Manufacturer Consolidates Debt to Save $50k per Month
Founded in 2007, Goodman Stone & Tile, a specialized flooring fabricator and installer, operates in a highly competitive market. In debt and unsure of their financial standing, they turned to Focused Energy’s strategic and tactical accountants for help to clean up their financials to ensure their long-term health and place in the market.
Why Goodman Stone & Tile requested fractional services:
- An industry-leading stone and tile fabricator was feeling burdened with $1 million in debt, spread across ten different lenders, which resulted in their leadership team having a poor understanding of their financial outlook.
- Without proper reporting, the CEO was also concerned about accurate accounting and cash flow.
Focused Energy solution:
Focused Energy overhauled the accounting process and bookkeeping, including completing a full historical clean-up, allowing for a debt consolidation plan which saved the company more than $50,0000 per 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 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:
- Completed forensic analysis
- Uncovered budget discrepancies and favorable savings
- Overhauled financial operations
- Implemented variable cash flow modeling and better reporting
