Transcript Slide 0

Atlanta, Charlotte, Cleveland, Philadelphia, Toronto
www.auroramp.com
Table of Contents
Introduction to Aurora Management Partners
Practice Areas
Philosophy
Approach
Professionals
Credentials
Contact Information
1
A No-Nonsense Approach
Aurora always sees the glass as half full. We’re trained to look at the world
differently. We see opportunities where others see only problems. However, it’s
our ability to rethink, react quickly and generate tangible results that truly sets
us apart.
Rethink. When faced with the reality of keeping a business afloat, the hardest thing to do is
objectively evaluate all possible options and effectively chart a course for survival. Rethinking
any business situation requires facts, clarity of purpose and a objective point of view. Aurora’s
professionals bring both the objectivity and the real-world experience struggling business need to
react properly and achieve the results expected from both ownership and creditors.
React. To survive in today’s rapidly changing marketplace, companies must react quickly to
changing market conditions, changing customer demands and changing financial expectations.
Taking a wait-and-see attitude or thinking about change is no longer an option. Capitalizing on
opportunities or averting disaster requires prompt ACTION. We help companies find the
courage to move boldly and quickly.
Results.
In our business results are the only standard by which we are judged. We
consistently meet and exceed the objective agreed upon at our engagement. This will always be
the key to our success. The Aurora professionals take great pride in its track record and
reputation for getting the job done properly, quickly and cost-effectively.
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Our Mission
To provide a team of highly qualified professionals who possess the
financial, operational and strategic skills necessary to thoroughly
address the needs and expectations of corporate management, creditors,
investors and boards of directors in rapidly changing business
environments. Aurora provides these services in the context of business
decline, business transition or rapid business growth.
3
Our Culture
Results Oriented – Aurora professionals are driven to achieve client goals and objectives.
Team Focused – Aurora professionals use a team approach to problem resolution and work closely with all levels of
client management to optimize the benefit of the complementary skills brought by the Aurora team.
Organizationally Sensitive – Aurora professionals understand the emotions that are present in stressful business
environments and appreciate the challenges facing family-owned companies as well as publicly-held corporations.
Our Commitment
Partnership – Aurora is committed to considering the interests of all stakeholders to maximize value.
Value Driven – Aurora prides itself on supplying services and solutions where the benefits received by our clients far
exceed our fees.
Approach – Aurora provides its clients with clear, concise and objective analysis of the core issues and the facts
surrounding them.
Professionalism – Aurora professionals are committed to the highest level of integrity and business ethics.
Senior Level Attention – An Aurora partner or director will lead every engagement.
Our Capabilities
Engagements – Aurora has the professionals and the experience to handle assignments from the simple and straightforward to those involving multifaceted, complex, and diverse strategic, operational and financial issues in most
industries.
Professional Staff – The Aurora team is comprised of experienced senior professionals who possess the experience,
knowledge, skills, and integrity that make the difference when addressing challenging assignments.
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Our Service Areas
Business
Consulting Services
•Asset Sale or Acquisition
•Business Plan
Preparation
•Business Strategy
•Business Valuation
•Chapter 7/11
Management
•Finance Negotiation
•Interim Management
• CEO/CRO/COO/CFO
•Litigation Support
•Operational and Financial
Restructuring
•Operational Performance
and Process Improvement
•Viability Assessment
•Working Capital and
Cash Flow Management
Creditor Services
•Borrower Viability and
Collateral Assessment
•Chapter 7/11 Advisory
•Debt Recovery
•Forbearance and Loan
Restructuring Due
Diligence
•Interim Management
CEO/CRO/COO/CFO
•Litigation Support
•Forensic Accounting
•Liquidation Services
•Pre-Funding Due
Diligence
Investor Services
•Acquisitions
•Divestitures
•Exit Strategies
•Equity Sourcing
•Interim Management
CEO/CRO/COO/CFO
•Investment Assessment
•Investment Due Diligence
•Litigation Support
•Mergers
•Refinancing Sourcing
Corporate
Governance Advisory
•Audit Committee
Advisory and Training
•Board of Director
Advisory in the Zone of
Insolvency
•Due Diligence for
CEO/CFO Compliance
•Sarbanes Oxley review
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Our Philosophy – It’s Not Just Financial
There are three major components to any change solution:
Financial
– Debt Refinancing, Equity Infusion, Cash Management, Financial Restructuring
Operational – Improved Productivity, Asset Redeployment, Cost/Process Controls, Improved Management
Strategic
– Product Positioning, Market Niches, Growth, Consolidation, Exit
Common Restructuring Scenarios
Firm Viability
Maximum value realized
through continuous
improvement in all areas
Financial
Operational
Financial
Operational
Strategic
On-Going
Strategic
Time
Too often companies focus on the wrong change solution or think that employing just one of the components is all that
is necessary. For example, a financial restructuring may provide temporary relief but without operational improvements
and strategic changes the business usually slides back into underperformance and financial distress. Likewise,
operational improvements may return the firm to profitability, but without changes in strategic direction the business
will continue to experience sub-optimal profitability. The principals of Aurora’s experience in all three of these
strategies provides you with a comprehensive solution that delivers long-term rehabilitation.
