Case Study

Financial Stability & Clarity Keeps Manufacturer Competitive

Overview

Accurate Financials, Debt Consolidation Secures Company During COVID-19

Goodman Stone & Tile, a specialized flooring fabricator and installer, operates in a highly competitive market. To ensure their competitiveness, they turned to Focused Energy’s strategic and tactical accountants for help to clean up their financials.

The Challenge

Before Focused Energy:

  • An industry-leading stone and tile fabricator was feeling burdened with poor financial reporting and $1 million in debt, spread across ten different lenders. 
  • Without truly understanding the company’s financial footing, the CEO was also concerned about accurate accounting and cash flow.
  • FE teams leapt into action, including conducting a full clean-up of the books and streamlining debt management.
  • Utilizing FE’s reporting, Goodman was able to consolidate debt under one lender (something they were unable to do previously), and gain the financial clarity and stability they needed to operate in a challenging market.

Solution

After Focused Energy:

Focused Energy overhauled the accounting process and bookkeeping, including completing a full historical clean-up, allowing for a debt consolidation plan saving the company more than $50,0000/month in payments. The streamlined reporting provided the financial clarity needed to stabilize cash flow, critical during a growing pandemic. To remain competitive during COVID-19, Focused Energy also secured for the company two PPP loans and a $150,000 EIDL loan. As a result, Goodman was in a much better position to maintain their operations throughout an unprecedented pandemic and challenging economy. Results achieved:

 

Results

$
10
K
Annualized savings in loan fees
0
Consolidated Debt
0
Loans
COVID-related funds

Services used

Debt Management
Accounting Clean-up
Small Business Loans
Cash Flow Analysis

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