YOUR BUSINESS AUTHORITY
Springfield, MO
Springfield-based Carol Jones Realtors is merging with a sister company 10 times its size in a move that means the end of the CJR brand founded in 1983.
The new name is ReeceNichols Real Estate.
Officials with CJR and Leawood, Kansas-based Reece & Nichols Realtors Inc. jointly announced the historic agreement today. ReeceNichols will be the surviving name of the combined company when finalized June 27, officials say.
No money is changing hands in the deal, through which CJR’s territory is becoming ReeceNichols’ southern region, said Mike Frazier, president and chief financial officer for ReeceNichols.
Both ReeceNichols and CJR are owned by Minneapolis-based national real estate firm HomeServices of America, an affiliate of Warren Buffett’s Berkshire Hathaway Energy. ReeceNichols operates in Missouri and Kansas, focusing on the Kansas City metropolitan area.
“ReeceNichols and Carol Jones have been sister companies in the HomeServices family of companies for many years,” said Shaun Duggins, CJR’s CEO who’s transitioning to president of ReeceNichols’ southern region. “As the landscape in real estate changes, it just makes a lot of sense to combine forces.”
Duggins noted the companies’ territories have encroached on one another, with some listings being as close as 20 miles apart near the halfway mark between Springfield and Kansas City.
“It got to the point where we were reaching almost to Clinton,” he said, noting ReeceNichols was doing the same from the north.
Combined, ReeceNichols and CJR last year produced $5.5 billion in sales volume through more than 20,000 transactions. ReeceNichols was responsible for nearly $5 billion of that sales volume and 17,500 transactions, Frazier said, declining to disclose company revenue. Both companies generate about 90 percent of sales through residential real estate.
ReeceNichols currently has 2,400 independently contracted real estate agents and 190 support staff, compared with CJR’s 255 agents and 20 back-office employees. For ReeceNichols, the merger adds CJR’s nine offices in southern Missouri to its list of 20 corporate locations and nearly 30 franchise operations.
Evergreen Hair House opened; the Ozark Chamber of Commerce moved to a new home; and Dirk’s Tavern LLC got its start on C-Street.
Missouri man sentenced for PPP fraud
Updated: First Watch business partner sues another for breach of fiduciary duty, fraud
Wendy’s franchisee ordered to pay $7M over harassment, PPP fraud accusations
Palm & Paddle Grille aims for mid-June launch
Home construction companies merge to launch new venture
Four businesspeople join United Way board
Physician sues CoxHealth, alleging business interference and defamation