privately-held neurodata technology enterprise, these days introduced that the two providers have signed acquisition agreements, whereby the Firm will purchase two running subsidiaries of Centiment Funds Holdings, Sophisticated Analysis Machines LLC (ARM) and Xerxes Buying and selling Holdings LLC (Xerxes). The acquisitions will be accounted for as “reverse mergers.”

ARM is the company guiding the Mantis Crypto buying and selling technological know-how and owns Centiment.io.  Xerxes is a multi-asset class buying and selling engineering and will compliment ARMs Substantial Frequency Investing System.  The Place of work for the blended organization will be proven in Charlotte, NC at Industrious NODA. 

The acquisition transactions are envisioned to near prior to the conclude of August 2022, and the Company is not informed of any impediments to closing.

“I am excited to join with Tim Matthews to guide the firm as it enters its upcoming phase of evolution. I am self-assured that we have to chance to improve our existence in a number of verticals and continue on to create shareholder benefit,” explained Micah Brown, recent CEO of Centiment who is to be a part of the Board of the Business just after the acquisition transactions close.

XCPCNL Organization Expert services Corporation (OTC Pink: XCPL) encourages shareholders to pay a visit to their corporate Twitter account at https://twitter.com/RealXCPCNL.

Ahead-Seeking Statements Disclaimer:

This press launch may incorporate, and oral statements created from time to time by representatives of the Corporation may well include things like, “forward-seeking statements” in the which means of Segment 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Trade Act of 1934, as amended. Statements relating to achievable small business mixtures and the financing thereof, and linked matters, as perfectly as all other statements other than statements of historical actuality incorporated in this push release, are ahead-on the lookout statements. When utilised in this press release, terms this sort of as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and identical expressions, as they relate to us or our administration crew, recognize ahead-searching statements. This sort of ahead-on the lookout statements are based on the beliefs of administration, as effectively as assumptions created by, and information and facts at this time out there to, the Company’s management. Actual final results could differ materially from those people contemplated by the ahead-looking statements as a final result of particular elements detailed in the Company’s filing with the Above the Counter Current market (“OTC”). All subsequent published or oral ahead-wanting statements attributable to us or individuals acting on our behalf are competent in their entirety by this paragraph. Ahead-on the lookout statements are subject to various ailments, many of which are further than the management of the Corporation. The Firm undertakes no obligation to update these statements for revisions or modifications soon after the day of this launch, apart from as expected by regulation.

About XCPCNL:

Charlotte, NC-centered XCPCNL Business Solutions is a venture growth company that leverages its know-how, capabilities, and experience in the consumer merchandise field. Our primary mission is to provide marketing, technologies, and other business solutions to rapidly-developing buyer solution corporations and large-box retailers. XCPCNL is a minority-owned and controlled firm. To find out a lot more about our firms, solutions, and chances, be sure to get hold of: details@xcpcnl.com.

To study more about XPCNL, visit www.xcpcnl.com

For Inquiries:

Email: ir@xcpcnl.com

Best Business Services | Best Of Downtown Los Angeles

Best Business Services | Best Of Downtown Los Angeles

Best Public Transportation

Metro Subway

323-466-3876

metro.net

 

Metro is a public transit agency that acts as a planner, designer, builder and operator for the transportation system in Los Angeles County. As the nation’s largest, most-populous county, the agency’s 1,433-square-mile service area serves over 10 million residents. In addition to the subway, it offers bus, rail, bike and micro transportation services.

Reader Recommended

Uber

1-800-593-7069

uber.com

 

Foothill Transit

100 S. Vincent Avenue

1-800-743-3463

foothilltransit.org

Best Business Improvement District

South Park BID

1150 S. Hope Street

213-663-1111

southpark.la

The South Park BID is located in the Sports & Entertainment District, managing the Los Angeles Convention Center, Crypto.com Arena, L.A. Live and more. Through the maintenance of a safe, clean and collaborative environment, the BID strives to support its residents’ individual lifestyles and the commerce experience. It is also committed to leveraging opportunities of growth that transpire because of its location and influence in the historic Downtown. 

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Little Tokyo BID

250 E. First Street

213-880-6875

visitlittletokyo.com

Historic Core BID

209 W. Fifth Street

213-239-8336

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Best Commercial  Real Estate Agent

Donegan McCuaig, 

DTLA Real Estate

108 W. Second Street

213-305-4727

dtlarealestate.com

CEO and broker of DTLA Real Estate Donegan McCuaig has over 15 years of real estate experience. His agency specializes in brokering commercial real estate, including office, retail, restaurant and warehouse space. He strives to establish long-lasting relationships with clients through honest, integrous service and an experience benefiting all parties.

