October 13, 2005
To Whom It May Concern:
Maurice Heffernan came highly recommended by a mutual friend who understood the level of financial expertise and hands-on involvement I needed from a consultant who could help shepherd a very difficult sale of a manufacturing plant we had purchased three years earlier. He taught me two expressions I will never forget. "Low hanging fruit" and "an opportunity investment." Nothing could more succinctly describe the company we were trying to sell. We had taken a nearly bankrupt factory which was the oldest existing hot glass manufacturer in the USA and breathed new life into it by redesigning the product line, retrofitting the plant and bringing on powerful new customers. We were not profitable but our future looked bright if the cash flow could support us getting there. Unfortunately it was not enough and the time came to find a partner or let new owners take it to the next level. Maurice was instrumental in marketing the company both to potential partners as well as buyers. Ultimately all the assets were sold, except the building, which we now lease back to the new owners under very favorable terms.
I initially sought Maurice out as a Mergers and Acquisition consultant but what I got was an interim CFO, strategic planner, cash manager and creative thinker far beyond what I could have ever hoped for. Maurice is a quick study and immediately determined that he couldn't market our company with the financial statements in the condition they were in. He educated me from the outset that when he represents a business for sale every line item on the financials must be explainable and defensible. If you can't present a clear picture of the buyer you will lose him. To get our financials packaged to his standards required him moving to the small rural town of Ottawa, Illinois, 1.5 hours southwest of Chicago for a period of several weeks. He accepted this responsibility without question or hesitation. When Maurice is in your camp it's no longer a question of can it get done or will it get done, but rather when it will get done. And that was typically very quickly. Maurice is an extremely hard worker and was always focused 100 percent on our deal. He made me feel that I always had his undivided attention.
One of Maurice's greatest strengths is cash management. Prior to his arrival we were putting cash into the company every month without exception. After his first month there, and for the subsequent six months, the company operated on its own cash flow. He renegotiated terms with the vendors and customers, tightened spending and collection controls, and established budgets that were adhered to. All of this plus his uncanny ability to rub two nickels together and come up with a quarter kept us afloat until a sale was consummated.
I consider Maurice a trusted advisor and a good friend. If he can help you, he'll tell you that the most likely it will happen. If he can't help you, he'll tell that as well. He often refers to himself as "the agent of reality," another expression of his that I love. When times are tough he's someone who will tell you the truth and what he can do to improve upon it. There is never any lip service. He uncovers and addresses the sources of problems and offers up solutions. His values and work ethic are unimpeachable and I enjoyed our many road trips and meetings. If we had not found him when we did I am convinced our company could not have been marketed. He has my highest endorsements and strongest recommendation. If you would like to discuss anything further please feel free to contact me directly at (805) 969-7131.
Sincerely,
Walter Iberti
Chairman of the Board of, LLC and Compatible Glass, LLC