Digital Media Services Provider
Team
Roles
Financial Advisor, Interim CFO
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Rob Carringer
Partner, Partners
Rob Carringer held interim leadership roles and led projects in distressed and underperforming companies to improve operations, grow revenue, increase EBITDA, and reduce working capital in a wide variety of industries.
Dennis Gerrard
Partner, Partners
Dennis Gerrard's background spans over 30 years in senior leadership positions including 21 years in turnaround management and financial restructuring.
- Assessed business plan
- Analyzed operations
The company is a $68MM private distribution, logistics, digital media, and licensed merchandiser with 250 employees. Following loan default and continued poor communication with the lender, the company hired CR3 partners to assess the business and ultimately engaged a member of the team as interim CFO. The lender foreclosed on assets and focused on integrating systems, rationalizing the footprint, and growing the company.
The Situation
- $68MM private distribution, logistics, digital media and licensed merchandiser with 250 employees
- Services included press kit assembly and distribution, licensed consumer product distribution, and theater lobby physical and digital display management
- Company was in loan default and was not providing adequate information to lender group
The Work
- Assessed the current year business plan and identified areas of opportunity, risk, and feasibility
- Analyzed operations for cost, quality, and delivery across all customer types
- Confirmed liquidity needs for 4th quarter with the management team and existing external support
- Evaluated overhead levels and opportunities to become more efficient and effective
- Served as Interim Chief Financial Officer performing traditional daily responsibilities
- Worked with incumbent CFO to transition internal and external relationships and institutional knowledge
- Further assessed existing financial systems, making recommendations regarding new policies, procedures, reporting protocols, and operating systems
The Results
- Delivered assessment report with findings, conclusions, and recommendations to company
- Lender foreclosed on assets and focused on integrating systems, rationalizing the footprint, and growing the company before selling it
- As interim CFO, implemented changes as appropriate and coordinated efforts to identify and hire permanent CFO
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