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Outline of Services Performed:

  • debt restructuring
  • turnaround management
  • business process improvement
  • lender relationships
  • collections guidance
  • staff recruiting
  • lender due-diligence preparation

Beneficiary of RHG's Expertise:

    Due to poor financial performance in 2005 and 2006, the
    bank requested that the Company seek alternative financing.


Detail of Services by RHG:

    Richard Henry Group developed and directed a strategy to:

  • improve the communication and stabilize the
    relationship between the bank and the Company,
  • improve the Company’s financial performance, and
  • develop a plan to refinance its varying levels of debt
    (revolving line, equipment term debt and real estate
    debt).  

    At the same time, RHG developed a strategy and
    implemented a financial plan to:

  • improve the operational performance,
  • improve the internal business processes,
  • improve the communication and stabilize the
    relationship between the Company and the bank, and
  • prepare the Company for new lender due diligence.  

    In addition RHG recommended that the company create the
    position of controller and subsequently recruited, negotiated
    and helped Company management hire a qualified
    individual.  

    During the engagement, RHG:

  • initiated a process of staff training in all accounting
    functions,
  • directed the accounting functions, and
  • initiated and directed bi-weekly accounts-receivable
    and collections-process meetings.

    As a result of its financial and operational turnaround plan for
    2007 and 2008, RHG negotiated a forbearance agreement
    with the current lender, which allowed the company sufficient
    time to seek alternative financing with acceptable terms.  After
    presenting the Company and the plan to several lenders,
    RHG successfully negotiated a new banking agreement with
    a Cleveland-based bank to refinance the company’s entire
    debt.  Refinancing allowed the Company to add personnel
    and purchase the capital equipment necessary to expand the
    Company.


turnaround & refinancing
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RICHARD HENRY GROUP
ANNOUNCES THE LAUNCH OF
ITS NEWLY DEVELOPED
WEBSITE

Richard Henry Group, a
northeast Ohio business
development and turnaround
advising firm, announces the
launch of its new website.  The
website has been created to
reflect Richard Henry Group’s
organizational culture, strategy,
and uniqueness.  The website
may also be used as a
resource tool by Richard Henry
Group’s referral partners and
its current and prospective
clients.  www.RHGsolutions.
com provides visitors with case
studies, a news archive, and
the most recent news about
the company.  The website has
been developed and
maintained by COSMIN
Consulting.  Richard Henry
Group would like to invite
interested parties to visit its
newly developed website and
submit their feedback.