TURNAROUNDS
Case 1
In January, 2004, Lloyd Singer, Managing irector and cofounder of Westport, CT based Business Renewal Solutions (BRS), was selected by TMA’s Midwest Chapter’s Pro Bono Committee, to undertake a turnaround assignment on behalf of Lake Villa, IL based Interplex Co.
Interplex is a seventeen year old company and one of more than 200 distributors of Class C inventory components sold predominately to manufacturing businesses in the northern Illinois region.
Mr. Singer and David T. Hartwig, the founder of Interplex, assisted by Joseph Tesoriere of BRS, and by Charles Wintemitz of Wintemitz Inc. secured a lender forbearance agreement, negotiated an Asian sourcing and credit agreement with a $100 million public company, helped negotiate tax settlements, and are currently negotiating the purchse of another parts company to become part of Interplex.
The Interplex turnaround received the Henry Preucil Pro Bono Turnaround of the Year Award for 2004. READ MORE…
Case2
Engaged by a northeast prominent family that owns several enterprises ranging from Real Estate Development to Marinas and Yacht Dealerships, TeamBRS Cofounder, Joseph Tesoriere experienced in Family-owned Business Issues was able to re-establish a working relationship among the Family Board, restructure Debt, negotiate a Debt Reduction, divest unprofitable business units and institute a reliable structure that preserved Shareholders value in addition to a healthy Yearly Dividend.
FAMILY-OWNED BUSINESS ISSUES
Case 1
A Third Generation, multi-million dollar New York City Retailer found itself on the “Slippery Slope” due to taking advantage of the opportunity to expand its space to one city block.
This coincided with one of the worst retail years. The company retained TeamBRS Cofounder, Joseph Tesoriere to lead a reorganization. Leases were renegotiated, Bank financing was obtained, Trade Debt was reduced by 75% and a new, additional location at New York Kennedy International Airport was opened.