Reader Recommended

Derrick Moore, CBRE

400 S. Hope Street

213-613-3333

cbre.com

Tony Kim, Major Properties

1200 W. Olympic Boulevard

213-747-0378

majorproperties.com

Best Residential Real Estate Agent

Bill Cooper, 

Realty Source

700 Flower Street

310-721-2455

larealestateexpert.com

Real estate agent Bill Cooper of Realty Source has 20 years experience working in the Downtown Los Angeles area. He has a passion for service and an understanding of the necessary efforts to complete a transaction with the fewest problems possible. His specialties range from buying and selling to foreclosures and referrals.

Reader Recommended

Agnes Ferreyra, 

Realty Source

900 W. Olympic Boulevard

213-458-0787

dtla-residential.com

Arrington Williams, 

The Agency

527 W. Seventh Street

323-356-2399

compass.com

Best Residential Property

Museum Tower Apartments

225 S. Olive Street

213-805-7728

themuseumtowerapts.com

The Museum Tower Apartments are bound to make residents feel like they are living a sky-high lifestyle. Its one- to three-bedroom units feature spacious, renovated floor plans; state-of-the-art appliances; and a variety of community amenities. Its location at the core of Downtown LA places residents in close proximity to world-famous art and music institutions, along with dining and cultural destinations.

Reader Recommended

Circa LA Apartments

1200 S. Figueroa Street

213-263-4262

circala.com

 

Promenade Towers 

Apartments

123 S. Figueroa Street

213-687-4397

thepromenadetowers.com

Best Insurance Agent

Joshua Morey, 

The J. Morey Company Inc.

361 E. First Street

213-687-7170

jmoreyins.com

Joshua Morey founded his company alongside his brothers in 1980. The J. Morey Company Inc. aims to offer clients high-quality guidance, products and services conscious of their needs and budgets. Whether requiring insurance for business or personal affairs, clients can expect resources and knowledge yielding excellent insurance solutions.

Reader Recommended

Karla Greene, 

State Farm Insurance

611 Wilshire Boulevard

213-239-9675

statefarm.com

KMandy Meza, 

Farmers Insurance

123 S. Main Street

747-228-1551

mandyfarmersinsurance.com

Best Moving Storage Company

LA Self Storage

1000 W. Sixth Street

323-873-2783

smartselfstorage.com

For over nine years, LA Self Storage has been assisting the Downtown community with its storage needs. The company’s Downtown Los Angeles location offers a parking lot for staging, a free truck and driver and a one-year price guarantee on storage rentals. Its staff is dedicated to its customers and aims for complete satisfaction.

Reader Recommended

StorQuest Self Storage

Multiple locations

storquest.com

 

Life Storage

801 E. Commercial Street

213-992-7912

lifestorage.com

Best Architecture/Design Firm

Gensler

500 S. Figueroa Street

213-327-3600

gensler.com

Architecture, design and planning firm Gensler was established in 1965, since expanding to 50 locations around the globe. The Los Angeles firm credits its people as the source of its strength, valuing collaboration, shared values and diversity of perspectives. It has received many accolades from a number of publications, ranging from sustainable buildings to diversity in the workplace.

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Johnson Fain Partners

1201 N. Broadway

323-224-6000

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Altoon & Porter

617 W. Seventh Street

213-225-1900

Best Credit Union

Water & Power Community Credit Union

Multiple locations

wpccu.org

Water & Power Community Credit Union was founded in 1936 to help members of the Downtown Los Angeles community with its financial needs and concerns. It emphasizes the individual client and makes the greatest effort to improve each one’s financial situation, regardless of financial or social status.

Reader Recommended

Los Angeles Federal 

Credit Union

201 N. Los Angeles Street

1-877-695-2328

lafcu.org

California Bear 

Credit Union

1-800-954-2327

calbearcu.org

 

Best Staffing Agency

Chrysalis

522 S. Main Street

213-806-6300

changelives.org

Over the past 38 years, Chrysalis has provided services for individuals facing financial insecurity and housing instability. It strives to change lives through jobs, offering a job-readiness program, individualized supportive services and paid transitional employment. No matter where one finds themselves in their job-search process, Chrysalis will be there to support them.

