The Firm

Founded in 1992, CSC Capital pioneered a holistic restructuring-based approach to financial advisory services, including turnarounds, mergers and acquisitions, debt and equity financing, and strategy and risk consulting. Since inception, the firm has extended this approach across various industries and sector classes throughout the United States and selectively in Canada and Europe.

Today CSC Capital’s managing directors through its five business groups advise clients in restructuring, assist clients in buying and selling businesses, help clients procure financing in distressed situations, as well as provide clients strategic management consulting and risk management services. The value added and full-spectrum synergistic approach instilled at the firm’s founding remains at the core of CSC Capital’s competitive advantage, which has enabled the firm to provide superior and consistent industry-leading returns on investment.

CSC Capital’s proprietary A through Z restructuring program which was designed to do “first things first” mirrors and integrates a reformatted financial structure with the human organizational structure. This holistic restructuring approach ensures that all aspects of financial, management and operational decision-making are made with complete strategic confidence.

And while there is nothing new in considering strategy, structure and management in a complete holistic

framework, the firm’s holistic application of its five core services creating synergistic value for clients is an innovative and strikingly new concept. Moreover by grounding this holistic and synergistically interplay of the firm’s services on its restructuring-based approach to client solutions is what clearly separates CSC Capital from its middle-market competitors as well as the giant consultancies with offices worldwide.

The firm’s client services can also be understood as old-fashioned “nut and bolts” business common sense as applied to sometimes complex financial advisory solutions and corporate revitalization. Instead of creating as well as adding more complexity into a client situation or solution as is often the case with many in the industry, CSC Capital simplifies and clarifies the process and the solutions for any client problem or opportunity. In fact, the past century of enterprise, from hugely successful industry consolidations to unwise acquisitions leading to fraud and corruption, to operating a profitable fifth generation single-location company, demonstrates one basic fact: the difference between a well-managed business and a not-so-well-managed business is the degree of attention that management pays to the language of business – the accounting numbers.

Therefore, at its base the firm’s services concern themselves with the reporting and accuracy of numbers, how much variation is tolerated between budget and actual results, how are forecasts arrived and variations treated, who is accountable, all within a lean functional organizational structure supported by an obtainable corporate strategy. Whether designing and implementing a corporate restructuring program, conducting a mergers and acquisitions transaction, arranging financing solutions or providing specific business improvement or risk management techniques, the accounting numbers create and connect the current situation of a business with its strategic direction and ultimately its success.

The CSC Capital difference is the synergy of the firm’s focused client services that defines corporate excellence in absolute terms no matter the business objective; always have and always will.

CSC Capital’s Principles

CSC Capital was founded to transform organizations into strategically sound and market driven enterprises, thus protecting themselves against economic recession, competitive factors, the lack of meaningful information, and the hazards associated with rapid expansion and growth. But how? Since before the Industrial Revolution, large corporations and small businesses have found it to their advantage to be administrated by competent leaders and managers in functionally structured and efficiently managed vertical hierarchies. And it is no difference today as businesses adapt to the current information and technology Revolution.

Thus CSC Capital believes in functionally structured and efficiently managed organizations. No advancement in technology or theoretical or academic claim, and no combination of economic factors can change the realities of good management, sound organization or human nature. Without a formal vertical structure as well as financial accountability imposed upon competent managers chaos always follows. CSC Capital does not believe in overly loose management theories that lack or downplay strict financial accountability, nor does the firm define corporate downsizing as synonymous with long term recovery or horizontal based process driven structures that unravel cost controls and accountability. In fact the long-term success of any merger, acquisition or financing arrangements can be traced to the fundamentals of sound management, proper organization and an informative financial structure.

CSC Capital believes that management must manage. To acquire a competitor or to arrange financing is very different from managing the acquisition strategy or correctly disbursing needed funds into a distressed corporation. Therefore in order for management to efficiently and strategically manage complex operations the firm maintains that a formal though “living” organizational structure must be linked to a formal though “proactive” financial control and budgetary measurement system. Such a system gives management to correct tools to manage, pin-points waste and thus poor management, rewards and measures based upon high productivity, performance and quality, and focuses management on profit-oriented revenue generatingopportunities.

