Providing Board and Turnaround Advisory
The Situation
A plant-based, healthy food restaurant concept with from scratch, chef-inspired menu items in 14 Eco-friendly, LEED certified stores across four states, was facing a constrained liquidity environment. Mackinac Partners (acquired by Accordion in 2021) was engaged to work with the management team to assess its 13-week cash flow forecast, challenge the assumptions/methodology, and overhaul the projection with a dynamic 13-week cash flow model that allowed the Company to manage liquidity and report cash sources and uses to the Board in a clear and concise manner to guide critical decision making.
Services
Board Advisory
Business and Strategic Plan Assessment
Turnaround Plan / Advisory
The Execution
- Provided a thorough assessment of the Company’s cost cutting, turnaround initiatives and strategic direction.
- Worked with management to track progress, offer guidance, and coordinate with key stakeholders in the pursuit of these objectives.
- Provided the lender with a comprehensive report of the overall viability of the business and the potential for the Company as a going concern.
- Created a dashboard of metrics that could be used to deliver results to the Board regarding the turnaround plan after a detailed assessment of the Company’s cash position.
- Helped the management team to clearly define the detailed turnaround initiatives, with timelines and tracking to help the Company measure progress.
The Results
As a Board Member as well as an advisor to the lender, our team provided turnaround and financial advisory assistance for the concept, which has helped drive positive same store growth at a reduced cost structure. As a result of our work, the Company continues to maintain positive same-store sales growth with a lowered cost structure.