Success Story

Achieved long-lasting results

When the owners of¬†Pesznecker Brothers, Inc.¬†called Renee, the 36-year-old manufacturing company with nationwide sales had been losing money for three years and had overdrafts at the bank. The current ratio was .64; liquidation ratio of assets to liabilities was .37. The company’s financial records were inaccurate and out-of-date. The staff was poorly trained and disorganized, and the IRS was threatening a forced shut-down.

Renee was referred by the Special Assets Department of the company’s lender.

Working with full operating authority, Renee

  • Stopped overdrafts and losses
  • Cut costs
  • Eliminated unprofitable projects
  • Designed and implemented a new cost accounting system and system of management controls
  • Avoided Chapter 11 by negotiating a creditors’ extension

Results

  • Profitability was restored.
  • Operations were more efficient.
  • Delivery times decreased by half.
  • Staff accountability and morale improved.
  • Today the Company is run by the next generation and remains consistently profitable.