Turning Around Performance

Turning Around Performance are complex financial and management operations, and I have a proven track record across diverse industries.

Restructured Company, Developed New Business Plan and Added Product Lines
I was contracted by IJS, Inc. (“Power Glide”), a start-up focused on motorized services for use with ride-on products, as Director of Business Development. I conducted a thorough review of the financials and made recommendations for management changes and product viability. As a result, the management team was released and the existing design concept was discontinued. As CEO, I revitalized the company by bringing on board members experienced in product design, engineering, and manufacturing. I conducted patent searches and added new products as the company’s focus.

Highlights include:

• Developed a business plan, Membership Control Agreement and Private Placement Document, which were used to raise equity
• Secured a royalty agreement with an established toy/equipment developer to produce three new products that were patentable
• Produced a video showing the products’ competitive advantages over the competition

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Converted Music Festival Losses into Profitability
I was hired on a contractual agreement to revitalize the struggling Blues Festival, operated by Blues Groove, LLC, which had sustained losses over four years. I conducted market research on blues festivals, selected an optimal venue location and created new business practices for day-to-day operations that enabled a move to profitability and growth. To accomplish this, I developed a business plan and secured over $20,000 in sponsorships. The Chippewa Chamber of Commerce, new host of the festival, submitted an application for a $39,000 JEM Grant over four years on the blues company’s behalf. Following completion, I assumed the role of Chairman of the Board for the company.

Highlights include:

• Established a good working relationship with the Chippewa Chamber of Commerce to hold the festival on their State Fair Grounds, which provided access to a larger population base
• Wrote a business plan and Membership Control Agreement successful in raising $35,000 in additional equity
• Wrote white papers used to solicit more than $5,000 of additional funding for the festival
• Contracted lower pricing with nearby hotels, which attracted more participants

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Assisted Client in Securing Payment for Nearly 5-Year-Old Invoice
I was hired by Automotive Service and Petroleum Equipment Company to recover a $35,000 overdue invoice for work they performed for Walmart’s auto stations under a subcontracting agreement with Challenger Lift, a Snap-On subsidiary. The subsidiary declined to pay the invoice (now 4-1/2 years old), as Walmart would not pay them. I compiled a concise brief and engaged a law firm in the state in which the subsidiary resided, which was successful on my client’s behalf.

Highlights include:

• Recovered the full $35,000 amount of the unpaid invoice in four months

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Turned a Failing Franchise into a Stable, Growing Operation
Tasked with turning around a struggling Goin’ Postal Franchise, I addressed multiple issues leading to monthly losses of $10,000. After meeting with management and employees I reviewed the company’s financials and products, including its franchise software. As part of my overall plan, I completed an inventory survey, eliminated products that were not selling and added leases with a computer repair company and local high school apparel company. I also negotiated contracts with the landlord, vendors, and bank to return the business to profitability.

Highlights include:

• Reversed a franchise software error to increase gross margin by 30%
• Secured new products that increased monthly income by $2,000
• Negotiated a new contract with the landlord to reduce payments by a third
• Worked with vendors and the bank to forgive a portion of the outstanding debt and install a manageable repayment plan over the next 12 months
• Implemented strategic marketing campaigns that increased business by 10% over the following three months

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Saved a Manufacturing Company from Foreclosure and Recovered Losses
Recruited by Midwest Plastics to prevent foreclosure. I conducted an extensive review of the manufacturing company’s financials, contracts, procedures, marketing and sales strategies and management structure. During this process I uncovered embezzlement totaling $350,000 by the bookkeeper over a decade, undisclosed rental income of over $75,000 and internal theft. I identified manufacturing and warehouse space that could be consolidated and free-up 50% of the building to be sold and pay off the bank loan.

Highlights include:

• Recovered $350,000 from the insurance company for funds embezzled by employee
• Established procedures to account for undisclosed rental monies and employee theft
• Secured the approval to condo the 100,000 sq. ft. manufacturing/warehouse space
• Utilized proceeds of the sale to Prime Design to repay the bank loan, averting foreclosure

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Turned Around Food Court Restaurant Losses and Secured a Financial Settlement
Spearheaded a team to reverse the $10,000 monthly loss of a food court restaurant in a major mall. Surveyed customer preferences, revamped the storefront and menu board and created relationships with new vendors. I identified untapped markets and increased sales by 30% in a three-month period. Despite these efforts, the restaurant continued to lose money. I took a further step and met with other food court tenants, where I discovered that the financial data provided to them by the mall’s representative were fraudulent. As a result, the restaurant owner received a financial settlement.

Highlights include:

• Reduced over-all product costs
• Increased sales by 30% in a three-month period
• Secured a financial settlement for the owner

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Secured State and City Funding for Manufacturing Company to Build a New Addition to an Existing Plant and Increase Sales
I was commissioned to turnaround a struggling manufacturing company that needed to improve its operational and environmental efficiency to reverse a decline in sales. The manufacturing plant was in poor shape and was producing hygiene and women products in the same space they were manufacturing chemicals and was show casing both products in the same display room. Showed the profitability of building a 50,000 sq. ft. addition to the manufacturing plant and adding a second display room by separating the manufacturing of the hygiene and women’s products from the chemical production. Helped secure bank financing and obtained state and city funding, which would be forgiven once the manufacturer met certain job-creation targets.

Highlights include:

• Secured $500,00 in state and city funding
• Tasked to oversee the entire project bring the building in under cost
• Increased sales by 30 % over a one-year period

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Assisted Struggling Companies to Refinance Debt and Achieve Positive Cash Flow
I helped companies move from near-bankruptcy to profitability by constructing strategic, comprehensive plans for resolving debt issues, working with lenders and, where necessary, rebuilding teams.

Highlights include:

• Turned around a mismanaged distribution company and negotiated a loan that paid off all outstanding payables within nine months
• Refinanced a fledging IT company by negotiating with the lender to forgive 90% of their loan to achieve positive cash flow within two years
• Restructured a marketing design company’s management team and secured a letter of credit that guaranteed 80% of the lender’s exposure, moving the company from net losses to a positive cash flow in two years

Assisted Company in Current Nonconforming Business Use and Future Plans
My client, the owner of a commercial business, had begun building an office/warehouse on his residential property without getting city approval. I worked with the city and nearby homeowners to allow the nonconforming use. At the same time, the owner had begun the process of opening an out-of-state location, but I provided the necessary data to forestall the operation due to lack of capital for the expansion.

Highlights include:

• Secured a conditional-use permit for the owner’s current business, allowing employees to meet at the office
• Prevented a poorly conceived expansion

For more information about our Turning Around Performance, please fill out the contact form or Contact Selle Consulting at 612-366-7473

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