Prior to founding Turn Works, LLC in 2001, Mr. Minihane was an operating executive at The Heico Companies in Chicago. While there, he was an integral part of numerous successful turnarounds of acquired businesses.
Representative examples of Mr. Minihane’s post-Heico engagement experience include:
Sample Assignments and Accomplishments
Chief Restructuring Officer – $140M, down from $310M, integrated manufacturer of exterior and interior aluminum and vinyl products used in commercial and residential construction. Company had recently emerged from Chapter 11 with a new balance sheet but had not addressed its operational issues in court.
- Designed and implemented a cost reduction effort that eliminated $15M in annual excess expenses.
- Reduced head count by 25% from 974 to 733.
- Closed 35% or 9 of 26 locations.
- Improved inventory usage by 24%, inventory on-hand declined from $24M to $18M on level sales.
- EBITDA improved 83% from <$18M> to <$3M> run rate.
- Determined Company was not a viable standalone entity in current environment and sold the assets.
Chief Restructuring Officer – $100M liquidity challenged multi-plant food processor, hired by Company at private equity firm’s request.
- Improved EBITDA from <$1.5M> to actual results of $6.1M the following year.
- Reduced head count by 37% from 401 to 254.
- Managed working capital needs to bridge cash flow gap.
- Reduced inventory by 50% from $9.2M to $4.6M.
- Worked A/R down from $6.7M to $3.7 or 45%.
- A/P was managed down from $12M to a more manageable $5.5M or 54%.
- Used working capital reductions to continue paying creditors’ P&I and default payments.
Interim Chief Executive Officer – multi-channel health and beauty products company with $100M in revenue that had lost its focus with too many product lines, channel conflicts, poor purchasing decisions, all followed by unfortunate cost and personnel management.
- Reduced operational and general and administrative expenses by 27%.
- Increased EBITDA 11% while sales continued to drop another 35%.
- Improved inventory turns by 54%.
- Accelerated A/R collections 26% from 47 TO 35 DSO.
- Sold a non-health and beauty manufacturing subsidiary.
- Negotiated-18-month forbearance with senior lenders with no additional capital infusion.
Consultant – engaged by this $700M fresh produce manufacturer at acquiring private equity firm’s request to expedite cost and process improvements in its two main plants.
- Analyzed current systems and controls.
- Identified and quantified specific opportunities for change.
- Crafted and began installation of a control and production efficiency system.
- With momentum and plan design completed, transitioned implementation to new management team.
Interim President – a $60M, down from $100M, provider of secure and non-secure prepaid and debit-style cards. Company attempted multiple plant consolidations (5 to 2) in short succession which were poorly thought through and executed. Company quickly entered a tailspin, losing control of all aspect of management and was in payment default to senior lenders.
- Reduced employee headcount by 38% in indirect and sales and general administration positions
- Assumed the C.F.O. and C.O.O. roles and responsibilities prior to the mass layoff.
- Decreased inventory dollars on hand by 53%.
- Improved on-time delivery 24% from 76% to 94%.
- Re-established vendor terms and relationships as A/P DPO had been stretched over 180 days.
- Hired bankruptcy counsel, negotiated an engagement agreement with investment banking firm and forbearance with senior lenders then guided company through a UCC Article 9 Secured Party sale.
Interim President – Dental Management Organization that serviced 60 dental centers offering General, Orthodontic, & Pediatric Dentistry, along with Oral Surgery. Poorly executed expansion with regulatory environment changes and legal issues lead to a cash crisis.
- Took TTM cash flow of <$2M> and converted it to a positive cash flow of $2M.
- Improved operational quality control metrics 238% from 26% to 88% compliant.
- Managed implementation of a CIA and successfully completed first annual IRO audit.
- Filed company Chapter 11, ran marketing process, and conducted a successful 363 auction and sale.
Consultant – engaged to assist this $300M manufacturing firm that had merged with a $150M operation in the OEM business. Concentrated on the combined company’s bloated cost structure and outdated and mirror manufacturing facilities with independent systems.
- Improved gross margins 7% while sales declined 32%.
- Outsourced 31% of in-house work @ 53% less cost to US, Mexico, and/or China manufacturers.
- Defined go-forward manufacturing strategy with objective decision processes and milestones.
Advisor to Official Unsecured Creditors’ Committee – a $500M multi-plant manufacturer fighting commodization of product line. Retained by the Committee to evaluate the operational strategy and restructuring progress.
- Reviewed and analyzed the Debtors’ financial and operational data.
- Advised on the status and progress of Debtor’s restructuring and provided suggestions as appropriate.
- Prepared and delivered a written report on the status and progress of the Debtor’s operational transition containing recommendations and concerns relating to the restructuring.
Chief Restructuring Officer – hired to right-size this $140M food processor, hired by controlling private equity firm at lead bank’s request.
- Reduced head count by 59% from 596 to 242.
- Inventory worked down from $9.3M to $5M or 49%.
- Managed forbearance agreement and working capital needs to bridge cash flow gap.
- Discontinued numerous product lines, refocusing company on core competencies.
- Improved EBITDA by 85% from $5.4M to $10M run-rate.