Published on March 12, 2014
COMMUNICATIONS CONTRACTOR COMPANY TURNAROUND SUCCESSFUL RESTRUCTURING AND RETURN TO PROFITABILITY
REALITY Family ownership dynamics “Doworsification” into losing businesses; poorly integrated acquisitions 18 Months of Recurring Losses Losing $300,000 a month Weekly payroll equal to weekly gross revenue (insanity) Cash Flow Issues Need for Restructuring Fleet too large Overstaffed Insurance Too High; gaps in coverage Controller over his/her head
GAME PLAN Address core competencies Cut operating expenses Reassure employees, vendors, key clientele Cultivate commercial banking relationship Address partnership dynamics LEAN warehousing and inventory Step up business development and sales Refocus sales efforts Liquidate surplus assets Raise capital/sell company
OWNER DYNAMICS Fragmented family ownership Varied cultures, perspective, experience, philosophy Poor financial controls Bad “offline” investments Stubborn owner Company grew beyond owners’ management capabilities
FINANCIAL IMPACT MAJOR CHANGES Reduction in $3,000,000 of overhead Cut insurance premiums and received WC credits totaling $300,000 Reduced healthcare premiums by $120,000 Uncovered $1,490,000 in missed billing Rapid, radical turnaround from sinking ship to acquisition target
OPERATIONAL CHALLENGES Cloudy business strategy “Sacred cows” Sloppy work crews; Poor quality Duplicate facilities 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 Weak accounting staff
FINANCIAL IMPACT BEFORE: Losing $300,000 a month AFTER: Profit of $150,000 a month. Retained investment banker. Investor book; 8 offers for the company; sold and integrated as asset deal.
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