A third-generation family-owned manufacturing company faced financial troubles due to bad hiring decisions and mismanagement. The company was about 45 to 60 days away from total insolvency and was supplementing their finances with their own personal bank accounts. Their key challenges included:
- Overhead payroll expenses
- Overstaffing in one department and understaffing in another
- Over-processing of a product leading to $8-$9 Million in opportunity costs
- Inefficient collection of accounts receivable