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Representative Successes


The professionals of Ironwood Advisory have an outstanding track record of successes in leading and revitalizing troubled companies. Our experience spans most executive functions and industries.


Finance Successes

Client:

European owned telecommunications lessor and switchless reseller with U.S. distribution network of over 200 interconnect or service companies.

Major Initiatives:

  • Acted as Interim CFO
  • Restructured Debt
  • Liquidated customer base

    Outcome:

    Salvaged resale business by settling with secured lenders for the leasing business for 10% cash and leases on $18 million of debt. Recovered $10M of investment from converting customer base into cash sale at seven times monthly billing.


    Client:

    A fragmented distribution industry roll-up required experienced management to raise capital and integrate acquisitions.

    Major Initiatives:

  • Acted as Interim CFO
  • Secured $15 million in investment in three months
  • Raised a total of $41 million in equity over three years
  • Completed eleven acquisitions
  • Integrated accounting for subsidiaries

    Outcome:

    Grew the startup from three employees to over 250 with $70M in revenue.


    Client:

    A surgical equipment manufacturer had difficulty forecasting special orders, resulting in overly late deliveries and excessive inventory.

    Major Initiatives:

  • Acted as Interim CFO
  • Upgraded the manufacturing and financial systems
  • Developed improved forecasting methods
  • Allowed special orders to transition to ship-from-stock status

    Outcome:

    Operating expenses were reduced by $1M.


    Client:

    Cruise Business (subsidiary of a public company) reeling from poor revenues, profits and an unproven track record.

    Major Initiatives:

  • Acted as Interim CEO
  • Selling the assets of the public Company
  • Created the Solution: stock spin-off
  • Passing the risk and the future gain to the owners, but segregating the assets/liabilities

    Outcome:

    Went public at $2.40 per share, topping out at $15.50.


    Client:

    Merger of two Medical Tech Stocks; Company A had 13,000 shareholders, and was in Chapter 11 and liquidating (creditors are being paid). Company B was ongoing, but had limited distribution of shares.

    Major Initiatives:

  • Acted as Merger agent
  • Orchestrate the merger: Distributed one million shares of stock from Co. B. to Co A without an SEC registration statement

    Outcome:

    Issued stock in one month and cost of $20K vs. nine months and $500K.


    Client:

    Airline Training School with a history of strong revenues/profits; more recently, competition and declining interest resulting in loss of revenue, losses.

    Major Initiatives:

  • Arranged for sale of the school
  • Determined best fit: a school business with overhead in place
  • Set an equitable price: $2,300,000 all cash

    Outcome:

    Sold the business for $4,500,000 (the buyer set the price even higher that the $2.3M).


    Client:

    A privately held multimedia design company; losing money, no proven profitability in business plan; no meaningful tangible assets - services contracts, some receivables.

    Major Initiatives:

  • Acted as a Refinance Agent
  • Sold the "talent" of company management in new media industries
  • "Sold the future" - ground floor in new industry
  • Found buyer willing to take risk - not a "bet the company" proposition

    Outcome:

    Sold to media conglomerate for $5M+.


    Client:

    Telecommunications technology provider recovering from $11M loss because founding shareholder created fictitious assets. Losses continued for three more years after fraud cleaned up.

    Major Initiatives:

  • Acted as a Liquidation Agent for a 'soft landing'
  • Found a buyer needing the Company's customer base to justify expansion to telecom switch carrier
  • Performed due diligence
  • Facilitated the completion of an agreement in 10 days from initial contact

    Outcome:

    Customer base sold for seven times monthly billing.


    Client:

    The developer of a Web-based purchasing system had exhausted its initial funding and incurred massive debt before the product was completed.

    Major Initiative:

  • Worked with creditors to quickly restructure the company's debts

    Outcome:

    Investors funded the project through completion resulting in a $25 million capital infusion.


    Client:

    A $50 million multinational barter company was forced to liquidate.

    Major Initiatives:

  • Sold inventory
  • Collected receivables
  • Wound down the business

    Outcome:

    The Company's creditors considered the 35% payout to be much greater than anticipated.


    Client:

    an athletic shoe and apparel manufacturer and retailer suffering from seriously negative cash flow and deteriorating national presence.

    Major Initiatives:

    • Worked out debt with national bank
    • Restructured credit and collections department, increasing cash flow by $250,000 per week
    • Replaced management team
    • Refocused sales and marketing effort
    • Streamlined and consolidated manufacturing operations

    Outcome:

    Client replaced onerous banking relationship and became profitable. Business was successfully sold several years later.


