{"id":1675,"date":"2020-06-24T16:24:00","date_gmt":"2020-06-24T16:24:00","guid":{"rendered":"https:\/\/www.b2bcfo.com\/kenneth-knapik\/?p=1675"},"modified":"2023-04-18T21:25:14","modified_gmt":"2023-04-18T21:25:14","slug":"b2b-cfo-helps","status":"publish","type":"post","link":"https:\/\/www.b2bcfo.com\/kenneth-knapik\/b2b-cfo-helps-find-cash\/","title":{"rendered":"B2B CFO HELPS FOOD MANUFACTURER TO FIND ADDITIONAL CASH"},"content":{"rendered":"<p><strong>BACKGROUND<\/strong><\/p>\n<p>An Indiana family \u2013 owned manufacturer of apple butter, jellies, and preserves has established itself as a high quality producer of natural, made in Indiana food products. The business has historically been seasonal with most of the revenue coming in the second half of the year.\u00a0 Primary customers are owners of small specialty stores and fruit stands, most of which use Dillman to produce its products under a private label.<\/p>\n<p>Typically, the business generates a significant amount of cash flow during the busy season, but consumes cash during the slow season.\u00a0\u00a0 After one particularly successful busy season, the owner decided to reinvest the previous year\u2019s profits into re-branding the product (new labeling and upgrading the company\u2019s web site.)<\/p>\n<p>Unfortunately, the cost of the rebranding left the company with insufficient resources to purchase raw materials and build inventory for the upcoming season.<\/p>\n<p>The owner asked his bank for additional financing to support the inventory growth.\u00a0\u00a0 The bank suggested a B2B CFO partner to take a look at the operation and help to determine if the loan request was valid.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>FINDINGS<\/strong><\/p>\n<p>The B2B CFO partner was engaged by the owner to perform a Discovery Analysis (no charge to the company.) The initial findings included:<\/p>\n<ul>\n<li>A tight cash position<\/li>\n<li>Negative cash flow<\/li>\n<li>Bookkeeping errors<\/li>\n<li>An incorrect internal balance sheet<\/li>\n<li>Significant amount of excess capacity<\/li>\n<li>The owner was reluctant to expand product distribution into other markets.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>INITIAL PROJECT<\/strong><\/p>\n<p>The owner engaged B2B CFO to prepare a Business Plan with projections to support the requested increase in the line of credit. In addition, the owner asked B2B CFO to analyze the financial records and make the necessary corrections in the books, and establish procedures to keep the internal records accurate and reliable.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>INITIAL OUTCOME<\/strong><\/p>\n<p>Unfortunately, the bank did not agree to increase the line of credit \u2013 primarily due to the normal negative profit performance in the first half of the year (caused by the seasonality of the business.) The additional funds needed were provided by loans from the family owners.<\/p>\n<p>The owner agreed to use excess capacity to expand distribution into the grocery market.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>SUBSEQUENT DEVELOPMENTS<\/strong><\/p>\n<p>Later in the year, the bank declined to renew the line of credit because of anticipated covenant violations. The company was given 90 days to find another lender.<\/p>\n<p>The B2B CFO partner worked with the owner to revise the Business Plan and the Projections. The financing opportunity was marketed to six regional and community banks.\u00a0 All six banks visited the facility.<\/p>\n<p>Three banks provided Term Sheet Offers including funds to refinance plus additional working capital to fund growth into the grocery market.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>ONGOING WORK<\/strong><\/p>\n<p>Monthly review of the business, including financial performance, cash flow projections, customer and product margin analysis, inventory management, and strategy for future growth of the business. Client is very happy with B2B CFO.<\/p>\n<p>The company has improved profitability and increased sales during the period of the B2B CFO engagement.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>COMPANY TESTIMONIAL<\/strong><\/p>\n<p>Cary Dillman, President, remarked \u201cKen came in and saved our business.\u00a0 He helped us with a presentation to our bank and helped us get a handle on our costs and pricing structure.\u00a0 Ken gave us the confidence to service markets we previously were not in.\u00a0 Thank God for Ken Knapik and B2B CFO!\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BACKGROUND An Indiana family \u2013 owned manufacturer of apple butter, jellies, and preserves has established itself as a high quality producer of natural, made in Indiana food products. The business has historically been seasonal with most of the revenue coming in the second half of the year.\u00a0 Primary customers are owners of small specialty stores&hellip;<\/p>\n","protected":false},"author":104,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","cybocfi_hide_featured_image":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1675","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>B2B CFO HELPS FOOD MANUFACTURER TO FIND ADDITIONAL CASH - Kenneth Knapik<\/title>\n<meta name=\"description\" content=\"&quot;Ken gave us the confidence to service markets we previously were not in.\u00a0 Thank God for Ken Knapik and B2B CFO!\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.b2bcfo.com\/kenneth-knapik\/b2b-cfo-helps-find-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"B2B CFO HELPS FOOD MANUFACTURER TO FIND ADDITIONAL CASH - Kenneth Knapik\" \/>\n<meta property=\"og:description\" content=\"&quot;Ken gave us the confidence to service markets we previously were not in.\u00a0 Thank God for Ken Knapik and B2B CFO!\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.b2bcfo.com\/kenneth-knapik\/b2b-cfo-helps-find-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Kenneth Knapik\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-24T16:24:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-18T21:25:14+00:00\" \/>\n<meta name=\"author\" content=\"Kenneth Knapik\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kenneth Knapik\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/\"},\"author\":{\"name\":\"Kenneth Knapik\",\"@id\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/#\\\/schema\\\/person\\\/b2c1572915818fcd21ef5ac776dd2b16\"},\"headline\":\"B2B CFO HELPS FOOD MANUFACTURER TO FIND ADDITIONAL CASH\",\"datePublished\":\"2020-06-24T16:24:00+00:00\",\"dateModified\":\"2023-04-18T21:25:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/\"},\"wordCount\":564,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/\",\"url\":\"https:\\\/\\\/www.b2bcfo.com\\\/kenneth-knapik\\\/b2b-cfo-helps-find-cash\\\/\",\"name\":\"B2B CFO HELPS FOOD MANUFACTURER TO FIND ADDITIONAL CASH - 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