Name: MSM Advisors, LLC
Address: 1755 North Brown Road, Suite 200, Lawrenceville, GA, 30043, US
Telephone: 678-804-5530
Price range: $$

Welcome to the first edition of MSM Advisor’s Business Spotlight, a monthly series highlighting local businesses and sharing financial insights from the people behind them.

Founded by Henry “Bo” Phillips in Tucker, Georgia in 1965, Bo Phillips Co. specializes in renting and selling road work safety equipment to a variety of industries, from construction to film production.

In 1979, John Craig purchased Bo Phillips Co. from its founder. Since then, Craig and his wife Sharon have grown the business into a successful and well-respected company in the metro-Atlanta area.. When asked what sets Bo Phillips Co. apart from its competitors, Craig points to its “large inventory, quick turn sign production and good customer service” makes them stand out in the market.

Weathering Challenges and Investing in People

Like many businesses, Bo Phillips Co. has faced its fair share of financial challenges over the years. Craig recalls that the Great Recession of 2007 was a particularly difficult time. However, the company’s ability to adapt during economic uncertainty helped it to weather the downturn without laying off any of their team members.

For Craig, one of the most rewarding parts about owning a business is watching his employees grow in their roles. He has seen how team members “expand their capabilities when given opportunities to grow within the company.”

His commitment to his employees reflects an important lesson he has learned as a business owner: investing in your team can contribute to the long-term success of your business. When asked what advice he would give other business owners, Craig's answer was simple: “reinvest in the company and team.”

The Value of a Strong Financial Team

Craig also shared an important financial lesson from his experience running Bo Phillips. Co. Bringing a financial expert onto the team helped the company realize that it was spending an unnecessary amount of money trying to make outdated software work for its current needs. It's a great example of how the right financial guidance can help business owners identify opportunities to reduce expenses and make better use of their resources.

Whether you work with an accounting and advisory firm like MSM Advisors or bring a finance professional directly onto your team, having someone who understands your business' finances can make a meaningful difference. It's about more than just filing taxes or keeping the books up to date. It's about identifying inefficiencies, asking the right questions, and finding opportunities to improve your bottom line.

As Craig emphasizes, having a “good financial team in place and [having] good processes in place” is essential.

The takeaway for fellow business owners?

Long-term success requires more than simply bringing in revenue. Investing in your people, adapting to challenges, and having the right financial expertise and processes in place can help your business build a stronger foundation for the future.