Business Turnaround News

Every Business Needs a
Strong Banker

By Bill English, Partner

I’ve met my fair share of business owners who are skeptical of lawyers, bankers, accountants and/or financial planners. I’ve known some who give some information to one advisor and other information to another advisor but never give the full story to any single advisor. Others view advisors as necessary evils – skills that one might need once in a while but on a regular basis, they are never to be trusted.

And now the Coronavirus is here... MORE

Business Advice Article

Impacts on Supply Chain and Cash Flow During COVID-19 Crisis

A key cash flow impact item for manufacturers under stress is inventory control. Supply chains may be significantly stressed or disrupted, and production volume level forecasts will need scenario assessments in the COVID-19 environment to drive effective inventory planning and management... MORE

Family Business News

Webinar Answers FAQs in this COVID-19 Time

“Positive Family Business Leadership and FAQs in the Time of COVID-19” was a recent webinar hosted by Platinum Group and Fredrikson & Byron, P.A. on the following topics:

  • Stakeholder and family communications
  • Sustaining positive leadership
  • Envisioning a new normal
  • Keeping up employee morale during the crisis
  • Maintaining family values and goals during the crisis

Platinum panel members included Tom Hubler, Bob Stewart and Steve Coleman. According to Steve, “Family businesses have the DNA to look ahead and be successful. This may be a time for owners to try something different. They may be surprised such as a client whose walk-in traffic has ground to a halt but is currently being slammed by online orders. His revenues are better than ever.”

Click here to watch the full webinar.

Business Transition Case Study

Minding the Store: Successful Turnaround of a Local Retailer

An $18-million retailer with six Twin Cities locations was slowly losing sales over a 15-year period. The founder and patriarch — in his 90s — had gifted the company’s stock to his three children, now in their 60s. His children had no succession plan in place to pass the business along to their children and, besides, they lacked interest in the operation. Without a governance structure or functioning board, there was a lack of appropriate boundaries between the family roles and business roles. This retailer was losing $300,000 annually because of new competition coming into the Twin Cities in the last 36 months at the time Platinum was engaged. The immediate question: What needs to be done to make the company profitable again? Click here to read how Platinum helped a family owned business into profitability and succession... MORE

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