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Our Approach
 Our methodology allows us to employ the appropriate strategy based on the
unique needs and characteristics of each engagement
 Our experience and insight enable us to uncover problems and opportunities
quickly thereby eliminating costly delays and revisions and our goal is to
bring immediate value to every engagement.
 Each engagement is managed by a firm principal who follows an agreed
upon workplan and remains actively involved in all phases of the
engagement through to completion to ensure client satisfaction and a
consistent agenda.
 Deliverables are tailored in the appropriate medium to precisely meet the
needs of the audience, whether management, creditors, investors or
directors.
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Our Approach
The Aurora Financial Management Tool Aurora uses internally developed financial models that
integrate the macro budgeting process with micro cash management. These models are based on the concept
that a finite amount of resources are available to the company with which to fund the change process. How
these resources are utilized will impact the outcome both during a short-term 13 week period cash management
period and years into the future. Historical and projected balance sheets, income statements and borrowing
bases are automatically updated weekly with actual figures providing immediate and transparent feedback to
concerned parties. Working capital management is enhanced with detailed modeling of receipts and
disbursements based on historical data.
Model Components
1. Assumptions
2. Income Statement
3. Balance Sheet
4. Borrowing Base
5. Funds Availability
6. Cash Receipts
7. Cash Disbursements
8. Sales & COGS Forecast
9. Operating Expenses
10. Wages & Related
Expenses
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Our Professionals
Advanced Education – All of our professionals hold advanced degrees and/or professional
certifications, are highly experienced and possess a deep knowledge of management and
turnaround situations.
Exceptional Leadership - Aurora principal’s have over one hundred years of combined
relevant experience and have held CEO/COO/CFO or other leadership positions at numerous
private and public companies.
Proven Track Record – Aurora professionals have successfully completed over 200
engagements in a diverse group of industries.
Experienced Negotiators – The Aurora professional is skilled at understanding and reducing
key problems to manageable issues which assists in achieving acceptable resolutions whether with
lenders, unsecured creditors, investors or other stakeholders.
Professional Commitment – Aurora partners have significantly influenced the development of
the program for designating Certified Turnaround Professionals (CTPs), currently chair
committees responsible for CTP advanced education, and have aided in the development of both
the Turnaround Management Association and the Association of Certified Turnaround
Professionals.
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Our Executive Management Team
Charlie Soule
Ron Turcotte
David Baker
Chairman Emeritus
CEO & Managing Partner
Senior Managing Director
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Our Executive Management Team
Charles A. Soule, CTP, Chairman Emeritus, Winter Haven, FL
Charlie Soule is a well known turnaround management consultant with over 30 years of relevant
experience. He is a co-founder of Aurora Management Partners (2001) after serving as partner and
president of other turnaround firms around the country. He has provided high-level management
and leadership for companies across many industries desiring emphasis in revitalization, downsizing
and streamlining, revised corporate strategy, crisis management, workouts, turnarounds or
divestitures. Particular strengths come from hands-on experiences in former corporate positions
and turnaround situations. Mr. Soule is active in the Turnaround Management Association, a
recognized Certified Turnaround Professional, has an M.B.A. with Distinction from Harvard
University (1969) and a B.A. from Yale University (1963).
Past roles have included: consultant with specific assignments to boards of directors or presidents,
member of the board of directors, interim CEO or CFO, and other general management positions.
Specific tasks have included: risk assessment and valuation of firm and firm’s objectives,
implementation of financial controls and management, strategic re-focusing, operational and
manufacturing improvements, sales and product realignment, business plan development, assisting
in obtaining new financial resources, systems downsizing, and selling or divesting business units.
Extensive experience and success with confirmed plans in Chapter 11 reorganizations; approval in
courts in North Carolina, New Jersey, Virginia, Georgia, Tennessee, Texas, Alabama, and Florida.
These situations have included financial and operational restructuring, creditor assessments,
workouts, negotiations, and loan restructurings, as well as operational and organizational strategy
development.
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Our Executive Management Team
Ron Turcotte, CEO & Managing Partner, Atlanta, GA
Ron leads the firm’s hands-on, results-oriented approach to turnarounds, workouts and
divestitures. As a native of Canada and prior to his immigration to the US in 1983, Mr. Turcotte was
heavily involved in the deregulation of the Canadian Telecommunications Industry as a sitting
member of the Canadian Radio and Telecommunications Commissions (CRTC) sub-committee,
regarding terminal attachment. He was also Treasurer of the National Association of Interconnect
Equipment Providers. During this period, he assisted a group of investors with the acquisition of
substantially all of the assets of a Canadian Telecom company that was forced into receivership by a
Canadian bank.
