Magazine Publisher
B2B Print and Digital Media Company with $300M in revenue.
Challenge
Declining print ad revenue and high fixed to variable cost structure negatively impacted company profits.
Results
Outsourced print and digital media production activities, improved related processes through reengineering and implementation of workflow management software. Reduced labor costs by 30-50% and added $25M to company valuation.
Newspaper Publisher
Top-20 Newspaper with $330M in annual revenue.
Challenge
Rapidly declining circulation and advertising revenues. Facing default on an $80M bank line.
Results
Prepared a comprehensive, credible business plan including new revenue initiatives. Identified 3rd party sources for $40M of secured debt to fund transition plan. Stabilized bank relationship.
Distributor of Paper Products
Foreign private-equity owned. Manufacturer and distributor of adult incontinence products with sales of $140M.
Challenge
Over-leveraged debt with major suppliers on COD-only. Organization in chaos. Rapidly nearing point of liquidation.
Results
Immediately reduced headcount by 30+% and led a value engineering team that reduced SKU's by 75%. Stabilized cash and operations and received an extension from lenders. Prepared company and assisted in sale.
Medical Products Distributor
Sales of $17M.
Challenge
Rapid sales growth resulted in a breakdown in accounting and financial control. Lost billings, duplicate payments and inaccurate management and lender reporting.
Results
Provided full-time interim CFO to design and implement new accounting systems and controls, and manage accounting staff. Restructured department and transitioned to new CFO.
Consumer Products Manufacturer
Sales of $25M.
Challenge
Owner's death left a leadership void in a company losing money. Over-leveraged and out of cash.
Results
Eliminated losses and stabilized cash flow. Implemented operating plan to realign owners with investment banker. Maximized value with sale to strategic buyer.
Manufacturer of Aerospace Parts
Sales of $40M.
Challenge
Over-leveraged with secured debt of $80M. Owner wanted to sell or liquidate the business.
Results
Organized successful management buyout of profitable division and sold other divisions. Secured new financing and restructured company through Chapter 11 proceedings.
Furniture Retailer and Manufacturer
Make-to-order furniture company with 100 retail locations nationwide and sales of $150M.
Challenge
Losing money in market decline. Over-leveraged on $14M of debt. Secured lenders wanted to exit. Owners felt bankruptcy was the best solution.
Results
Stabilized cash flow and implemented profitable operating plan with 50 stores. Emerged from Chapter 11 in less than 4 months with restructured existing lender debt.
Retail Chain
$400M in Sales with 300 locations nationwide.
Challenge
Large bank debts and market decline caused severe liquidity issues. Owners identified bankruptcy as a solution. Lender wanted out.
Results
Created and implemented an out-of-court restructuring. Developed and vetted a business plan with streamlined operations and growth that helped secure new equity and delivered a significant return to the shareholders.
Developer of IT Help Desk Software
Public company with sales $700M.
Challenge
The SEC was investigating revenue recognition issues. The majority of the executive team resigned including the CEO and CFO. Experiencing significant operating losses.
Results
Helped company identify sources of cash to meet immediate needs. Assisted in integrating operations and helped define the company's future strategy.
Manufacturer of High-end Circuit Boards
Private company with sales of $90M.
Challenge
Made poor acquisition in a roll-up strategy creating a significant burn rate.
Results
Assumed operating responsibility and streamlined the manufacturing process flow. Reduced burn rate and phased out the problem acquisition. Returned the company to profitability.
Automotive & Marine Parts Distributor
$70M in sales with 20 locations throughout California.
Challenge
Lenders were not cooperating on an $18M ABL. Strained supplier relationships limited shipments and pushed fill rates down from 90% to 72%. Customers began switching to competitors.
Results
Stabilized the bank relationship and received a $2M overadvance. Downsized the footprint to generate $3M of cash. Created time to complete a sale transaction that paid the secured lender 100%.
Automotive Parts Manufacturer
Supplier of electronic components with $20M in sales.
Challenge
Loss of the largest customer (20% of sales) and production shutdowns by major automakers reduced demand significantly. Operating losses and cash shortage. Lenders wanted an exit for the $13M secured loan.
Results
Vetted a new plan including a significant headcount downsizing. Negotiated the suspension of debt payments. Company returned to profitability and resumed debt payments within 4 months.
Regional Hospital
Full-service hospital with 150+ beds and several specialty clinics.
Challenge
Profitability under severe pressure due to high overtime and other challenges including capacity issues.
Results
Guided the executives through a change management process resulting in $1.3M in increased profits, dwell time decreased by 24%, overtime decreased by 85%, and capacity increased by 25% with same staffing levels. Sold and refinanced hospital.
County Health Services Department
Provider of public health services with a $225M annual budget.
Challenge
State-level budget deficit led to budget reduction of $20M+. Client wanted to achieve back office efficiencies in Accounting, IT and HR.
Results
Developed a six-point cost reduction program to reduce back office staffing while improving public-facing service levels. Developed implementation plans with client and reduced overhead costs by over 30%.