Although we finalized an agreement to acquire the assets of Francis Mustoe & Company (FMC) in January 2024, the relationship between these two companies goes back a long way. Way back, you could say.
Back in 2004, when I was contemplating an exit from my corporate job and hatching the idea you know as Moving Parts L.L.C., I vetted my idea for this business to a friend, Claude Jones, the President (at that time) of Francis Mustoe. A few weeks later, Claude called me and indicated that he had an idea of how to turn my idea from dream to reality. He arranged a meeting, and, as the saying goes, the rest is history. Francis Mustoe kicked in some seed money and offered me a parachute (If this doesn’t work out, you can come to work for me).
Over the years, the two companies have collaborated closely. FMC would recommend clients of theirs who needed risk management support, and I would reciprocate with suggestions of our risk management clients who required assistance in the cash markets.
In 2022, when one of the FMC brokers in their Brea, CA office expressed his intention to retire, we struck up a conversation with FMC about acquiring that broker’s book of business, as we had the capacity to handle it with our recent hires. That revenue-sharing agreement served as the foundation of an agreement finalized in January of 2024 to buy FMC’s entire book of business. Although the agreement was finalized in January, it will take several more years to fully merge these two businesses into one. We are making every effort to ensure that the transition is completely seamless.
Dave Reeble, President & Founder