When Robert Ryan Management
Consultancy (RRMC) was retained, the company had just reported
an annual loss in excess of $400,000; had pending state
and federal tax liens in excess of $250,000; was being
evicted by its landlord; and was on the verge of having
its bank loans called.
As a result of meetings with all of the
major creditors, the taxing agencies agreed to payout
plans; the landlord forgave $70,000 of past debt and
reduced future rents; and the bank entered into a 30-month
forbearance agreement.
Under our close direction,
the company underwent a complete internal reorganization
and returned to break-even within six months. RRMC then
identified an investor who provided a $400,000 capital
infusion to the company. As part of the overall reorganization,
we recruited the company’s current president,
vice president of finance, and its vice president
of sales. Current Status:
IGS has now grown to a $20 million company
with annual earnings in excess of $1 million. The three-person
management team recruited by Robert Ryan Management Consultancy
still runs the company today. “IGS came within an inch of going
under. If it wasn’t for Bob Ryan and the people he
introduced to this company, 150 jobs wouldn’t be
here today. The bankruptcy lawyer Bob brought in was so
good that he’s now our corporate counsel. Looking
back at it all I am still amazed at how he put all of the
pieces together. Please feel free to call me anytime for
more information.”
– Dominic Butera,
President, IGS Store Fixtures
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