Ron has led numerous out of court restructurings throughout the US within the retail,
telecommunications, distribution, manufacturing and construction sectors. He has also applied his
expertise to assist with the Chapter 11 process, as Financial Advisor or Chief Restructuring Officer,
of a Tennessee based convenience store chain and petroleum products distributor; a California
based electronic traffic controls manufacturing company; a Georgia based automotive parts
foundry; a New York based outdoor advertising company; a Virginia based retailer of patio
furniture, spas and pool chemicals; a Georgia based auto transport company and a Florida based
cellular equipment manufacturer.
He is presently on the Board of Directors of a Tennessee based private company that designs,
manufactures, imports and distributes various automotive aftermarket products. Mr. Turcotte has
spent nine years on the Board of Directors of the Southeast Chapter (Atlanta) of the Turnaround
Management Association and is a Past-President of the Chapter. He also spent two years on the
National Board of Directors of the TMA. He is currently an active member of the American
Bankruptcy Institute, the Atlanta Venture Forum and the National Funding Association.
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Our Executive Management Team
David Baker, CPA, Senior Managing Director, Charlotte, NC
David is the Managing Director of Aurora Management Partners and has played a major role in
helping the firm expand to include offices in Atlanta, Charlotte and Cleveland. He has been heavily
involved with the firm’s bankruptcy practice handling cases in California, New Hampshire, Florida,
Georgia, North Carolina, Virginia and Ohio. He has been engagement as Financial Advisor to the
Debtor and to the Official Creditors’ Committee as well as Chief Restructuring Officer of the
Company.
David graduated from the University of North Carolina at Chapel Hill in 1977 with a B.S. in
Accounting and subsequently earned his CPA certificate. From 1977 until 1985 he worked with
national accounting firms. In 1985, he left public accounting to manage a multi-state textile
manufacturer headquartered in North Carolina. Then in 1997 he began his turnaround career with
an engagement at a troubled textile business.
Since joining Aurora Management Partners in 2000, David has managed a wide variety of both
turnaround and bankruptcy consulting engagements. He has managed workouts and divestitures
across several industries including steel fabrication and stamping, tier one and tier two automotive
suppliers, tool and die manufacturers, textiles, safety equipment distribution, appliance
manufacturing, agriculture and food service. David also has extensive experience in China managing
several assignments on the mainland, including the negotiation of a joint venture between a U.S.
manufacturer and a large automotive producer. His debtor engagements include working capital
management and assessments, debt reorganization, viability assessments and asset sales and
acquisitions.
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Our Executive Management Team
David Baker, CPA, Senior Managing Director, Charlotte, NC (cont.)
In addition to his consulting duties, David has served as the interim CFO/COO of a $175
million integrated citrus producer and as the interim CFO of a $75 million appliance repair
and parts manufacturer. He has also represented several secured creditors in debt recovery
engagements.
In 2005, Aurora received the Turnaround Management Association’s prestigious
National Turnaround of the Year Awards for his work in the Summitville Tile bankruptcy
case in Northern Ohio. He has also received several regional awards for other cases. David
maintains his CPA and is a board member of the Carolina’s TMA Chapter. David resides in
Hickory, NC with his wife and three children.
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Our Directors
Dennis Gerrard
Managing Director
John Palmer
Managing Director
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Our Directors
Dennis M. Gerrard, Managing Director, Naples, FL
Dennis brings over 20 years of senior management experience to Aurora’s clients, which includes
President, CEO, COO and other executive level positions. He also brings an extensive background in
turnaround and crisis management with considerable experience in restructuring businesses to
operate in cash-constrained environments, reducing manufacturing overhead and SG&A,
renegotiating debt and taking companies through Chapter 11 bankruptcy proceedings. His diverse
category experience includes consumer products, garments and textiles, automotive, paper and
packaging, telecommunications, plastics and distribution and logistics. Plus, he has successfully led
the sale of eight different companies throughout his career, including Section 363 and Article 9
transactions.
Prior to joining Aurora, Dennis was a Turnaround Consultant with CRG Partners for six years and
before that with Horizon Advisors for two years where he served as interim CEO of two companies,
developed and implemented profit improvement and reorganization plans, recruited and installed
permanent management, acted as Financial Advisor to the debtor in Chapter 11 foreclosure
proceedings and developed a profit improvement plan for a manufacturer of telecom equipment.