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Matura Farrington Staffing

617 W. Seventh Street

213-553-8451

matfar.com

Apple One Employment

888 S. Figueroa Street

213-892-0234

appleone.com

Best Auto Dealer (Used Cars)

Felix Chevrolet

3330 S. Figueroa Street

213-290-1925

felixchevrolet.com

After 90 years of fulfilling car dreams for locals in Los Angeles, Glendale and Pasadena, the family-owned Felix Chevrolet continues to deliver honest service and value. It presents both new, used and electric Chevys, in addition to an array of services and parts. 

Reader Recommended

Audi Downtown LA

1900 S. Figueroa Street

213-348-5935

audidtla.com

Honda of Downtown LA

780 W. Martin Luther King Jr. Boulevard

213-234-2144

hondaoflosangeles.com

Best Auto Dealer (New Cars)

Mercedes-Benz of 

Los Angeles

1801 S. Figueroa Street

213-425-3100

mbzla.com

Since 1959, Mercedes Benz of Los Angeles has been doing business out of the Downtown area. With a team of expert staff devoted to helping clients with vehicle transactions or services, one can look forward to a top-quality, personable experience.

Reader Recommended

Toyota of Downtown LA

1901 S. Figueroa Street

213-986-2011

toyotaofdowntownla.com

 

Honda of Downtown 

Los Angeles

780 W. Martin Luther King Jr. Boulevard

213-234-2144

hondaoflosangeles.com

Best Place to Work

PIH Health Good Samaritan Hospital

1225 Wilshire Boulevard

213-977-2121

pihhealth.org

PIH Health Good Samaritan Hospital was established in 1885, making it the oldest hospital in Los Angeles. The campus includes a nonprofit, 408-bed acute care hospital and medical office building. Its providers are devoted to caring for their patients with health care that is compassionate and meets individual needs. It is a part of PIH Health, which serves more than 3.7 million residents across Los Angeles County, Orange County and San Gabriel Valley.

Reader Recommended

Whole Foods

788 S. Grand Avenue

213-873-4745

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Zara

725 S. Figueroa Street

213-406-3330

zara.com

Best Nonprofit

Para Los Niños

845 E. Sixth Street

213-623-8446

paralosninos.org

Para Los Niños is a social services organization providing for needy children, families and communities, highlighting education to help locals thrive. It has a handful of locations across Los Angeles, including early education centers; primary and middle schools; youth workforce services; and student, family and community services.

Reader Recommended

Downtown Women’s Center

442 S. San Pedro Street

213-680-0600

downtownwomenscenter.org

 

PIH Health Good Samaritan Hospital

1225 Wilshire Boulevard

213-977-2121

pihhealth.org

Best Jewelry Mart

St. Vincent Jewelry Center

650 S. Hill Street

213-629-2124

dtlaglam.com

St. Vincent Jewelry Center is the largest jewelry collective in the world, housing over 500 independent, diverse merchants and manufacturers. Buyers can find everything from precious gems to custom pieces at wholesale prices at this world-renowned jewelry destination. Security surveillance and officers are present to ensure a safe, protected environment to shop.

Reader Recommended

Los Angeles Jewelry Center

629 S. Hill Street

213-624-1335

 

California Jewelry Mart

607 S. Hill Street

213-627-2831

Nigerian Startup Raises $5.5M for Business Services

Nigerian Startup Raises $5.5M for Business Services

Pastel, a Nigerian merchant platform and bookkeeping startup formerly identified as Sabi Cash, has lifted $5.5 million in a seed funding spherical in addition to the $620,000 in pre-seed funding it raised in 2021.

The corporation will use the funds “to grow its item choices and build far more efficiency and finance administration options and applications around team financial savings, loans and payments for small firms,” TechCrunch reported Monday (Aug. 15).

Sabi Funds — now Pastel — was produced by 3 Stanford College graduates, Izunna Okonkwo, Abuzar Royesh and Olamide Oladeji. They shared an interest in setting up products and solutions for modest- to medium-sized business (SMBs) and micro corporations in rising markets, according to the report. The founders stated they are especially fascinated in developing a enterprise in their countries of origin, which include Afghanistan and Nigeria.

The company’s principal merchandise is Sabi, a digital bookkeeping app intended for SMBs, the report said. Customers can keep track of and manage their transactions and clients, see hard cash stream insights, ship receipts and deal with clients who owe them.

Pastel doesn’t bundle its options into a person app. Its other products, Quick Receipt and Pastel Financing, stand by yourself, according to the report.

“The way we have believed about it is, as opposed to building a tremendous application that a lot of other FinTechs have or are in pursuit of, we are having a much more system tactic, indicating that any Pastel person can generate an account with any of our applications,” Okonkwo explained in the report. “With the exact same login they can access all the other solutions that we’re giving.”

