Founded in 1940, this company designs, manufacturers and sells unique fashion, costume and boutique jewelry. They provide private label manufacturing to customer specifications and offer a wide variety of holiday and themed products. In the early 1990’s, the company was transferred to a family member who maintains controlling interest. At its peak, it was one of the best known and most productive jewelry companies in its class.
LEVEL OF INVOLVEMENT
Chairman’s View was hired in the winter of 2005 for a standard 3-month engagement. During this time, CV staff was placed within the company to gain a realistic sense of the delivery system, management structure and corporate culture. Simultaneously, their revenue pipeline and financial records were thoroughly examined, and the CEO’s goals explored.
INITIAL CHAIRMAN IMPRESSION
Despite quality products and a history of prominence within the fashion jewelry industry, foreign competition, a weak sales effort, mismanagement, an inefficient delivery system, and a lack of focus on behalf of the CEO had put the company in peril. Chairman’s View believed that the client could resurrect its position within the industry and reverse its negative sales trend. However, in order to accomplish this, and successfully implement the actions proposed by Chairman’s View, the owner would have to commit his time, energy and presence to the effort.
COMPANY & OWNER GOALS
- Rebuild the company with a focus on Sales & Marketing
- Install new processes and systems that allow the company to compete
- Secure the right clients
- Reverse the negative cash flow
Change starts with the owner. In this unique case, the owner initially thought he wanted to revive his family’s company. Despite having presented clear and feasible corrective actions, because the owner had become so removed from the operations of his company and imbedded into a lifestyle that ran counter to building value, no action was taken to safeguard the company’s future.