    Client:

    a struggling consumer electronics/voice recognition manufacturer needed capital infusion and professional management to reach next level. Hostile (inherited) majority ownership.

    Major Initiatives:

    • Negotiated cash-free removal of 70% ownership without contingencies
    • Wrote business plan to attract new investors
    • Brought in $million+ investment for minority share
    • As interim CFO and temporary CEO, instituted formal budgeting and planning systems
    • Revamped the sales and marketing process

    Outcome:

    Sales increased six-fold in less than two years. Three product upgrades were successfully launched.


    Client:

    A sign and banner manufacturer with major national accounts.

    Major Initiatives:

    • Arranged and negotiated $1+ million foreign investment at 50% premium over expected valuation
    • Provided formal strategic planning
    • Assisted in establishment of two additional sales divisions
    • Provided on-going advisory services in planning and finance for three years

    Outcome:

    Sales increased more than threefold over four years, with commensurate profit improvement.


    Client:

    Women’s clothing manufacturer required orderly liquidation to preserve owners’ personal guarantees.

    Major Initiatives:

    • Negotiated moratoriums with all trade creditors
      Renegotiated terms with factor to save owners’ personal assets
    • Collected accounts receivable from major retailers, enabling resumption of manufacturing to finish work-in-process
    • Turned over assets to trustee sufficient to repay secured creditors 100% and unsecured over 67%

    Outcome:

    Owners exited business on terms sufficiently favorable with retailers and suppliers to


    Client:

    Bank that had lent over $1 billion to several major independent film production and distribution companies

    Major Initiatives:

    • Acted as Interim CFO/COO of bank’s clients
    • Cut overhead, paid vendors and settled disputes with guilds, participants and distributors
    • Collected disputed receivables, audit claims against studios and various lawsuits
    • Worked with Trustees, uncovered fraud, and re-structured bank debt, including DIP facilities

    Outcome:

    After collecting over $100M in receivables, audit claims and lawsuits, the bank’s clients’ assets were sold for $225 million.

  • Operations Successes

    Client:

    $4M, forty+ person furniture, gift, and automotive industry component manufacturer and wholesaler suffering from production inefficiencies and quality problems.

    Major Initiatives:

  • Acted as Interim CEO
  • Implemented lean manufacturing, Six Sigma and total quality management concepts, techniques and tools
  • Managed daily "shop-floor" manufacturing operations from vendor development through quality assurance and safety and daily administrative functions from sales & marketing to accounting and collections
  • Communicated strategic vision, organizational objectives and tactical operational plans to all stakeholders
  • Packaged and sold the enterprise

    Outcome:

    Increased sales by 40% and net income by 80% within seven months. Reduced product lead-time by 50% and employee lost time by 80%.


    Client:

    $6M, sixty+ person designer, manufacturer and wholesaler of women's fashion hats and apparel accessories, with sales sagging and an inability to ship orders on schedule.

    Major Initiatives:

  • Acted as Interim CEO
  • Introduced lean manufacturing, Six Sigma and total quality management concepts, techniques and tools
  • Advised the owner on financial and strategic options for exiting the business and communicated plan to key internal and external stakeholders and investors

    Outcome:

    Increased sales by 36%, gross margins by 5% and net income by 120% within eight months. Reduced product lead-time by 50% and increased on-time shipments from 70% to 95% through lean manufacturing, Six Sigma and total quality management concepts, techniques and tools. Sold corporation to strategic buyer for a 5X book value.


  • Client:

    A startup leasing firm was a new venture for a global manufacturer not achieving its business plan. Revenues and profits were under plan and expenses were over plan. Major concern was to prove the viability of the business by showing consistent growth in new business.

     

    Major Initiatives:

  • Redefined what business company was in
  • Eliminated tactic of requiring potential clients to pay fees to give the Company their business.
  • Changed business from fee driven to receivables driven

    Outcome:

    New business growth went from $800K in the previous fifteen months to $20M in the next eighteen months.


    Client:

    Two Canadian Aerospace subsidiaries of this Manufacturing Holding Company were never fully integrated. After the parent company filed for Chapter 11 in New York, the subsidiaries had declining sales and margin.

    Major Initiatives:

  • Acted as the Advisor to Executive Team
  • Initiated an immediate action plan to integrate the two entities
  • Developed a business plan to raise capital for an MBO
  • Developed an integration plan for the two sites, which include the close-down of one site, the  combination of Design, R&D, and Engineering departments, the rationalization of product lines and dramatic reduction in overhead
  • Negotiated with the banks to preserve the customers' relationship
  • Developed business plan was developed to attract capital providers

    Outcome:

    A communication plan was set and helped maintain a good working relationship with the customers throughout the sale process. The business plan was key to attracting a strategic buyer while the management becomes equity partners. A dramatic savings in overhead of $4M annually was identified and promising cross-selling opportunities were developed.