CSC Capital’s Approach

CSC Capital’s primary goal since its founding has been to achieve high rates of return for its clients. In pursuit of this goal the firm has completed over one-hundred company-wide corporate restructurings and dozens more related corporate advisory and consulting engagements in a wide variety of industries. Yet despite the firm’s pioneering restructuring-based approach to client services, CSC Capital has also advised specifically on numerous mergers and acquisitions in traditional and mature industries, arranged both debt and equity financing in distressed and non-distressed situations, provided risk management solutions and conducted financial investigations, and has set new standards for financial modeling creativity, pay-for-performance packages and executive search, as well as innovative profit and cost center designs.

CSC Capital started life as a management consulting firm specializing in corporate restructuring. And while the firm has underwent several changes and expansion of services over the years one thing has remained constant: the firm’s holistic restructuring program. However for CSC Capital success in corporate restructuring, mergers and acquisitions, debt and equity financing, management consulting, risk management and business investigative services depends upon not only on the deliverance of targeted corporate development solutions and change but also implementing and institutionalizing such changes into the corporate culture. Notwithstanding, the firm’s affiliated specializations of mergers and acquisitions, financing, management consulting, and risk advisory services, CSC Capital follows a formal restructuring approach that often intermingles with the firm’s other services. The following eight components generally outline the firm’s approach to client services.

Client Origination

CSC Capital has developed a unique set of skills and resources that positions the firm to identify restructuring, mergers and acquisitions, financing and consulting opportunities. Chief among them is the firm’s preeminent reputation as a restructuring and turnaround specialist.

CSC Capital evaluates dozens of potential engagements and transactions annually. Once an opportunity has been identified by the firm’s Industry Practices Division, the firm employs a number of strategies to secure an assignment. Whenever possible select Managing Directors work with owners, officers and top management of a prospect client on an exclusive basis to ensure them that CSC Capital services will benefit all stakeholders. A less preferred route is the challenge of persuading decision-makers of a distressed company that despite the concerns of a painful restructuring or sale of assets or the company itself, the benefits will far outweigh any immediate sacrifices.

Critical to consummating a client engagement or transaction is CSC Capital’s ability to analyze, access and evaluate potential assignments often without having to visit the client’s corporation itself. These capabilities enable the firm to secure an agreement for services with large multi-faceted enterprises that few would be able to accomplish from a remote location.

Organizational and Financial Restructuring

CSC Capital’s creativity in restructuring companies through its customer focus profit center approach itself unlocks immense value. Coupled with the financial restructuring that emulates the organizational structure the firm has been able to, regardless of current prevailing market conditions or the current financial position of the company, engineer the most advantageous restructurings in the market place. No financial advisory firm or restructuring practice to our knowledge links the organizational chart to the financial statements for maximum corporate productivity, profitability and value.

Training and/or Attracting Strong Management

CSC Capital believes that every company should be run by the best professional managers available – individuals whose full time and effort are focused on creating value and profits from a given business. In most situations a strong operating management team comes from within the client’s company though needing in many cases extensive training in management accounting. From the budget process to pricing, purchasing, sales and warehouse management, knowledge of both company operations and the accounting numbers is the difference between corporate success and failure. The firm takes the training and implementation of the client’s management teams of upmost importance.

However, if it has become necessary to supplement select current management personnel; the firm’s long-standing relationships and track record of the executive search and/or investigative process enhanced by CSC Capital’s proven as well as lucrative incentive compensation packages have enabled the firm to attract the highest caliber of executive and management talent for its client companies. Further, during the transition process, if necessary, CSC Capital has numerous times provided the interim management services capable of providing a seamless transition from restructuring to recovery to new management.

Management and Employee Incentives

Since its founding, CSC Capital has been an innovator in its work to structure management incentives, sales commissions and company-wide compensation plans that align the interests of owners, management and employees. A requirement of all compensation plans is that they are calculated off the contribution margin of a given profit center and that all profit centers have been allocated the correct amount of overhead burden. With sometimes as much a 5% net profit threshold, the firm’s incentive plans extend throughout the entire organization, including cost centers, and in of themselves create increased productivity and profits, enhance revenues while creating a more motivated and efficient workforce.

Financial and Human Resource Oversight

Because the most important asset in any corporation is the people, CSC Capital believes it is vitally important that each organization has in place a rigorous infrastructure which delineates and monitors all positions within the corporate hierarchy. The objective is to install a discipline that translates into predicable and superior results. First and foremost is the creation of a budgetary system that compares actual results to management forecasts, by each profit and cost center, by each product line, and by each expense line item; holding each manager directly accountable to his/her results. Second, is the creation of job descriptions and an evaluation system that mirrors both the job description as well as the organizational structure thereby providing the utmost in manager and employee work results and accountability.

