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Business & Mgmt

Published on March 12, 2014

Author: paulf8000





REALITY Privately held Lack of controls 13 Months of Recurring Losses Losing $75,000 a month Weekly payroll high as a percentage of revenue Cash Flow Issues Need for Restructuring Salaries too high Overstaffed Insurance Too High; gaps in coverage

GAME PLAN Address core competencies Cut operating expenses Reassure employees, vendors, key clientele Cultivate commercial banking relationships Address partnership dynamics Subcontract more work Refocus sales efforts Cut office overhead (palatial building, company cars, perquisites) Get employees and management to work harder

OWNERSHIP DYNAMICS Top heavy Entitlement culture Poor financial controls Subsidiaries burning cash Top people paid excessively; workers and managers underpaid.

FINANCIAL IMPACT MAJOR CHANGES Reduction in $900,000 of overhead Cut insurance premiums Renegotiate leases and contracts 90 Day AP column bleeding Behind on billing; AR deflated; collections slow Cash flow crunch Instituted 13-week cash flows

OPERATIONAL CHALLENGES Cloudy business strategy “Sacred cows” Sloppy work crews Poor quality Poor payment history with vendors Anarchy in warehouse Fleet issues Vendor issues Lack of controls with subcontractors

FINANCIAL CHALLENGES Company burning cash Cash flow challenges Lack of controls Poor choice of financial software High overhead Six months behind on monthly closes

FINANCIAL IMPACT BEFORE: Losing $75,000 a month AFTER: Profit of $125,000 a month. FINANCIAL STABILITY Company avoided bankruptcy and mended banking relationship with their primary lender.

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