Company Type: Engineering
This engineering Company whilst profitable was experiencing a number of issues that collectively were damaging the business. This included a troublesome employee, a falling order book, a complex financial position and an exit plan that hadn’t worked.
Our HR specialist was consulted who explained that the employee had already committed offences serious enough to warrant dismissal. A disciplinary meeting was arranged but the employee left before the meeting took place. The falling sales were addressed with the implementation of a Sales & Marketing strategy that included an analysis of the market. This identified a lucrative vertical market which was promptly attracted through a modest investment in an updated web site, the mailing of a new Company brochure and an e-mail campaign. New business sales reached record levels within 6 months. The financial position was resolved following advice from our tax advisor who recommended a tax efficient strategy for the removal of a significant cash deposit held within the Company. The previous exit strategy had failed due to the typical reliance of the business on the owner, his knowledge and contacts effectively were the business. A plan was agreed to introduce an ambitious new manager to the business with whom the owner could share, over time, this critical knowledge and experience, with a view to them then acquiring the business. This proved successful. However the business became a great deal more manageable and had flourished to a point that the owner chose to retain ownership for his children to run alongside the new Manager.