NATURE OF ASSIGNMENT:
Primary: Lender - Creditor Services / Debtor Oversight
Secondary: Company Services / Financial & Operational Restructuring
Primary Industry: Real Estate & Construction
Company: A $40mm construction contractor which provided interior construction, metal framing, dry wall, stucco and paint.
Situation: The Company was in default of its loan covenants with its lender and was out of cash. The Company lacked effective work-in-process management and tracking, its contract files were is disarray and it lacked financial and operational controls and job costing standards.
Focus Scope: At the request of the lender, Focus was asked to undertake a full examination of the business.
Tasks Performed: Focus sent in a team, undertook a top-to-bottom restructuring, determined the true status of WIP, implemented timely and accurate financial reporting tools, and created a rolling 13-week cash flow to accurately forecast future availability under the Company’s line of credit.
Results: Focus Professionals re-created the Company’s work position, created standardized operating procedures and eliminated cash redundancies. Focus is currently leading financial and operational activities and providing discipline and structure for this growing contractor.