Situation
A Bank was being sold and the Bank owner was going to have to personally deal with one bad loan – A telemarketing company in the Upper Midwest had been losing money for years and not only had defaulted under their credit agreement, but the Bank managed their cash. The principals of Turning Point were engaged by the Bank to assess the Company’s financial situation and to ultimately determine if this was a viable business. 150 jobs were at stake if the Company shut down.
Actions
After initial assessments, it was determined the business could survive with new leadership and direction. The business had a solid client base and infrastructure. It was overspending and underfunded. Through a process guided by Turning Point, the Company’s assets were transferred to a new operating entity. Most management was retained and the Company continued to operate with new leadership.
Outcome
Under guidance and leadership from Turning Point, the Company is operating today, cash flowing and growing and 150 jobs were saved!
