Quick Turnaround Actions Save Company

Ayres

Albany, Georgia

Challenge

$50 million manufacturer  of crop duster aircraft and aircraft component parts was $15 million debt and owned by strong-willed entrepreneur.


  • Company was losing $10 million annually
  • Significant cash was being spent on R&D for potential new programs
  • Workforce of 500 was significantly overstaffed and Company had 11 VP’s
  • Serious cash issues
  • Serious quality and delivery performance issues
  • A, FA, T, M, C, IM, PI, V

Solution

  • MorrisAnderson appointed as COO with authority to reorganize company
  • Terminated 4 VP’s and  laid-off over 20% of workforce
  • Cut back R&D to affordable levels
  • Communicated turnaround plan to all employees via town hall meetings
  • Focused management team on quality and delivery issues

Results

  • Company operated at over breakeven within 2 months
  • Quality and delivery issues were significantly improved
  • Positive cash flow improved relations with lender and key suppliers

Daniel F. Dooley

Dan Dooley, CTP, is a Principal and CEO at MorrisAnderson based out of Chicago. He has a strong national reputation in crisis management, operations improvement, debt refinancing/restructuring and C-level positions. He is a frequent speaker at industry conferences and a regular author for industry periodicals. Dan has served on the Board of Directors of both… Read More