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Success Story - mountain climber

Larx Provides Interim Leadership For Industrial Products Company

Challenge:
REVIVE COMPANY MISSION AND REGAIN SHARES IN MARKET

Company had experienced 41-months of consecutive losses in a market with strong demand for their products. The business was also struggling to establish a strong vision for the future. The owner hoped to transform the business from a cost center that supported a sister company to a self-sustaining profitable business venture.

Actions:
INTERIM LEADERSHIP, HELP WITH KEY INITIATIVES

Larx provided an interim CEO to restructure the business through implementation of new processes and realignment of department goals. Larx also led the execution of an acquisition that led to a diversification of product offerings and customer concentration.

Results:
SMOOTH LEADERSHIP DRIVES INCREASE OF PROFITS

Within one month of holding the interim CEO position Larx was able to identify major inefficiencies in the operations and overall business management. We identified key business drivers and implemented a daily dashboard, monthly reporting, and accountability matrixes to track real-time progress. The engagement lasted nine months and achieved eight months of consecutive profits.

Highlights

Challenge
Industrial products company in large family-owned conglomerate group was struggling with providing self-sustaining profitable operations.
actions
Provided Interim-CEO support
results
  • Execution of an acquisition to reduce customer concentration risk and diversify the product offering
  • Expansion of the business footprint
  • Establishment of a 5-year vision and strategy
  • Implementation of a monthly reporting cadence
  • Reduction of the monthly close from 28-days to 6-days
  • Implementation of more robust safety programs
  • Implementation of a financial incentive program
  • Resolution of a two-year dispute with the Department of Environmental Quality
  • Doubling of manufacturing production with minimal/no cost increases
  • Improvement of raw material yield by 40%
  • Establishment of quality control monitoring
  • Implementation of customer satisfaction feedback channel
  • The transition from purely domestic to an international supplier

Larx Advisors is a trusted advisory firm helping private equity funds, family offices, and mid-market companies navigate change.

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