Industrial Manufacturing

Objective: Return organization to profitability and restructure outside relationships with vendors and banks.

February, 2004: Began work with a second to third generation family business, a manufacturer in a highly technical industry providing product to governmental and commercial customers.

As a result of some financial mismanagement and family turbulence, the Company had operated at a loss for several years.

The turnaround began by eliminating several key positions, including the top financial function, while training a lower level, more cost effective financial manager to assume some of the former employee's duties.

During the first eighteen months, the key objective was to get the Company to cash flow breakeven. This was accomplished through renegotiation of some key contracts, restructure of vendor obligations, changes to insurance programs, and working with existing lenders until adequate financial strength was attained to refinance with new banks. As of 2010, the Company is operating with substantial profits for its third consecutive year, has a large and lucrative backlog, and a substantially better and more properly structured banking relationship.

Dufek & Associates continues to work with the Company on other initiatives, including management and employee training, monitoring cash flows, supporting its systems, procedures, and controls, and in ongoing business succession planning.