Turning Points is dedicated to helping industry leaders survive the current recession and to prepare for success in the inevitable economic recovery.
Business Lending 2010
I recently attended two different lender symposiums through the TMA to learn more about the struggling mid-middle market commercial lending environment. Step #1 in this process is understanding the Amend and Extend practice that many banks are currently following with their business credits. I wrote on this in a previous column but this guy does a better job of explaining it than I can. htt... Read More
Comments (1)Shipping Costs Going Up...
Container shipments are running late and expensive as we enter the busy holiday season. Although this should be an indicator of an economic recovery, it is more directly tied to the amount of ships taken out of service by major shipping lines. According to today's Wall Street Journal, national retailers struggled amongst late shipments at Father's Day and ship capacity has run tighter since the... Read More
Comments (2)A Tale of 3 CEO's
As we all know, things have changed and we are all coming to grips with the new reality of business post-2008. My friend is meeting with his bank later this month to renew his business's line of credit. His results are improved-to-steady and his strategic acquisitions in 2009 have paid off handsomely for his business. No problem right? Well, his former tenant also had a line of credit wit... Read More
Comments (1)Extend, Amend and Pretend
"Extend, Amend and Pretend" was the overarching theme at the recent Turnaround Management Association symposium. In short, this is what banks are doing with their troubled credits. Extend the loan, Amend the trip-wires to foreclosure and Pretend that this is a good idea.And really, who wants to face up to their issues? Apparently, not many banks in this economy. The stunning co... Read More
Comments (0)New Indian Sourcing Magazine
We all know that India has a bright future as a product resource for the gift and home industry. Their rise has been less meteoric as has China’s but India continues to adapt and deliver. Interestingly enough, I recently heard an explanation that because India is a democracy, they must evolve their economy and cannot simply arrive at capitalism via fiat. As China pushes their future towar... Read More
Comments (0)Focus and Growth.
March 2, 2010 – Wall Street Journal I love reading about folks who do things differently and enjoy great results. Rag and Bone Bindery grew 27% in 2008 when they cut staff, fired their 35 independent sales reps and let their smaller customers fall to the wayside. http://www.ragandbone.com/blog/ How – FOCUS. Doing fewer things better, selling less products and fewer customers deeper. They... Read More
Comments (0)Growth in Specialty Retail
We’ve all felt the resurgence in specialty retail and now the results are showing. Leading Investment Bankers for our industry; Tully and Holland, report that many specialty retailers are getting more financing, higher valuations and investor backing like we haven’t seen in many years. As you might imagine, this does not hold true for every company. Investors are willing to put money where they... Read More
Comments (2)Big Box of Horrors
Lately I have been working with a US manufacturing company that has been crushed by another large Fortune 500 sized company. This was a talented manufacturer with a specialty in high-end, high-margin products. The owner will tell you today that he knew they were courting trouble by letting one customer become such a huge part of his business. And he’ll also admit that he got addicted to t... Read More
Comments (0)When you Can't Find the Exit...
There used to be six ways for a business to get out of trouble - and fixing it was only one. Think about that, you can get out of a major jam six different ways. That was very good for American businesses and the economy. These days there are only about 1½ways to get out of trouble in a distressed business. And the one solid way is the worst; liquidation. Quickly; here are the six ways in or... Read More
Comments (0)Consumer Rebirth
There is no longer any doubt in my mind that the American Consumer is coming back strong - and the Gift Business will do just fine. I say this because I read a survey that might seem pessimistic on the surface; According to Hart Research Associates; "63% of U.S. Consumers say the way they spend and save has changed permanately". My first thought is; What the heck are the other 37% thinking... Read More
Comments (0)Jobless Recovery??
Yesterday’s New York Times has a column by Thomas Friedman discussing the widening gap between the Haves and Have-Nots of the new economic order. Not the same old rich/poor divide but the future split of who will find work and opportunities in the future and who won’t. I quote Friedman for two reasons; one he’s a lot smarter than me and also because he draws an interesting parallel to the... Read More
Comments (3)My Friend is Surviving...
I met an old childhood friend at the NY Gift Show as I was walking the aisles. Actually, I sought him out in order to say hello and to see how his business is doing. He was probably average of executives at any of the shows this summer; optimistic on the outside and scared on the inside. He took me through the stream of consciousness that has been playing in his head over the last year; “... Read More
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