An important focus for CSC Capital in corporate oversight is cash management; where the firm plays a principal role helping client companies determine how they can operate most efficiently and best find and channel resources to serve both specific crisis situations as well as strategic objectives. From vendor management and collections to account payables and purchasing guidelines, the positive results from these interventions are both immediate and for the long term.

Pursuing Mergers, Acquisitions and Spin Offs

CSC Capital’s client companies have been very opportunistic in both buying and selling of businesses and assets. The firm serves as a critical advisor and catalyst, offering its vast experience in executing such transactions. The acquisitions and divestitures of the firm’s client companies have enabled these organizations to expand and solidify their market positions, thereby focusing on their core competencies thus increasing their financial and operational flexibility. Moreover, the centerpiece of the firm’s mergers and acquisition services is to strategically locate a willing seller or buyer, conduct the due diligence, and drive the transaction until closing.

Arranging Debt and Equity Financing and Debt Restructuring

CSC Capital continually seeks to optimize the capital structure of each client company, taking advantage of financing opportunities to obtain lower cost funds, lower debt burdens and added corporate flexibility. With the firm’s assistance distressed clients have been able to access alternative sources of capital. At the appropriate time, CSC Capital presents its program and the results thereof to either debt or equity financing sources. Depending on the nature of the situation the firm approaches large financial institutions or private equity firms, regional credit facilities, venture capital or angel investors. In each situation, the firm convinces them of the new funding opportunities that now exist in the newly restructured company. Advising and negotiating credit financing opportunities and/or restructuring the existing debt of client companies often translates into superior results, many times offering the client optimal financing terms.

Maximizing Corporate Value

The predetermined duration of a CSC Capital engagement or completed transaction is typically between three months and one year, depending upon the size, scope and/or complexity of the client company’s situation. The firm has always been successful in generating increased corporate value immediately or shortly after the start of an engagement. This is due to CSC Capital’s ability to turn large amounts of non-turning or unnecessary assets into cash, collecting aged account receivables and bad debt, and by setting up the system that prevents such unwanted circumstances from happening henceforth. Over the longer term, say one to three years, the firm’s track record is to provide shareholders with a doubling of both earnings and market capitalization. It is creation of corporate value that is CSC Capital’s most important economic function.

Conclusion

Taken together, it is the experience, creativity and resources that CSC Capital brings to bear on all of its activities the sets the firm apart – from assignment origination to restructuring to the oversight of the financial and human capital, and finally to the formulation and execution of its strategy for realizing the value created. The firm is proud that, given the willingness of client ownership to accept change, that CSC Capital has never been unsuccessful.

CSC Capital’s Structure

The organizational structure of CSC Capital is denoted a “client-oriented structure.” This is due to the fact that the principal aim and architectural design of internal reporting mechanisms as well as information flow, personnel development and compensation are toward the satisfied client. As a financial advisory firm, CSC Capital provides its services through the knowledge and talent of its professional team of experts. Opportunities for client satisfaction are enhanced by an internal structure the leverages professional expertise within the firm.

CSC Capital client services are provided by the firm’s Client Advisory Division through its five business advisory groups:

CSC Capital Corporate Restructuring
Summit Mergers & Acquisitions
NWX Financial Group
Compass Park Consulting Partners
Clearwater Advisors

The business advisory groups used separately or in combination leverages the firm’s synergistic model of client services. CSC Capital Corporate Restructuring, the firm’s traditional application of restructuring is today as always the central core group of the firm. Summit Mergers & Acquisitions, NWX Financial Group, Compass Park Consulting Partners and Clearwater Advisors are affiliated business groups that provide services independently or when needed may be called upon to assist CSC Capital Corporate Restructuring for specific expertise. These affiliates operate as separate advisory groups.

The four affiliated business groups were created to enhance the firm’s traditional of services through focusing professional expertise in specialized disciplines. Stated differently, clients who desire advisory expertise in mergers and acquisitions, debt & equity financing, strategy and management consulting, or risk management and business investigative services will receive the focused dedication and professional expertise to accomplish the most difficult of these transactions and/or engagements. But even for clients receiving these specific services, the firm’s expertise in restructuring is a bonus. This goes back to the firm’s original belief that “corporate restructuring” is the foundation of all business solutions.

