Capital Equipment Builder
Performance Enhancement
The Challenge
Regular margin erosion on jobs, inability to meet build schedules resulting in customer dissatisfaction and failure to meet senior creditor structure and covenant requirements.
The Solution
Established enhanced quotation model with cross-functional review checks to improve accuracy of cost estimates and reduce errors resulting from lack of adequate job specifications; instituted job kickoff procedures to clearly identify critical path and job risk issues along with clear delineation of job activities & responsibilities to team members; designed and implemented enhanced program management function to improve throughput and financial controls including tracking of unbilled change-orders; installation of job closeout procedures; define job spec, hire and train new CFO; restructure lending facility to achieve access to necessary working capital.
The Results
Three consecutive years of record revenue and significant acceleration of the trend of reported earnings as a % of EBITDA.
“We were a good company before but now we are great. We make far less mistakes and those we do make, we rarely make twice. We are steadily growing top line and bottom. I couldn’t have done this without Stebb’s coming in and identifying the things I didn’t know, understand and appreciate previously and then rolling up their sleeves to implement permanent change which we will benefit from for years to come.”
— Current President and CEO