His most recent assignment was as interim CEO of a $100 million, multi-division apparel company
where he assumed control of the company after a failed sale and then developed and implemented a
revised strategy which ultimately yielded over 3X the prior valuation.
Mr. Gerrard has also been interim CEO of a $100 million multi-plant plastics producer, financial
advisor to a $100 million garment manufacturer, court-appointed President and COO of a leading
storage products manufacturer, Interim CEO of a decorative packaging company and Interim CEO
of a packaging products manufacturer. Dennis received his Bachelor's degree from St. Mary's
College, Moraga, California.
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Our Directors
John L. Palmer, Managing Director, Philadelphia, PA
John brings extensive management experience to Aurora with over twenty-three years serving in
both senior executive and turnaround management roles for a wide variety of middle-market
companies involved in retail, manufacturing, electronics, printing, healthcare, biotechnology,
services and high-tech.
Prior to joining Aurora, Mr. Palmer was with NachmanHaysBrownstein for 8 years where he led
NHB’s turnaround teams on more than forty assignments across a diverse group of mid-market
companies. Recent engagements include serving as Montgomery Wards’ Plan Administrator in
charge of the largest retail liquidation in US history, as the Chief Administrative Officer of Verso
Technologies, Inc. and as the Chief Administrative Officer of Norstan Apparel Shops, Inc. d/b/a
Fashion Cents. He has also served as the Chief Restructuring Officer of Craft Machine Works, Inc.,
and as an advisor to a New York-based nursing home chain and a specialty lumber distributor.
In addition, he has served in many executive management positions and brings extensive
bankruptcy experience to Aurora that includes a preference investigation for a creditors committee,
serving as the restructuring consultant for The Museum Company, both before and after its Chapter
11 filings, and serving as the Chief Restructuring officer during a dotcom liquidation.
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Our Directors
John L. Palmer, Managing Director, Philadelphia, PA (cont.)
Upon completion of his Ph.D., Dr. Palmer began his career as a member of the faculty
of Harvard Medical School and the Massachusetts General Hospital Diabetes Unit,
where he authored the first of his twelve U.S. patents. He moved to the biotechnology
industry in the early 80s, where he commercialized one of the industry’s first
recombinant products at Repligen Corporation. Dr. Palmer then founded Enzymatics,
Inc., where he raised three rounds of venture capital funding and led the company
through an IPO. Enzymatics developed and commercialized the first FDA-approved
quantitative saliva diagnostic. During this time he had 18 scientific papers published in
peer-reviewed journals.
Dr. Palmer has a BA in Chemistry from the University of California at San Diego and a
Ph.D. in Biochemistry from Brandeis University. He is a Certified Turnaround
Professional and a member of the Turnaround Management Association, the
Association for Corporate Growth and the American Bankruptcy Institute. John and his
wife Madhuri Malkani, have three sons, Jacob 19, Kavi 9 and Shaan 6 and he enjoys
spending time with his family, woodworking and rooting for the Eagles.
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Our Directors
Chip AuWerter
Managing Director
Jim Ebbert
Director
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Our Directors
Jay P. “Chip” AuWerter, CTP, Managing Director, Cleveland, OH
Chip joined Aurora Management Partners in 2007 as a Director to manage our Cleveland office and
serve Aurora’s growing client base in the Great Lakes Region.
Prior to joining Aurora, Mr. AuWerter was with Glass & Associates in New York and most recently
with The Pearce Group in Cleveland where he was Managing Partner with responsibilities for a
variety of operational turnarounds and restructurings. Chip is a respected turnaround professional
and a Cleveland native, and he’ll give Aurora an even stronger presence in this market area as well as
the ability to effectively serve our growing list of middle market clients in the healthcare, automotive
and other manufacturing industries. Chip is an impact player and brings proven leadership skills to
Aurora’s clients.
Mr. AuWerter has held a variety of management positions with various companies, including CEO,
COO, CFO and CRO and has conducted business/operational assessments for over 25 companies. In
addition, he brings the added experience to Aurora’s clients from his work with Booz, Allen &
Hamilton where he was a Management Consultant and with Ford Motor Company where he was a
Product Line Manager and Senior Product Planning Analyst. Chip is also a CTP (Certified
Turnaround Professional) and an active member of the Ohio Chapter of the Turnaround
Management Association.
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Our Directors
Jim Ebbert, CTP, Director, Rockland, ME
Jim joined Aurora Management Partners in 2008 to manage and grow our client base in the
Northeast market.
Mr. Ebbert joined Aurora from the McShane Group and prior to that he was with Allomet Partners.
He is a seasoned turnaround professional and a New England native who will be able to quickly help
Aurora expand its account base in the Northeast while effectively supporting Aurora’s growing
national client base.
