Success Stories – Distributor
We met this distributor in the early stages of their development. They were growing but lacked the resources to get to the next level without some help. They mostly needed some scalable structure.
Oak Hill identified the following issues in the business and went to work:
- Company had week financial reporting due to lack of process and training in financial accounting
- Company lacked a feedback loop from finance & project management to sales for true profitability and level of success in projects
- Strategic planning was not a strength
- Current staff and processes were not scalable
This resulted in the following solutions:
- Moved company to appropriate accounting method (percentage of completion) and designed, implemented, and taught staff a new closing procedure to more timely and accurate financial reporting
- Worked with sales, project management, and finance team to document process, educate team on needs, facilitate development and implementation of improved processes, help hire staff, and teach staff to use process for feedback to all departments involved
- Developed new process for strategic planning and engaged both division managers in this process with the owners to result in both a better plan and better communication; included a forecasting process for subsequent year
- Discussed exit options with owners and coached owners and division management through an exit plan
Results:
- Successful growth of company through 3 years listings on Future 50
- Successful exit of owners and growth of division managers into leadership/ownership