TLcom Cash led the hottest funding round, which also noticed participation from International Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap, the report said.

In July, the Nigeria Startup Bill (NSB) passed by way of the country’s Household of Reps, a week following the Senate voted in favor of it. The invoice is now awaiting approval of the presidency, which designed it in collaboration with leaders from the country’s technologies sector, to be signed into law.

Read additional: 5 Matters to Know About the Nigeria Startup Bill

For all PYMNTS B2B and EMEA coverage, subscribe to the everyday B2B and EMEA Newsletters.

——————————

NEW PYMNTS Study FINDS 3 IN 4 Buyers WITH Powerful Demand from customers FOR Super Apps

About: The conclusions in PYMNTS’ new research, “The Super App Shift: How Buyers Want To Conserve, Shop And Invest In The Related Overall economy,” a collaboration with PayPal, analyzed the responses from 9,904 customers in Australia, Germany, the U.K. and the U.S. and showed powerful demand for a solitary multifunctional tremendous applications alternatively than making use of dozens of persons kinds.

Los Angeles Capital Management LLC Boosts Holdings in Barrett Business Services, Inc. (NASDAQ:BBSI)

Los Angeles Capital Management LLC Boosts Holdings in Barrett Business Services, Inc. (NASDAQ:BBSI)

Los Angeles Capital Management LLC raised its stake in shares of Barrett Business Services, Inc. (NASDAQ:BBSIGet Rating) by 44.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,801 shares of the business services provider’s stock after purchasing an additional 2,400 shares during the period. Los Angeles Capital Management LLC owned 0.11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Barrett Business Services worth $604,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Barrett Business Services during the fourth quarter valued at $458,000. Euclidean Technologies Management LLC purchased a new position in Barrett Business Services during the fourth quarter valued at $2,050,000. Grandeur Peak Global Advisors LLC lifted its holdings in Barrett Business Services by 5.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} during the fourth quarter. Grandeur Peak Global Advisors LLC now owns 137,292 shares of the business services provider’s stock valued at $9,481,000 after purchasing an additional 7,220 shares in the last quarter. Confluence Wealth Services Inc. purchased a new position in Barrett Business Services during the fourth quarter valued at $27,000. Finally, Lapides Asset Management LLC lifted its holdings in Barrett Business Services by 68.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} during the first quarter. Lapides Asset Management LLC now owns 51,200 shares of the business services provider’s stock valued at $3,966,000 after purchasing an additional 20,800 shares in the last quarter. 81.74{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Barrett Business Services

In related news, CEO Gary Kramer purchased 1,000 shares of the company’s stock in a transaction on Friday, May 20th. The stock was acquired at an average cost of $70.13 per share, for a total transaction of $70,130.00. Following the completion of the transaction, the chief executive officer now directly owns 34,451 shares in the company, valued at $2,416,048.63. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.00{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BBSI. Barrington Research raised their price target on shares of Barrett Business Services from $85.00 to $102.00 in a research note on Thursday, May 5th. Roth Capital reissued a “buy” rating on shares of Barrett Business Services in a research note on Thursday, May 5th. StockNews.com downgraded shares of Barrett Business Services from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 13th. TheStreet downgraded shares of Barrett Business Services from a “b-” rating to a “c+” rating in a research note on Tuesday, May 24th. Finally, Sidoti reissued a “buy” rating and issued a $97.00 price target on shares of Barrett Business Services in a research note on Tuesday, June 14th. Four analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $102.33.

Barrett Business Services Trading Up 1.6 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Barrett Business Services stock opened at $84.66 on Friday. Barrett Business Services, Inc. has a 12-month low of $57.76 and a 12-month high of $86.82. The stock has a market cap of $600.24 million, a P/E ratio of 14.40, a PEG ratio of 0.95 and a beta of 1.39. The company has a 50-day moving average price of $75.75 and a 200 day moving average price of $72.71.

Barrett Business Services (NASDAQ:BBSIGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The business services provider reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.61. Barrett Business Services had a net margin of 4.33{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and a return on equity of 22.59{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. During the same quarter in the previous year, the company earned $2.24 earnings per share. As a group, analysts forecast that Barrett Business Services, Inc. will post 6.3 EPS for the current year.

Barrett Business Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. The ex-dividend date of this dividend is Thursday, August 18th. Barrett Business Services’s dividend payout ratio is presently 20.41{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Barrett Business Services Profile

(Get Rating)

Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry.

See Also

Institutional Ownership by Quarter for Barrett Business Services (NASDAQ:BBSI)



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