When it comes to business growth, is that ever a bad problem? It actually can be if a company is not prepared for the changes required to take the leap and succeed at the next level. This is what happened for a local South Jersey industrial contractor. The home grown, privately-held company built a strong quality reputation in the industry and began to grow and grow and yes, grow. As with many companies, this shift was not without challenges and the company soon experienced a seemingly difficult spurt.
The company’s growth exceeded the amount of working capital required, which presented a financial challenge for the business. It was facing bankruptcy and simply put, they needed to stabilize the business. To counter the negative effects of such growth, company leadership had to increase its current line of credit exponentially while convincing lenders it would be a trusted investment.
The phrase “you need a village” has become something of a cliché these days but it can also be fitting when companies are faced with challenges albeit financial, operations, sales or a combination. The company’s CFO saw the writing on the wall and brought together a team of skilled experts to jointly work at stabilization. Ruotolo, Spewak & Co. (RSCO) was one such teammate in addressing many of the internal and external steps needed in the process. They worked hand-in-hand with the CFO plus other legal and financial professionals to facilitate the banking and insurance needs required to achieve the goal.