The work on this matter was supervised & substantially performed by John M Leask II then a principal in Leask & Leask PC, CPA.

THE CHALLENGE	This local manufacturing company with majority ownership in another state had minority stakeholders at its Connecticut operations. When the firm encountered financial difficulty, John M. Leask II was brought in to review the financial statements to help the minority owners devise a strategy. Given our prediction of bankruptcy for the West Coast parent, we then positioned the Connecticut division so that it could successfully buy itself out when the parent went bankrupt.
THE SOLUTION	Working with their financial statements, it became evident that, although the subsidiary was successful, the parent company was in financial difficulty and that bankruptcy was on the horizon. Our task then became to help position the Connecticut division for a buyout. In conjunction with division management, Mac worked with a local bank to arrange standby financing. We also helped set the negotiating strategy and arrive at the final purchase price so the division could become a	separate entity. Once independent, Mac played an active role in hiring a bookkeeper and several other staff personnel. We also provided structure for financial reports and advice to management helping the company flourish so they could pay off their debt within 2.5 years. Later, we also lent assistance to the firm in the restructuring of their board of directors, finding individuals to bring in from the outside where needed expertise was lacking.
BENEFITS	ü       Arranging financing for the buyout and setting a negotiated purchase price. ü       Assistance in staff hiring and in replacing members of the Board of Directors. ü       Ongoing managerial and financial advice which contributed to the firm's prompt debt repayment. ü       Increased profitability and cash flow.