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Company Sold with Help from Ohio Department of Development

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·Company Sold with Help from Ohio Department of Development

The Situation

Multi-plant furniture manufacturer with 55 independently owned retail franchises and national retail customer base. $130 million in annual sales. $11 million debt.

  • 4th generation family-owned business
  • Losing $500k per month
  • The slowing economy, 3 year decline in home sales, and tighter bank mortgage and equity-loan practices caused Norwalk Furniture Company’s business to experience dramatic revenue declines.
  • The company’s senior lender saw the company’s profits decline 71%, resulting in them taking a hard stance with respect to extending any additional credit to Norwalk Furniture Company.

How We Advised

  • Our experts were hired by the shareholders to conduct a comprehensive financial and operations viability assessment of the entire company.
  • We quickly developed a restructuring plan to reduce annual expenses by $15 million and took over the interim positions of CEO, CFO, COO, and CRO for the entire corporation.
  • Vigorous negotiations were entered into with the senior lender to discount Norwalk’s loan, as well as with potential buyers for Norwalk.
  • Discussions with Ohio’s Department of Development resulted in a $2 million low-interest loan offer to any potential buyer, helping to eventually find a buyer for the Ohio division, which saved 450 jobs.

Key Contact

Dan F. Dooley, CTP
Senior Managing Director
Strategic Advisory Practice
+1 603 660 8952
[email protected]

Related Practice Areas

> Chief Restructuring Officer (CRO) and Interim Management Services
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.

 

> Business / Operational Assessment
Most consulting firms approach a business assessment from a purely financial perspective — our assessments provide a 360° view of a business, addressing growth drivers, profitability, and uses of capital. Along with detailed financial performance reviews and cash flow forecasting, our comprehensive Business / Operational Assessment identifies the various challenges clients encounter throughout their operations.

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