With companies across the U.S. rethinking their business models amidst the pandemic and envisioning a post-COVID world, some executives are considering or already have relocated to a different state, and North Texas has been the beneficiary of many of those moves.
Many compelling factors, including a pro-business climate and tax considerations, exist for Dallas-Fort Worth as a top destination for relocating or expanding corporations, said Chad Robottom, Dallas market president of Embark, an accounting/finance advisory firm that assists companies in transition, including companies transferring their headquarters to Dallas-Fort Worth.
On the flip side, relocations come with unforeseen perils and uncertainty. A relocation consumes time and resources and exposes companies to new risks that can severely impact operations.
In the interview that follows, Robottom, a CPA, discusses factors to contemplate if a company is eyeing a move or just completed one and he delves into DFW’s talent pool and its current and future place on the corporate relocation stage.
How does Embark work with companies that are either relocating or considering a relocation?
If a company is relocating to DFW, the stats out there would say that generally 35 percent of the employees are retained. There’s a substantial talent gap as companies are transitioning from, let’s say, San Francisco to Dallas. As companies are looking to engage and hire full-time employees, there’s going to be a period of time where they lack the respective resources to get the day-to-day accounting functions done. Embark can step in from a continuity standpoint to help them get from Point A to Point B until they can find a full-time employee. Then, from a transactional standpoint, companies still have to engage in transactions and day-to-day operations. We can help out from a technical accounting standpoint, from a financial reporting standpoint, all things that feed under the umbrella of the office of the CFO.
What are you seeing in Dallas from a corporate relocation perspective relative to other markets that you are in?
Dallas has always been a very business-friendly environment. Speaking on the corporate relocation standpoint, Dallas is always No. 1 or at least in the Top 5 places that corporations are relocating to. McKesson, Charles Schwab. There are a lot of incentives from both the tax standpoint and the grant standpoint that are allowing companies to relocate here. The influx of companies and the talent that is here is just amazing to see. It’s driving up housing prices. Historically you could go out in the suburbs and buy a home for $350,000, and those prices have now doubled. Population is going up, and business. With population going up, that just drives a lot more opportunity. It’s just been exciting.
How does DFW’s talent base stack up against the cities we compete with for corporate relocations?
DFW has a phenomenal talent base. You’ve got great universities here. You’ve got businesses here where people are always looking for new opportunities...
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