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Outline of Services Performed:

  • financial analysis
  • client representation: banks, lenders
  • lender selection
  • debt restructuring
  • retail operations improvement
  • lender due-diligence preparation
  • turnaround management

Beneficiary of RHG's Expertise:

    The declining market in home building caused the
    Company’s retail operations’ profits to fall dramatically in
    2005.  Further decline in 2006, compounded by the loss of
    two key employees and large one-time non-recurring write
    downs (recommended by an outside-accountant) resulted
    in a significant 2006 loss for its retail stores.  When the
    Company violated two financial covenants in bank syndicate
    loans, one of the members of the syndicate decided to exit
    the relationship and asked the Company to refinance its
    portion of the debt.

Details of Services by RHG:

    First, Richard Henry Group First, RHG developed and
    directed a strategy to:

  • improve the communication and stabilize the
    relationship between the bank syndicate and the
    Company,
  • improve the store’s retail performance and
  • develop a plan to refinance the real estate debt held
    by a syndicate of three Northeast Ohio banks.

    Next, RHG developed and implemented a financial plan to:

  • improve the operational performance,
  • improve the internal business processes,
  • prepare the Company for new lender due diligence,
  • select and engage a marketing agency to implement
    a new advertising and public relations strategy,
  • select and engage an I/T consultant to evaluate the
    systems and software infrastructure and initiate the
    necessary changes in financial tools for
    management, and
  • select and engage a Human Resources consulting
    firm to address staff turnover and lack of internal
    communication.

    As a result, RHG negotiated a forbearance agreement with
    the current lender to allow the Company sufficient time to
    seek alternative financing under mutually acceptable terms.  
    Then, RHG recommended and implemented a plan to
    successfully refinance the debt in a more appropriate facility.


     turnaround & refinancing
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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
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studies, a news archive, and
the most recent news about
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Consulting.  Richard Henry
Group would like to invite
interested parties to visit its
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submit their feedback.