The founder of the company began in 1993 as a utility contractor installing expansion joints and epoxy floor coating systems in southern New England. The firm, started in 2002, offers one-stop-shopping for everything expansion joint related. The business serves the continental United States and Canada, and fabricates its own expansion joints in its own facility. The company has rapidly grown to one of the nation’s leading manufacturers and installers of large non-metallic expansion.
LEVEL OF INVOLVEMENT
Chairman’s View was hired for a standard engagement and subsequently retained to provide advisory services for a period of time to help the firm through an aggressive growth campaign.
INITIAL CHAIRMAN IMPRESSION
This client has a clear market opportunity based on a business model that allows the company to capture value in all areas connected to expansion joints. The value capture model saves customers time, risk and dollars. The firm is a young organization with excellent growth opportunities. Its systems and processes have been adequate to date. However, to reach the $10M revenue mark, the organization needs to make some structural changes. The personnel needed to succeed -at any level-are already in house, but the processes, systems, and culture are inadequate and need to be updated to climb to the next level.
COMPANY & OWNER GOALS
- Gain management control and free up C.E.O. to focus forward
- Growth rate to reach $10m sales
- Make firm a valuable, saleable asset with the ability to produce $500K/year
COURSE OF ACTION
Please Boardroom Metrics for a detailed “Course of Action” for this case study.
The company embraced the needed changes to the operating structure and processes. 2005 was an investment year for the company in all areas from moving to larger facilities to a total rebuild of process and infrastructure. At the end of 2005 the Company had met all its execution goals and its sales goals.
Work continues with the Company at the Board level.