Jim is a CTP with proven leadership skills and has been a turnaround professional for the past 18
years helping a variety of companies develop and implement operational and financial restructuring
plans. His experience includes viability analyses, business plan assessments, cash-flow modeling
and forecasting, out-of-court vendor management and restructuring, forbearance agreement
negotiations, AR management and organizational restructuring. Plus, he has extensive bankruptcy
experience and has served as court-appointed receiver for several companies as well as managing
the orderly liquidations of both company divisions and entire companies.
Mr. Ebbert graduated magna cum laude from Bucknell University with a Bachelor of Science degree
and holds his MBA, with distinction, from the Johnson Graduate School of Business at Cornell
University. He is a past director of the Association of Turnaround Professionals and active in both
the Portland, Maine and Boston TMAs.
21
Our Directors
Patty Missal
David Houseman
Director
Director
22
Our Directors
Patricia Missal, CPA, Director, Cleveland, OH
Ms. Missal brings over twenty years of professional experience to Aurora’s clients, specializing in
interim management, financial advisory services, and restructuring services. Plus, her experience
spans a wide range of industries, including construction, manufacturing, healthcare, energy,
distribution and software. Prior to joining Aurora, Ms. Missal was a principal at Bridge Associates
LLC for two years where her engagements included conducting due diligence on a potential
acquisition for a large private equity fund, being a member of the restructuring team and interim
Chief Operating Officer for a consumer products company and handling a court sanctioned auction
for an acute care hospital.
Prior to that she served as a Principal for Newmarket Partners, LLC., where she provided services as
Chief Restructuring Officer, worked as advisor on several sale engagements (both in and out of
bankruptcy settings), and performed forensic accounting and investigation services.
She has also worked for four years as CFO with Yen Enterprises, Inc., a $40 million family of
companies specializing in steel components and manufacturing where she was primarily responsible
for overseeing day-to-day financial matters and bank relations and negotiations. She also developed
and implemented a turnaround plan with vendors and lenders, allowing production of goods and
company operations to continue for a period of nearly three years.
Ms. Missal is a member of the American Institute of Certified Public Accountants, the Ohio Society
of Certified Public Accountants, and International Women’s Insolvency and Restructuring
Confederation. She received her Bachelor of Science in Accounting from Ashland University and a
Masters of Business Administration from Cleveland State University.
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Our Directors
David E. Houseman, CPA, Director, Chattanooga, TN
Dave Houseman has been a turnaround consultant for various periods since 1987 with his own firm,
Houseman & Associates, Inc. prior to joining Aurora in 2001. Dave has held executive positions
since 1991 including Chief Executive Officer of a publicly traded apparel company and several Chief
Financial Officer and Chief Operating Officer roles. He also has extensive financial experience
serving as Vice President of Finance, Controller and senior auditor for many different organizations.
Dave has recently advised the CEOs of metal working, consumer products, transportation and
consumer packaging companies on general business problem management and analysis of business
growth or sale opportunities. He has held CPA certification in three states, an office with the
Financial Executive Institute and been appointed to several boards of directors. Mr. Houseman
received his B.S. in Commerce from the University of Virginia-McIntire School of Commerce.
24
Our Directors
Andy Barbee
Director
25
Our Directors
William A. (Andy) Barbee, CPA/ABV, CIRA, Director, Charlotte, NC
Mr. Barbee has more than 18 years experience advising companies and managing engagements that
involve bankruptcy, divestitures, acquisitions, business valuation, and fraud investigation. In addition,
he has extensive hands-on experience working with debtors and creditors in bankruptcy matters that
includes everything from viability analysis, divestiture of assets and closing facilities and operations to
business valuation, insolvency and preferential/fraudulent conveyances.
Andy’s brings a diversity of business expertise to Aurora’s clients because he has served clients in a wide
variety of industries that includes textile, machinery and equipment, automotive parts and steel
manufacturers, distribution, insurance, construction, real estate, technology and automotive, heavy
equipment and hardware retailers.
As a member of the Financial Advisory Services practice of Coopers & Lybrand for five years he helped a
$100 million textile manufacturer through the bankruptcy process, including selling off a foreign
subsidiary, closing one plant and determining which business lines to exit.
In addition, Andy has been controller of a $40 million manufacturer where he assisted in obtaining new
financing and implemented a new information system that reduced financial statement preparation time
from 90 to seven days and was interim CFO for a $100 million multi-location automobile dealer in
bankruptcy where he closed two unprofitable locations and sold a used car location and a franchised new
car location for $2.6 mm more than their collateral value.
Most recently, Andy has worked in the Economic Advisory Services (EAS) practice of Grant Thornton.
The EAS practice assists clients in bankruptcy, business valuation, fraud investigations, and litigation
support. When he was hired, the group had one person and less than $100,000 in revenues. Over his six
years with the firm, Andy was integral to growing the EAS practice to over $6 million in revenues and 25
professionals.
