“The Story Behind the Dramatic Improvement in Operating and Financial Performance”

When: Thursday, June 18, 2009  11:30 AM  - 1:30 PM

Where: Bankers Club, Pacific Room, 555 California Street, 52nd Floor
Speaker: Steve McCann, Former CFO, Long’s Drug Stores

Steve will discuss the transformation that took place at Longs Drug Stores from 2000 to its sale to CVS Caremark in October of 2008. By 2000, the retail drug store industry was flying high with the double-digit growth of the number of prescriptions that were being written. Grocery stores and mass merchants were beginning to put pharmacies in their stores. Mail order prescriptions were beginning to take hold and increasing. Walgreens and CVS were growing their store count and their profitability dramatically and Walgreens was making a big push into California-where Longs had long been the dominant player (especially northern California). Longs financial performance, on the other hand had been erratic and returns had been deteriorating. The increased competition combined with a very autonomous, decentralized operating strategy was taking its toll on the company and its performance. Steve will take you through the strategic and operational challenges and changes that resulted in Longs market capitalization increasing from the $500 million range to $2.6 billion (sale price to CVS Caremark).

Bio: Steve McCann, a native of the St. Louis Missouri area, graduated from Southern Illinois University with a degree in accounting. He began his career with Touche Ross, an international public accounting firm. He soon moved on to retail though and in total has spent 30 years as a retailer. While Steve worked in retail in high school and college, his real retail education started with May Department stores. He began as an accounting supervisor in May’s corporate office in St. Louis, Missouri but soon moved out to the May operating divisions- ending up as the Vice President Controller of Robinsons-May, a 60 store, $1.6 billion division in southern California, Nevada and Arizona. Steve then moved on to Service Merchandise, a 400-store specialty catalog showroom retailer headquartered in Nashville, Tennessee eventually becoming the Senior Vice President of Finance. Finally, Steve was recruited to become the Chief Financial Officer of Longs Drugs in Walnut Creek in April of 2000.
Steve was a member of company’s executive committee as well a member of the Management Committee of RXAmerica-the company’s 9 million live Pharmaceutical Benefit Management subsidiary. Steve was responsible for finance, administration, investor relations and public relations for Longs. In addition, he was responsible for strategy and mergers and acquisitions. Steve retired as Executive Vice President Chief Financial Officer in October of last year with the consummation of the sale of Longs to CVS Caremark.
Steve has been married for 25 years and has three daughters. In his spare time he enjoys golf and being out on the lake with his family.

Chuck Doyle, Managing Director of Business Capital, provides tips on how business owners can manage their receivables and make sure clients are paying their bills on time.

Chuck’s interview on the MSNBC TV show “Your Business” aired on Sunday, May 31 at 7:30 AM EST.

When:
Thursday, May 28, 2009, Networking Reception & Program 5:30 pm - 7:30 pm
 
Where:
The Firehouse Restaurant
1112 Second Street
Old Sacramento, CA 95814
916.442.4772

Click here to register for event: https://www.turnaround.org/Events/Register.aspx?objectId=10899

Todd Wille, President and CEO of Unify Corporation will join us and address 
“Leading A Successful Turnaround”

Todd was named the American Business Awards, Best Turnaround Executive in 2008 for his work in turning around Unify Corporation headquartered here in Sacramento.   Todd was selected from among 2600 nationwide nominees.

Unify is a global provider of SOA enablement and application enhancement enterprise software and services for maximizing applications. Unify’s solutions drive business optimization, improve collaboration, increase customer service and reduce costs.
 
Todd Wille’s perseverance enabled Unify Corporation (OTC: UFYC) to return to profitability in 2007 after narrowly avoiding bankruptcy after the company’s former CEO was indicted for securities fraud and former CFO confessed to similar charges. In 2008, Unify’s stock price increased 432 percent, to a recent high of $6.65. Unify reported 76 percent growth in total revenue over the same quarter in prior year and an impressive 93 percent growth in software license revenues year-over-year. Due to Unify’s strong financial results, Wille was able to file to have the Unify relisted with NASDAQ.

