We caught up with the brilliant and insightful Nannette Ray a few weeks ago and have shared our conversation below.

Hi Nannette, thanks for joining us today. Please tell us about starting your own firm and if you’d do anything different knowing what you know now.

My husband and I decided to start our own firm back in 2000. I was eight (8) months pregnant with my third child and working at PriceWatershouseCoopers, one of the Big Four accounting firms. I was assigned to a project in San Francisco, CA and had to get a doctor’s note to fly at eight (8) months of my pregnancy to San Francisco.

My husband and I had been talking about starting our own business. However, that trip helped us make the final decision to move forward. We knew with three (3) small children at home and our current corporate positions, we would not have the flexibility needed to raise our children. Our commitment to work/life balance for our family was paramount.

The main steps included creation of the entity and getting the working capital to start the business. We also decided that my husband would remain at his corporate job for at least the first five years to ensure we had the cashflow needed to maintain our home expenses.

My advice to a young professional would be to start the business as a side hustle. When looking for lending from banks, having cashflow to support your home expenses makes the approval process a lot easier.

Nannette, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I serve as President and CEO of TNR Advisors & Management Consultants, LLC. I graduated from The University of Texas at San Antonio with a degree in Accounting & Information Systems. I subsequently received an MBA from St. Mary’s University in Finance. I was able to gain valuable experience working for a Fortune 500 company in various corporate roles for 18 years. I later met and married my husband, Terrence Ray, CPA. After the birth of our second child, we decided to move to the Houston area to be closer to family, which led me to accept a position with PricewaterhouseCoopers. Around 2001, my husband and I decided to leverage the valuable experience we acquired while working for Fortune 500 companies to build our own businesses. Additionally, we set a goal to help others achieve success via entrepreneurship. Since 2002, we have been serial entrepreneurs; we have owned and sold several businesses. This includes childcare centers, a real estate company, medical software company, and etc.

In 2008, we formed TNR Advisors & Management Consultants, LLC (TNR) , to primarily provide accounting and management consulting services for the businesses we owned. After providing advice and services to family and friends at little or no costs, we decided to pursue a goal of helping others by accepting outside clients in 2018. TNR has experienced significant growth since 2019.

My passion for giving back to the community is also reflected in other areas. My husband and I have launched a non-profit “Faith in Business Foundation,” which helps families and minority small business owners increase income and build wealth via job readiness, financial coaching, and small business development. I am currently a charter member and newly elected Treasurer of the Katy Area Alumnae Chapter of Delta Sigma Theta Sorority, Inc. In addition, I am an associate member of the Katy Prairie View Chapter of Jack and Jill of America, Inc., where I served as Chapter Vice President and chaired several committees. I also serve as an executive board member for The Morgan Frazier Cancer Foundation and The Texas Chapter of the Meridianites.

Our business motto is “Translating your financial numbers into your business STORY!” All financial statements tell a story about your business. We help our clients translate that information into something they understand. We strongly believe that business owners can and will make better business decisions if they have an understanding of their financial position.

There are a number of accounting and CPA firms in the Houston area. What makes our firm different is our extensive experience in owning and operating various businesses.  This experience provides a deep appreciation for the operational challenges associated with managing the day-to-day business. Additionally, we are committed to assisting small business owners in growing their businesses and building generational wealth. When advising our clients, we work with them to clarify both their short and long term business goals and ensure their business decisions are aligned with their vision and overall goals for the business.

Our clients mention our commitment and passion to their success as a major decision when choosing our firm over competitors. This is confirmation for my husband and I that we are operating in our purpose. Since, we consider the work we do “ministry.” I am most proud of our commitment to our clients during COVID19. Our firm has successfully assisted our small business clients in acquiring approximately $2,500,000 in PPP and/or EIDL loans at no charge.

How about pivoting – can you share the story of a time you’ve had to pivot?

The COVID19 pandemic was a challenge for all businesses. Our firm realized early that a pivot was needed to continue being successful. First, we had to ensure that our existing clients continued to remain in operation. We provided PPP and EIDL loan consultation services to all our clients at no additional charge. Our firm successfully assisted clients in acquiring approximately $2,500,000 in PPP and/or EIDL loans. As a result of our efforts, the firm lost only one client due to the impacts of COVID19.  This client has since returned in 2021.  Second, we responded to RFPs (financial training and loan underwriting projects) that the firm normally would not consider and was successfully awarded two projects.

Have you ever sold a business? If so, can you tell us about the business and any lessons you feel might be relevant for entrepreneurs hoping to sell their businesses one day.

Yes, we have actually sold several businesses in the past. The best advise for those thinking of selling your business is to (1) make sure that the financial health of the business is good. The new buyers will want to see detailed financial information as part of their due diligence in making a decision whether or not to buy. And (2), would be to determine any local awards or recognition you can receive for your business that can provide potential buyers information about the qualify of the service/products provided. This will also help you demand a higher price for your business, since they will be purchasing any goodwill you have developed for the company.

Contact Info:

• Website: https://www.tnraccounting.com
• Instagram: https://www.instagram.com/tnraccounting/
• Facebook: https://www.facebook.com/tnraccounting/
• Linkedin: https://www.linkedin.com/company/40849596/admin/
• Twitter: https://twitter.com/tnraccounting
• Yelp: https://www.yelp.com/biz/tnr-accounting-and-management-consulting-katy?osq=TNR+accounting
• Other: https://www.linkedin.com/in/nannette-ray-m-b-a-54817638/

Image Credits
Terrence Ray II QSP Studios