Private Sub Worksheet_Activate()
Dim tb As Excel.TextBox
Dim rng As Range
For Each tb In Me.TextBoxes
Set rng = Worksheets(Split(tb.Formula, "'")(1)).Range(Split(tb.Formula, "!")(1))
tb.Font.Color = IIf(rng.Value = "J", vbGreen, vbRed)
Next tb
End Sub