Registration & Lunch:  10:30 am
Golf Tournament Shotgun Start:  12:00 noon
Cocktails: 5:00pm
Dinner: 6:30pm
Cost:  $150 for CFA members, $200 for non-members
(note: Northern California chapter dues must be paid for 2009 to receive the member price.)

Please register for this event online at: www.acteva.com/go/CFA-NorCal

 When: Tuesday, June 2, 2009 7:30am - 9:30am

Where: Banker’s Club, Pacific Room,  555 California Street, 52nd Floor

The Bay Area Council Economic Institute is a public-private partnership of business, labor, government and higher education that works to foster a competitive economy in California and the Bay Area, including San Francisco, Oakland and the Silicon Valley. The Economic Institute produces authoritative analyses on major economic policy issues, including infrastructure, globalization, energy, science & technology, and governance, and mobilizes California and Bay Area leaders around targeted policy initiatives.

Speaker:
Dr. Randolph previously served as President & CEO of the Bay Area Economic Forum, which merged with the Bay Area Council in January 2008, and as director of international trade for the State of California, where he developed trade strategy and directed international business programs to stimulate exports and introduce California companies to overseas markets. Before service with the state, he was Managing Director of the RSR Pacific Group, an international business consulting firm specializing in Asia and Latin America, and prior to that served as International Director General of the Pacific Basin Economic Council, a 15-nation international organization of leading U.S., Asian and Latin American corporations.

His professional career includes extensive experience in the U.S. Government, including U.S. Congress staff, and the White House staff. From 1981-85 he served in the U.S. State Department on the Policy Planning Staff, as Special Adviser for Policy in the Bureau of East Asian and Pacific Affairs, and as Deputy/Ambassador-at Large for Pacific Basin affairs. From 1985-88 he served as Deputy Assistant Secretary of Energy for International Affairs, where he managed nuclear non-proliferation, energy research, and global oil and gas issues.

Dr. Randolph holds a JD from the Georgetown University Law Center, a Ph.D. from the Fletcher School of Law and Diplomacy (Tufts and Harvard Universities), a B.S.F.S. from Georgetown’s School of Foreign Service, and studied at the London School of Economics.

He serves as chairman of the San Francisco Bay Conservation and Development Commission (BCDC), a California state commission that regulates development in and near San Francisco Bay, with the goal of ensuring its environmental integrity and maximum public access. He also represents BCDC on the Regional Agencies Joint Policy Committee and the Regional Airport Planning Committee. Dr. Randolph is a member of the District of Columbia Bar Association, the Council on Foreign Relations, and the Pacific Council on international Policy, and serves on the Advisory Board of the University of San Francisco Center for the Pacific Rim, the President’s Advisory Council of Excelsior College (New York) and the External Research Advisory Board of the University of California at Davis. He speaks frequently before business, government and university audiences, and writes for U.S. and international media on global, national, state and regional economic and policy issues.

click here for event summary & other information:

http://guest.cvent.com/EVENTS/Info/Summary.aspx?i=f9a10c0d-a6c6-4c66-a487-9771d11b49a1

Wednesday–Friday, July 22–24, 2009
12:00 P.M. – 2:00 P.M. PST
La Costa Resort and Spa
Carlsbad, CA

NoQuarter Radio — Listen to Chuck Doyle on ‘Sense on Cents’

Visit No Quarter Radio

 The biggest mistakes small businesses make when it comes to debt 

By SIMONA COVEL

Around the country, small businesses are struggling to keep their head above water in a sea of debt.

A recent survey from the National Federation of Independent Business showed the worst earnings trends for small businesses in the survey’s 35-year history. With banks too jittery to lend, credit-card companies reducing limits and investors hard to find, many small businesses find themselves struggling to stay on top of their collections and pay their own bills.

The Wall Street Journal spoke with Charles Doyle, managing director at Business Capital, a San Francisco company that helps small and midsize companies restructure their debts.

We asked him about the common mistakes small businesses make with regard to debt and what they can do to avoid having to call someone like him. Mr. Doyle says business at his company is up as much as 90% in recent months.