Andy is a director and past president of the Turnaround Management Association, Carolinas Chapter;
director and finance committee chair for the Children’s Law Center; and treasurer of the FBI Citizens
Academy Alumni Association.
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Our Consultants
Richard Kennedy
Senior Consultant
Lynn Huras
Senior Consultant
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Our Consultants
Richard Kennedy, Senior Consultant, CTP, Charlotte, NC
Richard is a senior consultant with Aurora Management Partners in Charlotte, NC and brings more than
Twelve years of consulting experience to Aurora’s clients. He has assisted companies with a wide range of
operational, financial and strategic issues including out of court restructurings, bankruptcies, liquidations,
viability and insolvency analyses, acquisitions and divestitures.
Richard has been engaged by many family-owned businesses, equity and venture capital investors, and both
traditional and non-traditional lending institutions. He draws on engagement experience across many
industries including: light and heavy manufacturing, distribution, construction, agriculture, beverage, oil and
gas, utilities and automotive.
Prior to joining Aurora, Richard was a member of the Corporate Strategy Consulting Practice with
PricewaterhouseCoopers in Chicago where he focused on developing short and long-term strategies based on the
ideal combination of improved profitability and value accretive growth. He assisted in creating and
implementing process improvements, analyzing and reducing excessive cost centers, and performing asset
portfolio analysis to identify value destroying areas of the client’s business. This also involved numerous
valuation and scenario analyses as well as the implementation of performance management systems that aligned
appropriate key performance indicators with sophisticated business models.
Richard graduated from Wake Forest University with a B.S. in Business Administration concentrating in
Finance and obtained an M.B.A. from the University of Georgia with a concentration in Corporate Finance and
Entrepreneurship. He is a Certified Turnaround Professional, and serves on the Board of Directors of the
Carolinas Chapter of the Turnaround Management Association. He resides in Charlotte with his wife and two
children.
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Our Consultants
Lynn Huras, Senior Consultant, Toronto, Canada
Lynn has spent the last 20 years in both executive positions and hands-on management
roles for a diverse group of public and private companies. While her roots are in financial
management and financial operations, she also has extensive experience in strategic
planning and business and product development bringing new products and services to
market.
Lynn has a unique ability to quickly analyze a business, determine needs, conceptualize
solutions and implement a broad-based plan of action. In addition, she is highly proficient
at streamlining business processes, systems and procedures and managing the
restructuring of individual departments or entire organizations.
Ms. Huras is a current member of the Turnaround Management Association, Toronto
Chapter and has been with Aurora since 2004.
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Our Consultants
Steve Smerjac
John Leiti
Consultant
Consultant
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Our Consultants
Steve Smerjac, Consultant, Atlanta, GA
Steve joined Aurora Management Partners as a finance and operations consultant. Steve’s
specialty is working with turnaround management situations that require detailed analysis and
the implementation of fiscal, operational and risk management strategies. Applying over 14 years
of experience in business operations, financial analysis, portfolio management and due diligence,
Steve works closely with Aurora’s clients to identify their unique goals and develop solutions that
will effectively improve client profits and bottom-line productivity.
He has acted as an interim CFO for two clients, enabling them to successfully navigate a critical
change management period. He has productively restructured operational processes for
numerous clients working in the manufacturing sector and provided warehouse and delivery
accounting structures to maximize clients’ operations and revenue gains.
Steve helps our clients gain a competitive edge through comprehensive analysis, development and
implementation of productive solutions and a genuine dedication to helping Aurora clients
achieve their specific business, financial and operational goals.
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Our Consultants
John Leiti, Consultant, Atlanta, GA
John has been involved primarily in corporate finance, strategic planning, financial and
operational restructuring, and bankruptcy litigation for over 17 years. He has been a lead advisor
in operational reorganizations, financial restructurings, mergers and acquisitions, turnarounds,
loan workouts and Chapter 11 bankruptcy proceedings.
John has also served in a variety of roles with businesses and their counsel ranging from financial
advisor to serving as on-site turnaround manager or in interim management positions. In
addition to his experience as a service provider, he has also acted as Chief Financial Officer and
Chief Restructuring Officer. His experience crosses a spectrum of industries including
manufacturing, distribution, telecommunications and financial services with extensive experience
in the healthcare industry.
Mr. Leiti holds a Bachelor of Science Degree in Accounting and Business Administration. He is a
member of the Turnaround Management Association and Association of Insolvency and
Restructuring Advisors.
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Our Consultants
Shane Sparks
Jason Shulick
Consultant
Analyst
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Our Consultants
Shane Sparks, Consultant, Chattanooga, TN
Shane is a pro-active and results-oriented individual with broad experience in financial
management, financial analysis and operations. He most recently completed an assignment
overseeing financial management and operations for a medium-sized automotive aftermarket
manufacturing company with extensive operations in China. He also fulfilled the CFO duties for a
real estate company as well as asset management of a financial capital company.