This synergistic leveraging of client services separates CSC Capital from all competitors in the middle-market financial advisory industry and is at the heart of the firm’s client-oriented structure. The principal reason, through years of experience, is that providing a specific advisory service such as in acquisitions or the arranging of financing is sometimes impossible without a restructuring in progress. Typically this occurs in distressed situations, where the client wants a loan – period, or the client who wants to sell his/her company – period. However, in both situations sometimes a loan or sale is predicated upon improving the fundamentals of the business first.

Therefore, CSC Capital’s five business advisory groups though separate, are strategically linked by design of purpose – client satisfaction. Further since all five advisory groups report to the firm’s top management and depend upon the same administrative support resources, there is organizational consistency in areas such as quality assurance, procedures, information and methodology, professional development, technical and staff resources, and executive decision support.

Besides the Client Advisory Division, the functional structure of CSC Capital includes the Industry Practices Division, and the Administration Division. In a parallel way the firm’s global reach agenda is working in unison with the divisions. The Industry Practices Division conducts client development and industry research and the Administration Division provides administrative, technical and marketing support to the Client Advisory Division whose primary purpose, as mentioned above, is the delivery of client services. The leadership of the firm consist of a four member executive committee who is ultimately accountable for all client relations and services.

CSC Capital’s Ethics

CSC Capital contributes its success, in large part, to our culture and values. The firm has created a single integrated culture that rewards advisory discipline, creativity, determination and patience as well as encourages the sharing of information, resources and expertise and best practices across our business advisory groups. In essence all advisory groups interact as one firm and adhere to the same ethical code. The bedrock of the firm’s culture is a unique spirit of teamwork that is oriented toward one goal – client satisfaction. Our founder established the firm in 1992 based on this belief. This same core value is still ingrained in the firm today. Not only does all personnel understand this, but it is from this premise that all personnel are hired, evaluated and rewarded.

CSC Capital was founded to provide the client exemplary service, and this is also exhibited in the firm’s fee and expense structure. On client engagements that are not rewarded on success fees, the firm has always billed on a pre-determined and agreed upon weekly basis, not on an hourly basis. Nor have we ever asked for up-front retainers or payments in advance. We also adhere to the same weekly and expense agreement throughout an engagement, no matter how many personnel are assigned and no matter how long the engagement takes. This provides the client with “peace of mind,” throughout an engagement regarding our weekly invoices; thus no surprises or hidden fee increases.

Moreover, since founding CSC Capital we have never asked a prospect restructuring or consulting client to sign a formal binding contract for services over a pre-established timeframe. Instead a Standard Letter of Agreement for client services serves as the official terms and conditions of an engagement. For mergers and acquisitions and financing clients an exclusive listing or finders-fee success agreement for a specified period of time is necessary for agreement but again with no up-front retainer. For asset recovery and collection services we charge a percentage of the liquidated or recovered value.

To ensure the quality of CSC Capital services we will only devote highly experienced and dedicated professionals to every engagement or transaction regardless of the client’s organizational size or complexity. And unlike many top tier management consulting and corporate advisory firms, we do not hire newly graduated business majors, who basically get hands-on business and advisory experience at the cost of paying clients. The firm prides itself on the way we do business. Our reputation is CSC Capital’s greatest asset, and our experienced professionals since 1992 have all contributed to maintaining the firm’s stellar industry reputation. There is no doubt that our clients have preferred to deal with seasoned business professionals who have spent years investing their time and energy into their specialties and who committed themselves to adhere to the highest ethical and quality standards.

CSC Capital adheres rigorously to the following Code of Ethical and Professional Standards:

General

  1. We will serve our clients with integrity, competence, and objectivity.
  2. We will accept complete responsibility for our advice and actions.
  3. We will treat our personnel honesty, fairly and with respect.
  4. We will motivate our personnel to become the best they can be.

Client Services

  1. We will only accept assignments in which we are qualified.
  2. We will only accept assignments which will provide real benefit to the client.
  3. We will not accept assignments where we disapprove of a client’s business.
  4. We will confer with the client on the scope of the assignment prior to the start date.
  5. We will present the qualifications of all personnel who may be assigned to work with the client.
  6. We will never contract for more work at one time than we can manage and execute well.
  7. We will keep client information and records confidential.
  8. We will not allow conflicts of interest to occur between two or more clients.

Fees and Expenses

  1. We will agree independently and in advance on the basis for our fees and expenses.
  2. We will charge fees that are commensurate with our services and the responsibility we accept.

Profession

  1. We will respect the intellectual property rights of our clients and other advisory firms.
  2. We will not advertise our services in a deceptive manner.
  3. We will report, publish and disseminate information to clients and other firms, subject to legal and proprietary restraints.

