Corporate Consulting

 
As Corporate Consultants consulted with publicly and privately owned companies for more than twenty years. He has operated his own consulting firm specializing in crisis and turnaround management for boards of directors and chief executive officers of manufacturing and service industry firms. He has over 25 years of experience in various senior management positions including: president and CEO of a $12 million public company in the GIS data conversion industry with two divisions; president and CEO of a $35 million structural steel fabricating company with three divisions; vice president and general manager of a $65 million wire manufacturing company with four divisions; president of a $12 million barge cleaning and repair company with major environmental contamination in the petrochemical service industry; and Chapter 11 trustee.
 
Corporate Consulting Highlights

Served as a Consultant to the President of a $5.5 million publishing company to restructure the company’s debt. The Company lost one-third of its revenue over the past five years due to a change of distribution in the limited prints market, and the inventory was significantly overvalued. The inventory was appraised for fifteen percent of its gross book value. The Company had a $2.0 million line of credit with a NY Bank. Due to the inventory appraisal, the line of credit was re negotiated yielding $1.25 million of debt forgiveness of the credit line. The Company’s largest unsecured creditor issued a credit for half of its $500 thousand debt for $250 thousand forgiveness of debt. The sub debt holders were convinced to convert their sub debt to warrants, which reduced the debt another $ 495 thousand. Resulting in total debt forgiveness income of $2.245 million. The Company had Net Operating Loss carry forward credits to offset the debt forgiveness income.

Served as a Consultant to the President of a $13.0 million contract manufacturer of steel assembly parts with a proprietary product line of oil field products. The company had lost $2.2 million year-to-date, owed vendors $1.6 million, had accounts receivable of $900 thousand and a significant backlog of items with missed ship dates. Implemented a production schedule to build out WIP to catch up with the backlog schedule, established a payment schedule with vendors and implemented a COD program to stay current on all purchases to secure the confidence of the vendors, pushed excess and slow moving inventory into the market, increased productivity, implemented a 12-week rolling cash flow and reporting plan, kept secured debt current and returned the company to stable operating condition in six months.

Served as Consultant to the Board of Directors and President of a $11.0 million steel service center and steel scrap processor. Coordinated the company’s relationship with its secured lender throughout the process of moving the credit to an asset based lender. Developed and implemented a strategy to sell the scrap processing division to a strategic buyer, which significantly improved EBITDA and allowed the line of credit to be moved.