    Client:

    A $30M meat packaging company was taken over by third generation family members; losing money and tight cash flow.  The management started a cost reduction program which cut advertising, reduced the sales force and shrink distribution channels. Sales fell further and the company was forced to file Chapter 11.

    Major Initiatives:

  • Acted as Interim General Manager in Chapter 11
  • Renegotiated raw material prices
  • Increased advertising 
  • Increased the sales force
  • Introduced new products for the hispanic market
  • Corrected several environmental issues
  • Positioned the Company for successful Sale

    Outcome:

    Cash flow was improved to a positive position. Sales were increased by 20%. The company was successfully sold and the secure lender was paid in full.


    Client:

    An Audio/Video Post Production Company was running at a loss due to several bad investments causing a severe cash shortage which affected operations causing vendor dissatisfaction resulting in higher prices. Shipments were late and quality was poor. The sales department was fragmented Receivables and accounts payable were extended.

    Major Initiatives:

  • Acted as Interim President
  • Consolidated the sales organization on a national basis
  • hired A VP of Marketing
  • Closed two plants
  • Brought Accounts Receivable current, and reduced payables
  • Consolidated and renegotiated raw material purchases
  • Hired new management team (President, Controller and VP Marketing)
  • Developed operating budget with corrective action programs in production, sales & marketing and Finance

    Outcome:

    The Company increased sales by 25%. Operations were profitable in four months for the first time in three years. Costs of materials were reduced by 20%. The financial records were updated and brought current. The current line of credit was updated and increased by $1 million.


    Client:

    A copper mining company was in a cost reduction planning mode as a result of the continuing decline in copper prices.

    Major Initiatives:

  • Acted as Business Advisor to Management
  • Installed activity based costing system to identify non-value added activities
  • Developed action programs to eliminate these activities to reduce costs

    Outcome:

    The Activity Based Costing System was successfully implemented resulting in the identification of non-value activities which resulted in projected cost reductions several million dollars on an annual basis.

    Client:

    An $11M software supplier to the Call Center industry was suffering from declining sales and erosion of installed customer base.

    Major Initiatives:

  • Acted as Interim CEO and CMO (Chief Marketing Officer); restructured executive team, replacing COO and President
  • Repositioned Company as a leading provider of modern packaged Call Center software
  • Provided key product and marketing strategy and guidance

    Outcome:

    The restructuring reduced operating costs by 25% annually and created the opportunity for modernizing its product lines and the sales force.


    Client:

    A $50 million dollar producer of construction components was operating at a 10% loss on sales.

    Major Initiatives:

  • Acted as Interim Advisory staff to the COO
  • Developed new products & markets
  • Implemented processes for sales, product design and production

    Outcome:

    Converted bottom line to 12% pretax profit in first year.


    Client:

    A major apparel manufacturer defaulted on a $40 million loan and threatened to sue its lender.

    Major Initiatives:

  • Installed in the company as interim COO
  • Implemented new controls
  • Lowered tension between lender and borrower

    Outcome:

    Moved the company to a new asset based lender with better terms.


    Client:

    Publicly owned worldwide aviation parts Redistribution Company with 55 employees and sales of $38 million. Operations disrupted by SEC investigation regarding restatement of financial reports used for IPO; banking and investor relationships in jeopardy.

    Major Initiatives:

  • Acted as Interim COO
  • Stabilized banking and investor relationships
  • Re-established sound systems
  • Headed executive committee for investigation crisis control

    Outcome:

    Increased sales by 67%.


    Client:

    A former radio network CEO desired a station to own and operate.

    Major Initiatives:

    • Helped locate target stations and determine ideal target
    • Arranged financing and performed valuation of desired acquisition
    • Negotiated price and terms with largest national radio network
    • Assisted in developing the projections and strategy for revamping station in its market
    • Continue as advisor through recent re-launch

    Outcome:

    Client acquired station for 30% of its prior (three years earlier) acquisition price, with seller carrying back a significant portion of price.


    Client:

    A producer of television commercials and motion pictures shut down by earthquake.

    Major Initiatives:

    • Arranged disaster assistance loans
    • Provided formal strategic planning process to redirect sales and marketing process
    • Redesigned all financial systems and instituted formal budgeting and planning
    • Provided new strategy to remove severe seasonality and cyclicality

    Outcome:

    Company grew by 800% in next four years and became reliably profitable. Advisor became company CFO.


