“If bad things happen don’t waste time by blaming someone, or some earlier decision: Take control, focus, communicate and redeploy a new plan to solve the problem.“ Leo Pound, Turnaround Specialist, President of Pound Consulting
The Rich Niche Group blog interviews and enables you to hear directly from successful entrepreneurs and product managers about the steps they took to grow their businesses/products and how they were able to create, penetrate, and/or dominate their niche. This week we interview Leo Pound, the founder of Pound Consulting, a turnaround consulting firm often brought in by outside investors or the Board of Directors to fix ailing companies and get them back on the right path.
Interviewee: Leo Pound, Turnaround Specialist and Financial Expert.
Why Selected: Mr. Pound is the President of Pound Consulting Inc., with over 30 years experience in many industries. For over 18 years Mr. Pound has specialized in high growth and troubled situations, with a focus on increasing customer and shareholder value. Mr. Pound’s in-depth knowledge of operational and strategic planning, M&A, forecasting and budgeting, cash flow, cost containment and re-engineering is balanced with his understanding of the customer and market needs. He is a team leader who builds consensus while moving a company forward. Mr. Pound is a hands-on professional who is sensitive to the pressures and challenges facing a troubled company and their management team. He has been active in the CEO, CFO and COO roles in manufacturing and further processing, distribution and service industries. In addition, he has been responsible for managing banking relations, Big Four auditors, outside legal counsel, the financial community and investor relations. Mr. Pound has had direct accountability for Sales and Marketing, Manufacturing, the Controller function, Treasury, Human Resources, MIS, Risk Management, Contract Administration, Customer Service, Real Estate, Purchasing and Administration. Mr. Pound serves on many public and private company boards and consults with companies of all sizes.
Several years ago, Leo was brought into a firm I was working with and his insight and advice helped us get that company on the right track and eventually sold.
In the following interview, Leo discusses the issues he most often finds when brought in to help turn-around a company in trouble. The key points you’ll take away include:
1. The key to success is having a well rounded team that compliments each other and a focus on executing a well conceived plan.
2. An early warning sign your company may be in trouble is if your revenue cycle is out of synch with your payable cycle.
3. Keep your lenders fully informed when bad things happen and what you plan to do about them.
4. Don’t be afraid of change, it’s what growth is all about.