In addition, Shane has extensive experience in the franchised food service industry and has served
as Finance Manager/Controller for an Atlanta-based restaurant group with over 4,000 employees
and multiple food service concepts. This experience is currently being utilized in a Florida
Bankruptcy of a chain of TGI Fridays Restaurants where Shane is responsible for over 23 monthly
operating reports and cash flow reports.
Shane has a Bachelors degree in Political Science with a minor in Finance from Georgia Southern
University.
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Our Consultants
Jason Shulick, Analyst, Atlanta, GA
Jason has a diverse financial background with extensive experience in financial assessment and
analysis and strategic business planning. His primary focus on behalf of Aurora’s clients is
providing detailed operational and financial analysis and planning support to clients requiring
turnaround management services.
Prior to joining Aurora Jason had his own consulting firm providing strategic business, financial,
and tax planning services to companies in a variety of industries. He has also worked for a
division of Cox Enterprises called Manheim, which is the world’s largest auto-auction company
where he was the corporate liaison for all their international auctions and their North American
non-auction businesses such as Dent Wizard and Manheim Automotive Financial Services. These
businesses generated over a half billion dollars in annual revenue and his responsibilities
included the monthly review and analysis of each business units’ financials, strategic planning
and new business development initiatives.
Mr. Shulick has also worked for PricewaterhouseCoopers, LLP and Ernst & Young, LLP where he
handled a variety of consulting projects for clients such as International Paper, Blockbuster,
Vanguard, and Halliburton. Jason is a registered CPA in the state of Texas and is a member of the
Atlanta Turnaround Management Association. He holds a Masters of Professional Accountancy
degree from The University of Texas at Austin and a B.S. from Clemson.
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Our Resources
Affiliate Networks – Aurora maintains a strong relationship with other professional
organizations to augment our professional needs in specific area’s of expertise. These
include the following:
•
Financing Sources
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Asset-based Lending
Banking Facilities
Mezzanine Capital
DIP Financing
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Acquisition Sourcing
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Business Valuation
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Industry Specialists
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Liquidation
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Appraisals
Auctions
Equity Investors
Human Resources
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Working Capital
Growth Capital
Angel Investors
Outplacement
Erisa
Management Recruitment
Attorneys
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Merger & Acquisitions
Corporate
Bankruptcy
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Our Credentials - Industry Experience
Industry experience may be important but not compelling when seeking to engage
outside professionals to provide assistance in times of change. Today’s business
challenges crossover industry lines. Applying the insights and knowledge developed in
other industries can prove to be a significant advantage. Most industries are
constantly changing so specific industry knowledge becomes out-of-date quickly. In
some cases too much industry experience can put blinders on someone so that they
may miss certain critical nuances that are of great importance to that particular client.
The experience that is really required is the ability to analyze a client’s situation from
the top down and from the bottom up, and to then develop practical solutions quickly
and accurately. The Aurora team uses its broad business experience along with its
specific industry expertise to isolate the key performance drivers and the relevant
strategic and financial issues at each client. The solution that addresses that unique
situation flows from this analysis an may often involve thinking outside the box.
Following on the next page is a partial listing of the industries in which we have
worked and the types of companies we have helped survive a myriad of business
struggles.
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Our Credentials - Industry Experience
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Manufacturing
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Aerospace and Defense
Automotive
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Parts
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Trucks
Chemical & Fertilizer
Doll And Toys
Electronics
Injection Molding
Leather Tanning
Marine Products
Office Equipment
Paint
Pump
Specialty Products
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Plastics
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Precision Metal
Signage Products
Scrap Recycling Plants
Steel & Steel Scrap
Textile
Wire Rope and Cable
Telecommunications
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Cable Installation
Key Telephone Systems
Network Infrastructure
National Call Center
PABX Systems
Satellite Communications
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Service
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Agriculture and Farming
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Citrus growing
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Cotton Processing
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Dairy farming
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Onion Growers
Construction-Residential and
Commercial
Defense Contracting
Education
Forestry
Food Processing
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Food and Juice
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Soft Drink Bottling
Hotel/Motel Chains
Insurance Restoration
Mining/Earthmoving
Pest Control
Printing
Trucking
Retail
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Convenience Stores
Cinemas
Department Stores
Restaurants
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Fast Food
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Full Service
Resorts
Specialty Retail
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Distribution
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Automotive Parts
Fuel and Lubricants
Construction
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Doors and Windows
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Heavy Equipment
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HVAC
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Lumber & Building
Material
Golf Course Supplies
Office Equipment
Plastic Sheet Goods
Signage Systems
Truck
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Distribution/Leasing
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LTL Hauling
HealthCare
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Home Health
Hospitals
Medical Supply
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Distribution
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Manufacturing
Medical Research
Skilled Nursing and Assisted living
Surgery and Imaging Centers
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Our Credentials
Consulting and Financial Advisory Engagement Summaries
Financial and Operational
Consulting and
Restructuring
Assessment and Workout
Plan
Viability Analysis and
Restructuring
$175 Million
Food Service Distributor
$60 Million Integrated
Communications
Company
$40 Million Fully
Integrated Citrus
Operation
Developed
system
to
assess
applicability and value of various
restructuring
and
operational
improvements that were determined
by the company’s management team.
