"I asked John to serve on the board of directors of a client's family business. His service was invaluable. He is very thoughtful and balanced in his assessments of the organization. He offers practical solutions, creative cash flow management skills, and was a skilled resource for balancing solutions to difficult problems. John's 
communication skills were instrumental in obtaining consensus around those solutions."
   
Charles E. Miller,
Bernstein Shur
Sawyer & Nelson

Windsor Associates prides itself on objective and fair assessments of business operations, focusing on solutions which will yield the greatest benefits to clients in the shortest period of time. Our approach has resulted in the creation of successful start-ups companies, plans of reorganization and re-capitalization for client organizations.

Below are examples of our leadership in action:

	Business Assessments		Interim Management
	Turnaround Advisory		Trustee Services
	Bankruptcy Advisory

Business Assessments

Plastic Intrusion Manufacturer
Serving as an Examiner for the U.S. Bankruptcy Court, District of Maine, Windsor evaluated the impact of a divestiture of a key business line of this $20MM company. The assessment also reviewed the prospects of a successful reorganization with or without the product line, together with a valuation of the business under these scenarios. Windsor completed this assessment and issued its report within 4 weeks of appointment and protected the estate from further administrative expense claims.

Venture Capital Fund
Windsor was retained by an angel investor to assess the feasibility of starting a venture fund dedicated to seed stage capital investments. Windsor explored the competitive landscape, evaluated potential deal flow, surveyed the market of probable investor interest and they're return requirements. While we ultimately advised against a narrowly focused strategy, Windsor provided alternatives for our client, consistent with its initial objectives. Windsor currently oversees the implementation of the governance structure for this new investment company.

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Turnaround Advisory

Promotional Products Company
This second generation family business, generating annual revenues of $8MM in three business lines, was experiencing inventory stock-outs of key products, loan defaults with senior secured and subordinated debt holders and a lack of liquidity. Serving as the turnaround advisor to the shareholders, Windsor completed a sales analysis identifying key volume and profit drivers, resulting in the reconfiguration of the company's purchasing and production processes. An asset disposition program was instituted which significantly lowered operating break-even. New financing was obtained together with a renegotiation of the company's working capital lines of credit. This company today continues to meet its commitments in the marketplace and has new management executing a sound operating plan.

Footwear Company
The professionals at Windsor were responsible for the stabilization of this $30MM safety shoe manufacturer and distributor. The focus of this assignment included obtain financing to re-open an idle plant, reorganization the national distribution channels and eliminate duplicative promotional campaigns. These efforts led to our oversight of the business's sale, resulting in $1.2MM return on capital to equity holder where none had been forecast.

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Bankruptcy Advisory

Telemarketing Company
Served as financial consultant to ownership of this $100MM, 300 employee direct response organization. Windsor engineered the restructuring of the company which allowed for approval of the plan of reorganization and successful emergence from Chapter 11 within nine months of the filing. Tactics employed included integrating call center operating metrics within financial management policies. This permitted real time tracking of media buying effectiveness; recomposition of 16,000 credit cardholder claims and sale of excess telecommunication capacity. This business continues to be a significant employer and corporate citizen in the community.

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Interim Management

Food Company
Serving as CFO reporting directly to the board of directors for this $40MM food processor. Key tasks included turning $2.0MM loss to $1.08MM EBITDA, completing an out-of-court recomposition of the balance sheet, including renegotiating lender, supplier and equity obligations to facilitate a return to solvency and oversight of the company's sale from the client's private equity fund.

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Trustee Services

Restaurant Chain
Appointed to administer assets & causes of action transferred to this creditor trust for the benefit of the chains unsecured creditors. Duties included distributing available income to trust beneficiaries; evaluating and deciding on preferences and fraudulent transfers and meeting with restaurant management to review operating performance.

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