Some are calling him a “turn around king” as he has recently has focused his attention on helping struggling businesses.
Since 2013, Marcus Lemonis has been the Star on CNBC’s “The Profit” where he makes an offer to owners who have asked for his help. After diagnosing the business, he writes them a check and asks them for: a piece of the business and a percentage of the profits. He tells the audience his check injects capital to help grow the business but more urgently the cash addresses owner’s decisions impacting their working capital: debt, inventories, payables, receivables, etc.
Based on his experience as a serial Entrepreneur, a CEO and his diagnosis of the business, he attacks the opportunities and the potential the current owners are unable to see: the “hidden” revenues, profits and cash.
The financial results for your first quarter were very strong and indicate a continuation of last year’s record performance. Adding to the great news, the sales forecast for the next ninety days appears to be ahead of this year’s plan. On Monday afternoon you have a meeting scheduled with your leadership team to share the great news, review the first quarter and prepare for quarter two.
On Monday morning your Vice President of Sales gives you his two week notice and letter of resignation. In his letter of resignation he is very complimentary of your company, the leadership team and also expresses his appreciation for the opportunities you gave him. He is concerned about some projects that need to be finished and is prepared to finish them before he leaves so that no “balls are dropped.” His reason for leaving is not included in his letter but based on your relationship he tells you verbally:
- He had been approached several times over the last eighteen months by a search firm. He was not actively looking but your customers rave about him.
- His will be leading a new international business development effort.
- The opportunity is a new experience with increased challenges and a significant increase in responsibility and income.