Builder Three

This builder had large land holdings in a resort-type area but was being crushed under heavy debt. The previous President (who also acted as the CFO) eventually resigned after being persuaded in his own mind that there was no way out.

The owner then reached out to me to give an assessment.  When I reviewed the project, I believed there was a way forward because they had an incredible product; and if you have a great product, there’s usually a way to make it work.

Again, we implemented Builder Navigator software which gave us robust inventory reporting and cash flow forecasting – and more confidence in the company’s future.

I took the lead position in renegotiating debt with the senior lender, a closed-end mutual fund in the mid-West, and got a massive $18 million dollar debt write-off. This was a complex negotiation that involved managing the tax implications related to forgiveness of debt income and keeping the company and principal out of bankruptcy.

I also took on the COO role to develop processes and procedures. This included defining job responsibilities, seeing that job descriptions were written, and having jobs assigned via a responsibility grid.

Even though the previous President was unable to secure vertical financing from lenders, as part of our turnaround strategy we successfully obtained vertical financing, including financing for specs.

The company became totally rejuvenated. They proceeded to have a banner sales year, and the company is considered to be “turned around”.  The President is a visionary and is doing quite well!

I also took on the COO role to develop processes and procedures. This included defining job responsibilities, seeing that job descriptions were written, and having jobs assigned via a responsibility grid.

The previous President had no success in getting vertical financing. As part of our turnaround strategy, I obtained vertical financing, including financing for specs.

The company is totally rejuvenated. They are now in a banner sales year, and the company is considered to be “turned around”.

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