|
Case Study 1
Back Against The Wall
Background: A forty-year-old company was loosing 30% on
revenue; it was 90 days from declaring Chapter 11.
Action: Worthmore’s consultant worked with the board of directors
and the management team to develop a reorganization plan that was
communicated to creditors, employees and customers. We worked with
management and the employees to identify their strengths and weaknesses,
and strengthened the executive team’s leadership and decision
- making skills. We worked with them to focus on products and services
that would produce immediate revenue, rebuilt the employee’s
morale after a series of layoffs, encouraged no risk problem solving
discussions, developed a strategy and tactics to collect outstanding
accounts receivables, identified and opened new markets for their
products, implemented a team building program, established an ethical
standard and company image, improved interdepartmental and interpersonal
relationships, introduced new management, implemented a new accounting
system, provided access to fitness training, upgraded cafeteria
nutrition and established a culture in which the employees believed
could win against any odds.
Result: The Company achieved cash flow breakeven within
six months and generated a profit a month later; employees and management
began to trust each other; customers had the products they needed
with quantifiable ROI metrics. Performance bonuses were given out
to employees during the holidays based on the increased revenue
and profits; the customer base grew and the company prospers to
this day.
Case Study 2
Rapid Globalization
Background: A Fortune 50 division needed
to enter markets in Europe and Asia-Pacific to rapidly establish
a market presence and acquire market share.
Action: Worthmore’s consultant
helped identify acquisition candidates. We evaluated the target
company’s product and service mix, financial condition, company
and geographic cultures, competitive strength, management, employees
and customers. An Australian company was acquired and Worthmore’s
consultant worked to integrate the new company and clients with
the acquirer. Strategic and tactical plans were implemented to meet
market share and revenue goals. Leaders were identified within the
acquired company and integrated into the acquiring company’s
management. A customer retention level of 85% was needed for the
acquisition to be considered successful.
Result: The combined company had a 94%
customer retention level with less than a 3% unplanned post acquisition
employee turnover rate. Revenues increased by 28% and market share
by 11%.
Case Study 3
Re-build a non-profit company
Background: The first non-profit chartered
under 503 (c) 3 this service company had just emerged from near
bankruptcy. The management team was inadequately skilled to compete
against for profit competitors.
Action: A complete corporate assessment
and development program was implemented by Worthmore’s consultant.
Expertise, leadership and managerial skills were taught to managers
and employees. Strategic and tactical plans were created and implemented,
more competitive products and services were developed and sourced,
employees and customers teamed to set product and service delivery
standards.
Result: The client base grew 40% in
two years, and the average cost of services to each member company
was reduced by 11% per year. The company continues to prosper.
Case Study 4
The Rocket
Background: A start up company was in
the process of securing its first round of venture funding. The
three founders, all of whom are technologists, realized they did
not have the marketing, sales, operations, leadership and general
business skills needed to build the company. The venture capitalists
wanted to put in their own management team. The founders were concerned
about loss of control.
Action: Worthmore assessed the founders
skills and determined that they could divide the management responsibilities
needed to build the company in the near term. The founders accessed
the pool of Worthmore consultants to obtain the knowledge they needed
to build their company at each stage. After obtaining enough funding
to start up operations they successfully launched their company.
It was a hit! They were able to go back to the Venture Capitalists
with a higher valuation that required giving up less equity in return
for the VC’s investment.
Result: Three years after launch, the
company was sold to a Fortune 1000 company. The founders each received
a significant buyout.
Case Study
5
Overcoming Obstacles
Background: Worthmore was hired by two
individuals from the same company. Neither knew the other was a
client. One was a Senior Vice President (SVP) who was passed over
to become President in two previous companies, the other was a sales
professional who fell short of making quota three years in a row.
Both were frustrated at falling short of their personal and career
goals, but did not know why it was happening to them.
Action: Worthmore worked with both individuals
to determine what they needed to do about the obstacles to their
success. Some of the issues related to how they worked with people,
some related to family issues, some to knowledge of the jobs they
coveted. It was determined that the obstacle to the SVP becoming
the President of her present company was because the President is
in good standing with the board, in good health, is well liked by
employees and customers and is 8 years from retirement. Further
that the SVP had leadership and job knowledge issues which precluded
her from being promoted to President. She also felt her family life
was less than satisfying. The sales representative was such a hard
driver that he failed to build relationships with his clients. Therefore
given nearly equal products and prices, customers were choosing
to do business with the sales representative, from a competitor,
that they liked and trusted.
Result: Worthmore’s consultants
improved the SVP’s leadership skills and general management
expertise, and created a search plan for her to become President
of another company. Worthmore coached the SVP through the interviewing
process and compensation negotiations. Our relationship coaches
worked with the SVP and her husband to improve their ability to
communicate with each other and the quality of their relationship.
Our coaches worked with the sales professional to develop the skills
he needed to build better relationships with his customers. Both
clients achieved their personal and career goals within one year.
Each continues to use Worthmore’s Executive Brain Trust and
coaches to advance their careers and improve their personal lives.
|
