diff --git a/Makefile b/Makefile
index 2a5425e6ad..3a69a0494d 100644
--- a/Makefile
+++ b/Makefile
@@ -17,10 +17,12 @@ else
 DOCS=
 endif
 
-all: dyngen$(EXESUF) $(TOOLS) $(DOCS)
-	for d in $(TARGET_DIRS); do \
-	$(MAKE) -C $$d $@ || exit 1 ; \
-        done
+subdir-%: dyngen$(EXESUF)
+	$(MAKE) -C $(subst subdir-,,$@) all
+
+recurse-all: $(patsubst %,subdir-%, $(TARGET_DIRS))
+        
+all: $(TOOLS) $(DOCS) recurse-all
 
 qemu-img$(EXESUF): qemu-img.c block.c block-cow.c block-qcow.c aes.c block-vmdk.c block-cloop.c block-dmg.c block-bochs.c block-vpc.c block-vvfat.c
 	$(CC) -DQEMU_TOOL $(CFLAGS) $(LDFLAGS) $(DEFINES) -o $@ $^ -lz $(LIBS)