CSC Capital Insights

TOPIC: THE IMPORTANCE OF BUSINESS STRATEGY

A Successful Business Must at Least:

  1. Meet customer needs
  2. Be profitable
  3. Be better than competitors
  4. Be difficult to duplicate
  5. Be able to accept and implement change
  6. Treat customers and employees ethically

Superior Performance can only be Measured Against Realistic Goals

Absolute performance standards are unrealistic; corporate goals are situational and change over time. Goals should be the trade-off between profit growth and risk. Top management should establish realistic goals and hold themselves and their subordinates accountable for achieving the objectives. Incentives should be set for achievement of corporate andindividual goals.

Establishing realistic corporate goals, both short and long term, is the creative act of leadership not just management. Understanding the demands, power and sanctions of each corporate responsibility center or constituency is essential to understanding and establishing realistic goals. Balance of power will change over time, but the ultimate aim is to define goals and performance which prevent dominance by any one constituency. Most difficult trade-offs are between the growth and sales goals and the profit and cash flow goals. Shareholders profit and valuation goals always conflicts with employees security and rewards

Five Analyses that are Necessary to Achieve Clear Strategic Direction

1) Product Line Analysis

Indentifies the strength and weakness of each product line in the corporate portfolio. Expands or eliminates number of product lines based upon the financial analysis of the product lines against the profit center in which they are sold. In particular sources of cash and profit can be established as well as investment needs specified. Greatly assists in eliminating unprofitable and low performing product lines and expending high potential product lines. Increases cash flow by reducing unnecessary or redundant inventory levels. For maximum benefits include product line analysis and budgeting directly on profit and loss statements for each profit center.

2) Profit Center Analysis

Determines whether inter-dependencies between separate businesses within the corporation create value and competitive advantage or whether each business should be evaluated and analyzed on its own merit; however to know if the former is true then the latter must be conducted no matter how time consuming. Correctly placing the sales, costs, and expense data into the appropriate profit center is critical. Poor performing businesses should not be maintained for “overall strength” without strong evidence of their profit center relatedness value. This analysis should be conducted by each corporate location. Sometimes one profit center business at one location creates value though at another location the same business is underperforming.

3) Growth and Revenue Stream Analysis

Indentifies how resources can be used to exploit profitable growth in appropriate businesses. Proper analysis prevents misdirected growth investments, acquisitions and unlocks cash traps in excess inventory, wasted sales generation efforts, and unproductive management time. Revenue must be analyzed by each product line within a business to understand its relationship to the overall business. A matrix of high sales and high margin, must be compared to high sales and low margin, low sales and high margin, and finally low sales and low margin.

Management must establish a proper relationship between all quadrants of the matrix except for low sales and low margin, eliminating the latter. Breakeven costing provides the proper analysis tool to determine how each product line within each business fits within the matrix.

4) Expense Line Item Analysis

Probes deep into indirect and overhead expenses; as no stone should be left over-tuned. Indirect expenses and overhead is the collective root of all evil in business. Do all three above analyses correctly and forget to manage indirect expenses and overhead then all is lost. Hidden beneath the typical accounting profit and loss statement, actual expense line items by dollars per activity reveal the ability of management to manage. Expense line items must be separated between each corporate business and profit center and all cost centers, such as accounting and administration, warehouse and traffic, all manufacturing units, etc. It is the percentage ratio that determines whether an expense line item is too high. Don’t depend on industry standard ratios for guidance as they are calculated upon averages. Each companyis different and one corporation’s profit center labor to sales ratio may be worthless compared to another corporation’s same profit center labor to sales ratio.

5) Organization Analysis

Means the organizational structure must be consistent with strategy and a clear component of the owners and leaders vision. The organizational structure must also embrace the profit and cost centers as independent divisions managed by individual division heads. The financial profit and loss statements should mirror the organizational chart to provide exact accountability for all decisions made within a particular division.

Corporate activities fall into three patterns or “philosophies.” 1) Corporate Strategic Direction: Involves top executives defining and monitoring corporate and business strategies. Most appropriate for highly inter-related strategies between business or profit center activities. 2) Corporate Strategic Coordination: Involves corporate executives in influencing strategy and monitoring financial Results. An intermediate form of management necessary for very large corporations. 3) Corporate Financial Control: Decentralizes control to profit center businesses and relies on financial controls to manage. Most appropriate for a diversified corporation and strategy.