    Client:

    A provider of national television commercials desired meaningful entry into internet advertising industry through creation of new division.

    Major Initiatives:

    • Acted as interim CFO
    • Used strategic planning process to identify ideal market niche in volatile industry
    • Wrote the business plan to raise $2 million seed capital and attract $8 million VC offer
    • Negotiated all terms of financing and acted as company spokesperson.
    • Negotiated global strategic marketing partnership with world’s largest chipmaker

    Outcome:

    Company was selected by Intel as prime industry partner in Hollywood. Division developed two patented web navigation tools to leapfrog competition.


    Client:

    A frozen foods manufacturer with enormous debt and management issues following the passing of founder.

    Major Initiatives:

    • Served as CEO during initial restructuring and turnaround period
    • Reduced payroll by 20% while improving manufacturing productivity by 15%+
    • Pared expenses in initial 2 months by over $350,000 while increasing collections on key accounts by 50%
    • Negotiated Increased pricing by between 12% and 25% on three largest customers representing over 70% of annual sales
    • Instituted new management systems throughout the organization resulting in productivity and efficiency improvements in production and administrative areas
    • Attracted new, profitable customer increasing gross margin by over $1 million annually

    Outcome:

    Client is in process of locating new ownership while avoiding bankruptcy or liquidation


    Client:

    A computer-graphics-oriented television commercial production company owned and operated by a creative genius who had earned a record number of Cleos for their work, while the company was insolvent and often unable to make payroll due to continued losses on overdone projects. The company had no access to bank credit in any form.

    Major Initiatives:

    • Installed a budget management system for use on all productions
    • Helped the company diversify into live action and combination live action/graphics shoots
    • Instilled a cost consciousness in the management team not previously evident.

    Outcome:

    Company achieved 100% increase in revenues and record profits within 2 years. New bank borrowings helped finance the transition, including unsecured loans for working capital purposes.

    Sales and Marketing Successes

    Client:

    A mid-market provider of infrastructure software to the Telecommunications industry was ineffective at marketing its products to traditional telephone network providers.

    Major Initiatives:

  • Acted as Interim CMO (Chief Marketing Officer)
  • Made a strategic shift in product marketing to target wireless network operators in both North America and Europe
  • Shifted product development to support the new company direction

    Outcome:

    Resulted in a sale of over $1M to the world's largest Wireless Network Operator and the subsequent sale of the company to one of its largest competitors.


    Client:

    a small ($3M) Speaker Manufacturer for stereo systems was experiencing declining sale performance.

    Major Initiatives:

  • Implemented an effectiveness assessment
  • Determined that the manufacturer's relationship with their dealers was being stifled by the rep firms and they were not reaching the client base correctly
  • Implemented a rep advisory council, a dealer profiling system and a structured funnel management system to track major deals.
  • Recruited and hired a full time National Sales Manager

    Outcome:

    the decline has been stopped, and turned positive using the guidelines and principles set up.


    Client:

    a $30M software provider to the grocery industry was challenged with needing to get better penetration into more strategic clients.

    Major Initiatives:

  • Conducted a full sales effectiveness assessment to better understand the strengths and weaknesses of the sales team and sales management team
  • Made 37 specific recommendations, with the top one being a major redesign of the compensation system to better align the goals and objectives of the company with the sales deployment
  • Implemented the new compensation system
  • Set up a new quota system for their sales people

    Outcome:

    sales growth and the pursuit of a more consultative selling approach with larger customers.


    Client:

    a major consumer brand in the beverage category that needed a significantly improved Internet/Web strategy and presence.

    Major Initiatives:

  • Recreated the company's web site
  • Provided a strategy to use the Internet to increase awareness of the product line
  • Aligned the new Web site with the client's product management team, their objectives, target audience, and outbound marketing strategy
  • Ensured that the site is compelling to the brand's target demos by doing primary consumer research

    Outcome:

    Generated an increase in visitors from 100K to 800K in 12 months, exceeding the client's goal of 500K users by 60%.


    Client:

    a provider of digital music technology needed essential assistance with marketing strategy and tactics, partner development, and first round funding.

    Major Initiatives:

  • Acted as a member of the core executive team
  • Created the initial messaging and publicity materials
  • Located a lead investor for the company's first round of funding
  • Assisted in developing the strategy for consumer and partner marketing efforts
  • Created a PR and marketing strategy for the company for its rollout and beyond

    Outcome:

    Generated significant publicity in key publications for the product, resulting in a significant and fast-growing subscriber base. Located lead investor and oversaw entire transaction.

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