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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.
William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
David Tiffany
Partner, Partners
David Tiffany is a corporate finance and accounting professional offering over 20 years of leadership experience.
- Built a lower revenue model which both the sponsor and lender supported
- Lender restructured the loan
- Sponsor provided company with additional capital
The company is a $100MM designer, manufacturer, and installer of glass and metal enclosures for mid-rise and high-rise buildings with a strong sale backlog. Engineering, financial systems, and field management infrastructures were unable to keep pace with the growth. Margins fell short coupled with operating losses on the balance sheet led the company to exhaust borrowing availability. CR3 performed an assessment and was retained as senior advisor to the CEO and interim CFO. Active jobs, projects and work processes were reviewed and modified as necessary and financial controls and procedures were implemented. The sponsor was willing to provide the company with additional capital and the lender restructured the loan in line with the company’s ability to perform.
The Situation
- $100MM designer, manufacturer, and installer of glass and metal enclosures for mid-rise and high-rise buildings; company doubled sales over and created $200MM backlog
- Engineering, financial systems, and field management infrastructures were unable to keep pace with growth; balance sheet had unrealized operating losses (mistaken as billing challenges)
- Margins fell short of estimates and many jobs experienced delays; company exhausted borrowing availability
The Work
- CR3 professional engaged initially to perform assessment and subsequently retained as senior advisor to CEO and interim CFO
- Reviewed most of the active jobs, as well as upcoming projects, to validate margin expectations and identify and correct faulty design elements
- Terminated several projects before field activity began
- Reviewed work-flow processes and modified as necessary
- Replaced, upgraded, or redeployed project managers to support new revenue objectives
- Developed and employed dashboards to provide real-time and actionable information
- Implemented new financial controls and procedures to speed the flow of information and to control cash
The Results
- Determined company lacked sufficient expertise for glass installation design and execution - COO and engineering manager with the requisite skills were hired
- Developed strategic plan and maintained only work which infrastructure could realistically support
- With reduced SG&A burden and focused pipeline, company built a model at lower revenue level which both sponsor and lender supported
- Stabilized performance of business and successfully negotiated sale of business
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