Boundaries define the focus of business profit center and cost center leadership. Boundaries and groupings of profit and cost centers can be a powerful implementation lever. Superior performance can be traced to boundaries based upon profit and cost center organizational structure. New boundaries should be created when current profit and cost centers managers cannot focus on achieving the benefits of the function due to the diversity of the new business unit. Such as the introduction of a Information Technology (IT) Department within the Administration Division. In this situation the scope and complexities of IT far exceed the capabilities of Administration leadership. Integration devices can be used during the interim to balance choices made on boundaries and corporate business interface.

In labor intensive businesses self-interested lateral cooperation by departments is preferable to integration by corporate hierarchy. Strategy directed companies require more integration devices than financially controlled companies. Lateral integration devices include cross-training between departments and personnel transfers. Vertical integration devices include strategic planning and control systems, intermediate levels of organization and functional authority.

Business Strategy Identifies how Competitive Advantage will be Achieved

Anticipation and knowledge of customer needs, economic viability, and competitive conditions are critical to achieving competitive advantage. Strategy must be rooted is customer needs and expectations. Customers drive most businesses not production processes or even low cost production. Understanding the needs and wants of customers is then the starting point for developing a successful business strategy. Many businesses fail because management is solely focused on their internal operations, distribution systems, technology and computer advances, human resources, and short-term profitability. Further, application of the five above strategic analyses are rarely conducted and implemented. Thus the internal foundations of clear strategic planning are not obtainable.

Therefore, instead having clear strategic insight, capital is wasted on improving unnecessary internal systems. Meanwhile the customer is slowly adapting to the new technologies offered by the competition, or customer’s tastes are changing, or economic conditions are changing which is resulting in changes in customer buying habits, or all of the above. If strategic analyses and planning is not embraced as a critical function, businesses that fail behind usually resort to reducing operating costs and internally restructuring operations, employing new financing opportunities, spinning off unprofitable divisions, selling assets, or as a last resort selling the business itself.

However, offerings to satisfy customer needs must be economically viable. Low cost and differentiation are not mutually exclusive. Many products are low cost and high quality. A purely cost-based strategy is rarely an effective means of satisfying customer needs unless an industry consolidation is the ultimate business strategy. And this strategy also must understand customer needs and advancements in technology—Blockbuster Video and Barnes and Noble Books comes to mind. Therefore, cost/price, though important, is only one of the many attributes sought by customers. Economic viability requires a thorough understanding of major points of revenue, cost and margin contribution leverage. Competitive conditions – past, present and future – will impact achievement of competitive advantage and superior performance. Sustaining an economic offering (products to customers) requires understanding the forces of change in competitive conditions. Current competition, product substitutes, the economy in general, new entrants and technology must be mapped to determine influences on sustaining competitive advantage.

In short, competitive advantage is achieved when strategic analysis and planning is hard-wired into the corporate culture. The value added functions driving competitive advantage must be known, managed and protected. This is business strategy.

CSC Capital Milestones

1993 – Development of Holistic Restructuring Program. First turnaround as Interim CEO.

1995– Application of proprietary restructuring program to the Building Materials Industry. First international client’s in Canada and UK.

1996– Performance pay system created for restructuring. First industry convention Seminar.

1997– First multi-state turnaround of a over $ 500 million client as Interim CEO.

1998– Creation of innovative acquisition and financing client situations. Conducted first buyout.

1999– Development of industry consolidation platform strategy inclusive of seller-financing arrangements.

2000– First three-day conference as the sole presenter at anindustry convention.

2001– First European financing banking tour for U.S. clients. First turnaround using overseas finance.

2002– Article written by CEO stating that a housing and credit crisis was looming.

2004– First conference offered exclusively by the firm. Restructured three back-to-back leading building supply companies (2004-06) because of 2002 article.

2005– Moved headquarters from Colvin Corporate Centre in Salem, Ore to Bend, Ore. Started virtual global operations.

2007– Highest grossing year of the firm in client fees w/assignments across four time zones. Created separate M&A, Finance, and consulting groups.

2008– Conducted successful turnaround of third largest buying group in the U.S. as Interim CEO.

2009 – Conducted successful turnaround of the largest building material supplier in SW Florida.

2011– Founding of Summit M&A, NWX Financial Group, and Compass Park Consulting Partners as affiliated groups.

2012– Launched first global Region (China-Twain). Initiated first global Managing Director recruitment effort.

2013 – First webinar to major SW Healthcare provider. Founded Clearwater Advisors.