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September 2014

Turnaround Case Study

Quick Turnaround by Refinancing, Repositioning and Reinvestment

A family owned business in the specialty printing industry had been unprofitable for two years. The owner was in default with his lending agreements and the banker wanted to foreclose. Platinum was called to step in and lead a turnaround.

Challenges:

  • The company’s core business had eroded due to technological advances in the industry.
  • Production equipment was antiquated and running poorly.
  • Top-line revenue was declining and the expense structure was out of line.
  • The owner did not know how to resolve the company’s issues nor have the internal management strength to help chart a new course.

Read how Platinum grew a company in trouble by delivering on a new value proposition.


Platinum In the News

Platinum Team Co-Authors Meaningful Book of Real Stories About Business Owners in Transition

No two transition stories are alike, which is why it is a powerful book of real stories about real business owners," according to Steve and Jim.

Platinum Partner Steve Coleman and Executive Consultant Jim Gambone have teamed up to co-author a new book: "Find What"s NEXT For You: Business Owners Share Their Transition Stories." Based on their consulting experiences and facilitation of monthly transition roundtables, the book is a collection of personal experiences, tips, best practices, and lessons learned for owners thinking about selling or passing on businesses to the next generation.

"No two transition stories are alike, which is why it is a powerful book of real stories about real business owners," according to Steve and Jim. "It"s a blueprint for succession planning and beyond."

The eight-chapter book includes: uncovering a personal ownership story, finding a successor, understanding the next generation, getting a business ready for transition, designing a personal and business transition plan, making personal lifestyle choices, defining a genuine legacy, and learning from others through best practices.

Tom Hubler, nationally recognized expert on family business issues and CEO of Hubler for Family Business, wrote the book"s foreword.

"Find What"s NEXT For You: Business Owners Share Their Transition Stories" is available at www.Biz-Bridge.com and www.Amazon.com for $19.95.

Join Steve and Jim at an upcoming transition breakfast roundtable, sponsored by Platinum Group, which is held every month on the second Tuesday. Call Donna Gray at 952-829-5700 to register.


Platinum In the Community

Platinum Partner Runs for Edina City Council

Bob Stewart

Platinum Partner Bob Stewart is running for City Council in Edina. A resident of Edina for 37 years, Bob wants to help maintain the standards of quality and excellence in that community and its governing council.

Bob's life, work and volunteer experiences have prepared him well for this opportunity to serve his fellow community members.

If you are an Edina resident, please consider voting for Bob on November 4th. For more information on Bob's background and qualifications, visit his campaign website.


Getting to Know...Rod Peterson

Drawing Our Blended Family Closer Through Sports

By Rod Peterson, Platinum Executive Consultant

The Peterson family, left to right: Sara, Lorin, Roddy, Rod, Anna and Hank.

Sports have always been a big part of my life. In high school and college, I played football, ran track and rowed. That's why it's really fun, together with wife Lorin, to watch our blended family grow up and encourage one another through all kinds of sporting activities.

Here's the line-up: Hank, 27, played football in high school and college at Concordia College-St. Paul where he's majoring in sports management. Sara, 26, swam through high school and college at the University of Wisconsin-Madison, and now is head swim coach at Minnesota Swim Club. Anna, 15, is following her sister's footsteps as a high school swimmer. And there's Roddy, 13, who is into football, lacrosse and hockey.

I believe that sports have drawn our blended family closer together. In fact, the two older kids from Lorin's first marriage have coached teams of our two younger ones. Given the age difference, they remain close and involved in each other's lives - that's what makes a family!

One fun story I recall is that Hank had coached Roddy in football and lacrosse for several years. He is the type of coach that 9- to 13-year-olds love to come to practice, a real Pied Piper. This year, he couldn't coach the spring lacrosse team due to other commitments. Still, he came to Roddy's first game to watch. He sat in the stands for the warm-ups but about five minutes before the game started, he exclaimed: "I can't stand it, I have to be down there." He left the stands and helped coach the team for the rest of the year.

This all adds up to a lot of hours sitting in the stands, which Lorin and I love to do. It's all about family!

Platinum Group
952.829.5700 • 9855 W 78th Street • Eden Prairie, MN 55344
www.ThePlatinumGrp.com

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