Problem: A $20 million family-owned business was in financial trouble. The owner listened to few, believing that top line growth was all that mattered.
Solution: The owner was convinced to develop an advisory board consisting of successful, strong professionals that could develop his confidence. Fulcrum’s Becky Morgan became the operations expert, joining business owners and a retired CPA. The board quickly identified need for an outside experienced President with the ability to groom the owner’s son for that responsibility within two years. Regular board meetings recognized and forced resolution of issues until the company was back on sound financial footing.
Result: The son has been President & CEO for several years now, profits and cash are healthy, and the implementation of sustainable systems in place.
If this kind of thinking can help you, email Fulcrum.