Eric Reid of SOMO Living in Sonoma County wins North Bay CFO award
Eric Reid of SOMO Living LLC in Rohnert Park wins a North Bay Business Journal CFO award.
Professional background: 11 years of finance and accounting in private entity investment and commercial real estate ownership; 7 years public accounting in financial reporting and attestation services; and 14 years certified public accountant
Education: B.S. in accounting – Santa Clara University
What do you see as the essential role of a financial leader in the current environment?
Properly plan for volatile market conditions.
What are the biggest changes you’ve seen in your industry?
Continued growth in the Internet retail sector at the expense of the brick and mortar retail sector.
Tell us about the particular challenges and opportunities your organization has met in the recent past.
Challenges – overcoming the 2007 great recession, mitigating against the fall of big box retail.
Opportunities – extremely high demand for new housing in region with limited new housing development areas.
What advice would you give to young emerging financial leaders?
A strong accounting foundation provides value in all industries and will assist greatly in making intelligent investments and business decisions in your future.
What’s the best advice for weathering today’s economic environment?
Be very conservative in forecasts and projections to help prepare for more frequent unexpected market downturns.
How do you think your business will change in the next five years?
Continued investment, development and growth in the North Bay.
What is a decision you wish you hadn’t made? What did you learn from it?
I have been fortunate enough to not have made such a bad decision that I can remember and actually wish I had not made. Of course I make plenty of mistakes and I always try to develop controls or practices to not make the same mistake again!
What is your most memorable business experience?
Experiencing the outdoor music concerts at SOMO Village.
What is your greatest business success?
Being an integral contributor to the development of SOMO Village.
What was your toughest business decision?
Foregoing an advancement (and much needed increase in compensation) at Electronic Arts to pursue a career in public accounting.
What would your friends be surprised to find out about you?
That I received this award! I do not talk about work much.