Provided detail projections for
operations and financing to take into
account seasonality of cash flows and
need to restructure debt service to
match
projected
seasonal
fluctuations. Provided detail report to
Board and lenders.
Provided the Board of Directors with
a complete assessment of operations,
management, financial performance,
and strategic positioning. Prepared
detailed financial and operating
projections with several scenarios as
alternatives. Recommended complete
restructuring and consolidation of
operations, divestiture of non-core
assets, and restructuring of remaining
debt.
Recommendations
were
accepted and acted upon.
Stabilized business first by evaluating
business lines and implementing
successful
cash
management
program. Identified five core business
lines and shed seven non-core
businesses. Reduced headcount by
two-thirds while maintaining output.
Renegotiated loans reduce current
debt service while maintaining
collateral
security.
Successfully
renegotiated long-term debt. Created
strategic plan focusing on key
components.
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Our Credentials
Interim Management Engagement Summaries
Workout and Interim
Management
Financial Advisory,
Operations Improvements
and Interim CFO
Financial Advisory
&Interim Management
$150 Million
Integrated Agriculture and
Food Service Company
$75 Million Appliance
Parts Manufacturer &
Distributor
$24 Million
Casual Dining Restaurant
Chain
At the beginning of this engagement
the
company
was
losing
approximately $22 million per year.
Through turnaround work as interim
CFO and as an advisor to
management, the company was on
track to generate $4 million in
operating profit and meet all debt
service requirements. Managed the
company into Chapter 11 process to
satisfy senior lender requirements.
Assumed control of working capital
management as acting CFO to
stabilize cash flows and re-establish
relationships with secured lender as
well as trade creditors. Developed
and installed plan to generate $2.4
million in free cash flow within six
months. Provided Board with enough
time to negotiate sale of company as a
continuing operation.
Improved operating profitability by
$3 million within 6 months. Focused
on weekly operations, better hiring
and training of employees, and
employee
incentive
programs.
Evaluated all locations and closed
unprofitable
and
non-core
operations. Assisted with successful
Chapter
11
process,
lender
negotiations, valuations, and sale of
profitable ongoing business, thereby
doubling the return of capital to
creditors from that which had
originally been anticipated.
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Our Credentials
Select Additional Engagements
$200 Million Oilfield Services Company – Contracted for interim management as CFO. Developed financial
reporting and cash management systems enabling the company to grow from $20 million to $200 million.
Orchestrated several divisional startups. Instrumental in selling the company to a group of investors for $214
million.
$110 Million Safety Equipment Distributor – Prepared assessment and evaluation of multi-state
warehousing operation. Restructured financial and operational reporting system. Orchestrated consolidation of
operations and subsequent closing of 12 branches with no degradation in customer service. Implementation of
plan resulted in a return to profitability and positive cash flow.
$110 Million HVAC Distribution & Service Company – Provided turnaround consulting and management
succession planning and implementation which led to a successfully reorganized company within 18 months.
Accomplished outside the bankruptcy process.
$55 Million Steel Processing Company – Provided interim management during a going-concern liquidation
of a steel processing plant. Efforts resulted in a 200% increase over the original projected recovery by the secured
parties.
$ 25 Million Pressure-Vessel Manufacturing Company – Provided assessment and interim management
for an international company involved in boilers and pressure vessels. This led to a reorganization of the company
and optimization of financial performance The business was sold under Section 363 of the Bankruptcy Code.
$24 Million Mail Order and Agricultural Producer – Contracted to advise a sole proprietorship in Chapter
11. Prepared financial and operational projections, developed strategic planning model, effected change within the
organization to achieve positive cash flows, negotiated with secured lenders and obtained D-I-P crop loan. The
business was successfully reorganized and emerged from Chapter 11.
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Our Contact Information
Website: www.auroramp.com
Headquarters: Ron Turcotte, Managing Partner
email: [email protected]
4485 Tench Road
Suite 340
Atlanta, GA 30024
Tel: 770-904-5209
Fax: 770-904-5226
Offices in Charlotte, Cleveland, Philadelphia & Toronto
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