Loss of largest customer comprising about half of annual revenues and a charge-off equal to two-thirds of company equity.
Negotiated with company creditors to restructure obligations while improving manufacturing processes to improve throughput and margin realization. Negotiated with customer in bankruptcy to alter material flow protocols and restructure consigned parts bank to improve just in time part receipts and reduce the collective investment in inventory and transportation. Also negotiated priority vendor status, COD terms and pricing enhancements during DIP period and after reemergence from bankruptcy. Developed and installed visual performance metrics in each work cell to track continuous improvement and adherence to company objectives while upgrading key management positions. Increased First Run Capability and quality metrics consistently over three year period.
Record profits within two years; reduction of leverage to less than 2:1 in three-year period while affecting a buy-out of non-active shareholder under favorable terms.
“I wasn’t sure we could make it and most days I dreaded what disaster was going to be next. Under the leadership and guidance Stebb provided, we are now consistently profitable and have now repaid our entire working capital obligation and don’t borrow at all. Stebb’s assistance with our bank and other creditors was critical in the transition through the troubled times. I enjoy coming to work now.”
— Business Owner & President