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Client Quotes:

    Principal

“I was asked by the Chairman of the Board of a faltering Cleveland retail business
(substantial with longevity) to attempt to
coordinate turnaround efforts for the
company. The situation was extremely
fragile, at best. My first telephone call was
to Richard Henry, as I had worked with him
in various capacities over the years. The
Board needed someone extremely adept at
the nuances of crisis management to
include leadership, development of a
strategy to resolve serious conflicts among
the owners, and with suppliers, lenders and
customers. In a relatively short period of
time, Richard and his associates grasped
the situation and put forth a plan, which if
implemented in full, would have resolved
many of the operational, financial, and
personal conflicts. The plan was met with
acceptance by the suppliers and financial
companies. Certain measures were taken
to implement the plan, and in a relative
short period of time, progress was
accomplished. Unfortunately, the conflict
was so intense between the owners that
full implementation of the plan was
impossible. The important point is that
Richard Henry and his team knew exactly
what had to be done and how to do it. I
highly recommend Richard Henry and his
associates. ”


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Outline of Services Performed:

  • crisis management
  • turnaround management
  • debt restructuring
  • interim CEO & CFO
  • business wind-down management
  • lender development
  • vendor negotiations
  • employee communications
  • cash management

Beneficiary of RHG's Expertise:

    Due to financial difficulties faced by the Company, its bank
    wanted it to refinance its debt with another lender.  As a
    result, its Board of Directors sought advice from a financial
    advisor who recommended that the Board consider
    engaging RHG to assist in the emerging issues as well as
    direct a turnaround and refinancing plan.

Detail of Services by RHG:

    Given the serious circumstances, RHG quickly:

  • assessed the financial situation,
  • developed a strategy to negotiate extra time from the
    bank, and
  • provided the bank with a cash flow, operational and
    financial plan to accomplish the short-term goals.  

    After reviewing RHG’s strategy and financial plan, the bank
    granted the Company sufficient time to refinance the debt.  
    Then, under RHG’s guidance, the Company was able to
    attract a non-bank financial partner to enable the Company to
    refinance the original debt and put in place the operational
    turnaround plan developed by RHG.  During the initial phase
    of the turnaround plan, RHG provided interim CFO services
    for the Company.

    After RHG’s initial role was completed and while the
    turnaround plan was into its fifth month, the President of the
    Company resigned.  Given this development and a slow
    retail climate, the Company’s Board of Directors elected to
    close the business but engaged RHG to perform interim CEO
    and CFO functions and manage and direct all of the daily
    functions of the Company to close the business in an orderly
    way.  RHG successfully completed this assignment in the
    second quarter of 2005.


    turnaround & refinancing
KRONHEIMS FURNITURE
RICHARD             GROUP, LLC
HENRY
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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.