Preserving Profitability and a Family Legacy

CHALLENGE: A very successful family-owned manufacturing business had experienced impressive growth over the last 20-plus years. The company, started by the first generation, was transitioning in many respects: expanding the breadth of its sales territory, increasing the portfolio of products, and involving the second generation in the management of the company. However, revenue growth began to stagnate, and the owners had to focus on day-to-day operational issues as opposed to planning for future opportunities. Additionally, there was a deficiency in the resources required to allow the company to grow as it had in the past.

SOLUTIONS: Our initial efforts involved identifying an organizational structure that would allow the company to continue growing. We identified financial and system resources that would significantly improve budgeting and forecasting — information that management required to make decisions.

RESULTS: We created an environment where managers at various levels are empowered to make decisions, held accountable for the results of these decisions, and rewarded accordingly. We helped create an environment where the owners were allowed to plan for the future, creating an organization that has the capacity to double its revenues.

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Maximizing Profits: Challenges in Profitability Resolved