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This article was co-authored by Micheal McVey and Dustin Williamson.
Business in Houston 2025 – What Consulting CFOs are Hearing from (and Recommending to) CEOs & Business Owners
Like others around the country, business owners and executives across greater Houston are navigating their companies amid unsettled and uncertain views of many economic factors - shifting tariff and trade policy actions, capital access, and cash concerns, among others. To explore how these factors are impacting businesses locally, we spoke with Dustin Williamson – Managing Director, and Micheal McVey – Senior Consulting Controller, from vcfo’s Houston office. They shared what they’re seeing on the ground and offered perspective on how CEOs and business owners can position themselves for resilience and growth.
Dustin Williamson
Managing Director, Houston
Dustin Williamson is a financial and management professional with over 25 years of experience, leading vcfo’s Houston market by mentoring consultants, overseeing quality initiatives, and driving strategic growth
Micheal McVey
Senior Consultant
Micheal McVey is a seasoned financial executive with over 25 years of experience, known for aligning financial strategy with operations to drive growth, efficiency, and lasting impact.
Of late, “uncertainty” is a sentiment shared by many across the business landscape. Have you found that to also be true for Houston businesses you’re working with?
McVey: Yes, it’s definitely something most CEOs and owners around Houston are contending with. The big issue is that uncertainty tends to cause many leaders to sit on their hands and do nothing. At the other end of the spectrum, uncertainty can also lead some to take big swings or make big pivots that really aren’t prudent.
Williamson: If you sit idle for the next 3-4 years waiting for the dust to settle, you'll only find new dust. It’s a bit of a cliché, but owners need to control what they can control. Make sure your ship is in order from a fundamental/foundational “blocking and tackling” standpoint. One of the things that we're seeing most in companies we’re working with lately is the need to shore up what's going on in their back office – all those processes and procedures that aren’t purely customer facing but still essential for smooth operations. It’s surprising how many process and procedural messes have been stewing for years. Getting those foundational factors right gives you better visibility into your numbers, a longer forward-looking lens, and helps you keep from “getting out over your skis.” Many prospects and new clients we're seeing don’t have a true view of what their cash position is today, tomorrow, or next week because key systems are broken.
What are CEOs and business owners you’re working and talking with experiencing with the recently brighter spotlight on trade policy and tariffs?
Williamson: With CEOs I’ve been working with, it hasn’t risen to be a huge concern because of their industry concentrations. That being said, those with significant international trade elements within their business do have the potential to be significantly affected. In the grand scheme of things, most view this issue as temporary and one that could ultimately be a net positive. Akin to “turnaround” actions, the initial actions we’ve seen at the federal level have aimed to inject volatility into the system to expose systemic cracks. We’ve seen some progress already via new deals with England and Canada coming to fruition, while others appear imminent. China, to date has beenthe toughest nut to crack with the recent announcement of an agreement. We definitely have not seen the 90 deals in 90 days that was the original target but things are settling down. In this period of ongoing uncertainty, it’s important for CEOs and owners to not overcommit cash right now.
McVey: There has been an upswing in the presence of tariff clauses being added into contracts where globally-sourced materials or other international factors come into play. A vendor’s or supplier’s legal team often starts with loosely written boilerplate trade and tariff clauses that let them off the hook for tariff-induced increases. There are devils in those details.
Many I’ve talked to are nervous about the trade situation. They believe tariff shifts will impact their business, but are not sure how much and to what degree. Secondary and tertiary markets play into this as well. For example, a construction group with significant focus on petrochemicals and plants doing capital projects and maintenance projects are sensing that many capital projects being floated as “maybes” are going to be put on hold.
Aside from points already covered, what are CEOs & business owners you’re working with and speaking to across Houston most concerned about today?
Williamson: I'd say their number one concern outside of what they can control is access to capital. Almost every one of them has some type of issue with getting financing, especially with the mid-sized business sector. Additionally, even though interest rates have been coming down, lending standards have increased – some of which are carry-overs from the COVID years.
McVey: I agree. Before constrained capital access turns into a larger situation, proactively helping clients refinance where it’s warranted is a focus. One big factor that will influence the ability to do this is the strength and clarity of the company's earnings picture, while this uncertainty persists. The bank doesn't want to lend on trailing-12-month views. They want confidence in where the future lies. Banks pay close attention to debt-to-equity ratios and a company’s ability to pay back, so increased revenue uncertainty will, in turn, further tighten capital markets.
I’d say there are some nerves around the supply chain too, especially for certain raw materials. Many went through some delays and disruptions not that long ago, and have some scar tissue that these tariff talks are aggravating. To calm that concern, some are opting for advanced purchases of select key materials and components; not aggressively, just a few highly important items here and there.
Williamson: Touching on real estate, some are concerned about lower valuations on their properties affecting their portfolios and any refinancing work they may want to do. Valuation 101 holds that “when risk goes up, value goes down”, and vacancy rates are still very high coming out of COVID. Property values or loan values aren't what they used to be, so few small to mid-sized companies are snapping up real estate. They're hunkering down to stay light on their feet.
What’s your big picture advice to CEO’s and business owners you’re working with and talking to today?
Williamson: I’ll say again to “control what you can control.” Focus on your organizational systems, processes, and procedures to the point where you confidently and truly know what's happening. Too many companies have been flying by the seat of their pants Without the right systems, processes, procedures, and disciplines in place, you can’t properly analyze how to get through this period in the best position possible. We don't want CEO clients and business owners flying by the seat of their pants. We want them flying with instruments and a strong flight plan.
Ensuring ample cash reserves and, where appropriate, lengthening short-term debt to improve liquidity is also important right now. Finding the cash you need to accelerate growth is often sitting right there on your balance sheet.
McVey: Cautious growth is good. Running in place is not. For example, it likely makes sense to explore leveraging current capital asset structures to fuel growth for right now until you can get a clearer, more confident view of what's going to happen in the next 12… 18… 24 months. In the meantime, solidify your foundation, protect your cash, and improve your ability to operate effectively regardless of where factors beyond your control ultimately land.
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Concerned about navigating the current uncertainties? Reach out for a Free Consultation to learn how vcfo’s team of CFO and HR leaders can help your business thrive. We’ve helped our clients through many periods of uncertainty, partnering with more than 6,000 businesses in our 29-year history. Put our experience to work for you.
