For a defense contractor with 11 factories throughout the East Coast with $15 million Negative Net Worth
Developed and executed a turnaround plan based on the reengineering of manufacturing processes, the upgrading of organizational processes and practices, the sale of three non-core business units and an enhancement of the senior management team. Negotiated five consecutive bank forbearance agreements and after three years, the company was sold to a publicly traded buyer for $96 million.
For a family-owned manufacturing company
Worked with ownership to develop and implement a successful revitalization plan based on maximizing worker productivity; focusing on the growth of a nascent contract manufacturing business; and the sale of the company’s long-time core product line to a European buyer. Company in operations 25 years later
For an importer of branded women’s boots
Arranged takeout financing when the company’s bank made a demand for payment; sourced a three-week loan to bridge the company until the new permanent lender could complete the due diligence required. Drove the process of developing a board of directors to help guide the company forward and acted as the board chair. Eventually the company was successfully sold. Ownership maintained their jobs and tripled their income within 30 months.
For a 10-unit construction supply distributor
In April 2020 assisted the company in developing a proactive downsizing plan designed to respond to the COVID 19 crisis. Working with ownership and senior management, formulated a strategy to eliminate five units; liquidate inventory, reduce receivables, cut payroll, and defer rents in amounts sufficient to fund projected 12-month losses. Plan also was designed to help keep the company’s bank from making any material modifications to their loan facility for at least 12 months and position the company for a potential acquisition by a synergistic industry buyer. Case is ongoing.
For a third-party distribution company
Worked with ownership to develop a performance improvement plan by 1) Generating higher per square foot rental fees by focusing on pharmaceutical industry customers: 2) Substantially enhancing organizational and financial management practices; and 3) Building liquidity by refinancing with a new bank. Case is ongoing.
“Well done is better
than well said.”