Turnaround Consulting: Commercial Printer


Family owned Commercial Printing Company managed by three generations, experiencing year after year losses. Senior lender fatigued.


  • Experienced net operating losses in 5 of the last 6 years and 22 of the last 23 months
  • Lost significant shareholder equity during the same period
  • Negative sales trend
  • Senior lender moved relationship to Special Assets Group


  • Engaged BlueWater as Chief Restructuring Officer.
  • Sold non-performing assets to raise cash and pay down debt.
  • Reduced breakeven through targeted cost cutting, including permanent workforce reductions (one-third).
  • Used temporary workers to manage variability of business.
  • Changed board of directors’ role and hired a non-family general manager.
  • Developed daily flash report and weekly scorecard including key sales and operations metrics.


  • Achieved profitability within the first month of engagement.
  • Liquidated a non-core business unit and sold under-utilized real estate.
  • Reduced breakeven by 29%.
  • Turned over day-to-day operations to new general manager.
  • Negotiated new line of credit and covenants with incumbent senior lender.
  • Reduced external quality incidents to only one per month from 2-3 per week.
  • Improved delivery times to less than 5 days from 2-3 weeks.