Interim Corporate Management

Interim Corporate Management

Whitehall management services are available to client companies as a “turnkey” management team, or as additional management resources to assist client companies in building “additional value” in the corporation, to manage unique projects that do not fit normal modes of business, and to take advantage of special opportunities.

Whitehall management will custom design its services to fit the needs of our client companies, serving various positions such as general mangement, president, CEO, and/or board members.

Supplemental Management

General Management Whitehall management can be retained to supplement a client’s regular staff. Often times it is necessary to do a complete evaluation of marketing, manufacturing, human resources and financial status.

Whitehall management will conduct an independent evaluation. We then develop an improvement plan designed to build “additional value” into the corporation, and assist in the implementation and/or monitoring of this plan.

Areas of expertise include:

  • Logistics Management
  • Commercial
  • Financial
  • Project Management
  • Materials Management
  • Supply Chain Management
  • Engineering
  • Facilities
  • Launch Management

CASE STUDIES

Manufacturing Portfolio

5 co’s with revenues of $100 - $150 million Assessment, Interim Management, Sale

DESCRIPTION

  • Brought in by legal and accounting resources to run a portfolio of five companies after owners’ illness
  • One of the key entities had a multi-million dollar order without the first production unit built
APPROACH

    Operational Objectives

  • Engage in CEO, COO, and CFO roles across multiple entities in the portfolio
  • Assess all entities and determine plans for ongoing sales, quality, and product mix
  • Complete final product development for major order and launch required production
  • Financial Objectives

  • Stabilize portfolio and return to profitability
  • Identify key value drivers and understand long term value of the business
  • Implement metrics for cash management and cost reduction
RESULTS
  • Performed in interim management roles for 12 months, delivered profitable performance, and positioned entities for sale or liquidation
  • Successfully delivered on multi-million dollar production order that was significantly behind schedule
  • Increased value for three entities and completed successful sale to new owners

Tier 1 OEM Supplier of Truck Tonneaus and Miscellaneous Products

DESCRIPTION

    The business was once a $600 million dollar company with 26 plants around the world whose founder invented the sunroof. The company also produced specialty vehicles and other highly engineered products for OEMs. This company was globally recognized as a leader and outstanding performer in the automotive industry. With the untimely death of the owner, and no transition plan in place, the company went spiraling downward due to lack of leadership and direction. After 7 years of internal arguing between management and family owners the company was reduced to a $20 MM company that was consistently losing money. Unfortunately, this situation and the collapse of the Auto Industry in 2009 led to an eventual bankruptcy.

     

    While in bankruptcy, the assets of the company were purchased by a private equity firm and the company continued to decline over the next 4 years. In this time sales plummeted and the company was reduced to a $8 MM dollar business that was losing $4 MM per year. The customer base was reduced to one major customer with a few highly technical and critical products. No new business was being awarded to this troubled company.

     

    Whitehall was hired and Joe Bione was appointed as President / CEO / Board Member by the private equity owners to close the business and stop the losses. It was Joe’s Bione’s belief that the company could be turned around and restructured. In addition to hiring Bione, the PE firm brought on several Whitehall Group consultants to fill other key management roles in the company to assist with the turnaround and restructuring.

APPROACH

    The first priority was to stabilize and improve operational performance, as the company could not lose any additional business. This subsequently provided the baseline for future customer expansion and sales growth. With improved performance, a market need and a technology edge, customer expansion increased and sales went from $8 MM in 2013 to $45 MM in booked sales for 2017.

     

    Quality- With the changes that we made at the company thru Whitehall’s leadership and expertise, manufacturing consistently performed at 99%+ first time capability and on time delivery excellence. Customer metrics were achieved and recognized by all customers, TS audit and certification was accomplished.

     

    Delivery- On time delivery consistently performed at 100% for all customers. The company was recognized by General Motors as a platinum supplier for on time delivery. Similar recognitions and awards came from Fiat Chrysler and Toyota.

     

    Metrics- Key Performance metrics were institutionalized over a 2 year period. A best in class war room was established displaying all business metrics. KPI’s were managed daily, weekly and monthly and were visible to the entire organization. Metrics were linked to both corporate objectives and individual performance which established individual and departmental goals/objectives leading to increased profitability.

RESULTS

    The Whitehall team worked diligently to not only improve financial performance but, to also make the company a major player in the industry again with its specific technology and product lines. The company expanded the customer base, topline sales and generated positive EBITDA in less than 4 years. With the assistance of Whitehall the company was able to move its technology and products to competitors which resulted in the recovery of much of the original PE firms investment.

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michigan
PENNSYLVANIA

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