Background
Our client is a well-established family business servicing the regional EPC contracting sector. The business has been under the current ownership structure for several decades.
Over the years, the family has successfully grown the business to achieve substantial annual revenue, and while profitability has also improved, there have been recent challenges affecting the bottom line.
Problem Being Solved
The family acknowledges that the recent bottom-line challenges are attributed to issues related to controls and governance, resulting in cost escalations across various parts of the business. Consequently, the family has recognized the need to address these issues, both from a process and a personnel perspective.
As a response, a comprehensive business-wide review focusing on controls, governance, and cost optimization was initiated.
The Outcome
Two MEAP Partners were engaged to analyze, recommend, and implement a business-wide controls, governance, and cost optimization program.
The program has been developed, presented, and approved by key stakeholders within the business. Implementation is currently underway, with several remedies already in place. The next phase of the program is dedicated to realizing the cost savings resulting from these remedies.
During this exercise, the client also requested the team to conduct: 1) a country-specific cash management review and 2) a shareholder-led strategic operational review.
Our team has been working with this client for 10-months on this project and continues to provide valuable insights and support to the CEO and the broader team.
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