Here are edited excerpts from that conversation:

Alternative Sources

THE WALL STREET JOURNAL: What are the options today for smaller companies that need to borrow money?

MR. DOYLE: Factoring is really becoming in vogue. That’s when you sell your invoices outstanding to a third-party firm known as a factor in exchange for cash in the amount of the invoices minus the factor’s fees. Then, money that comes from your customers is paid directly to the factor. Typically, factors will charge a daily or bi-weekly interest rate, like 2% every 10 days. Some factors will charge other fees, too, so you could be paying as much as 30% yearly.

Then there are asset-based loans from lending companies that are lines of credit based on a company’s accounts receivable. For instance, if you shipped $1 million in goods this month, you might be able to get a loan for 80% of that amount, or $800,000. You pay interest on the number of days the money is lent out to you. The lender also may increase the loan amount based on how much your inventory, assets or real estate is worth.

Julian Puckett

BORROWER, BEWARE Charles Doyle of Business Capital

Some third-party financing companies will also allow you to refinance equipment or provide financing based on inventory or equipment. But you’ve got to have equipment that has a reasonable liquidation value. They will come in and repossess the equipment and auction it off if they have to. It’s going to be expensive money, but there are people out there who will lend. You can bank on paying upward of 15% interest.

WSJ: What are some tips for finding a factor or asset-based lender?

MR. DOYLE: Sometimes people start to panic, and they’ll go on the Internet and get involved with a factor they don’t know. References should be available, and check the Better Business Bureau. Some of these companies you see on the Internet have a rap sheet a mile long. If it seems too good to be true, it probably is.

Do your homework to make sure you know what you’re going to be paying. If you’re only making a 10% margin on your products and the money is costing you 30%, every time you ship a product you’re losing. Some of our clients build that cost of financing into the cost of the product.

WSJ: When you’re tight for cash, how should you set your priorities in terms of deciding where your money goes?

MR. DOYLE: Don’t get in a situation where you’re not paying payroll taxes or sales tax. Once you start paying penalties to the IRS — that’s expensive money.

Then, if you have a situation where you do have a bank that’s lending to you at a good rate, make sure they’re getting paid at the beginning of the month. They’re looking for any reason to pull credit lines, so make sure you pay them before you pay the guy you get printing services from, for example. Then pay your critical vendors, and explain to them where you are financially.

WSJ: What mistakes do business owners often make when they face this situation?

MR. DOYLE: Collecting accounts receivable has been a big problem for a lot of clients and then they have trouble paying vendors. Partner with vendors and keep communication open. What’s tough to do is to prioritize your creditors. Many times, businesses will pay the vendor who’s the squeaky wheel — the one who’s bugging them the most — to the detriment of key vendors or suppliers whom they have a relationship with. It should be the other way around. Keeping an eye on those relationships is critical [so they'll work with you].

If it’s not too late, companies should put together an emergency plan for financing — before it’s needed. How we’re going to deal with creditors, with financing, what options do I have if my credit line gets pulled. It’s time to educate yourself on what kinds of credit are going to be available to you, so you’re not operating at a critical time with no plan in place.

Raising Money

WSJ: What does a restructuring company like Business Capital do?

MR. DOYLE: We’re hired to raise money for the company and to pay the creditors. Some companies think it’s like a debt-consolidation loan. They say, ‘So can you pay off all of my creditors and I’ll just have one loan with you?’ That’s not how it works. There are definitely very hard conversations. You’re going to have to take a pay cut, let employees go. Restructuring is not a painless process. We can get you a million-dollar credit line, but if the company has a million dollars in debt, a lender will want a plan of how all of these creditors are going to get paid.

Sometimes we find there’s no way to help a company. If they’re in a situation where they’ve waited too long — they’re not shipping product or providing services and there are no receivables to manage — you’re looking at a wind-down.

WSJ: What’s the typical scenario for a small company that decides to file for bankruptcy protection?

MR. DOYLE: Chapter 11 bankruptcy protection is very expensive. It’s tough, especially these days where there’s no bankruptcy financing available. There are lawyers and auditors and accountants, and liquidation companies and valuation companies. All of these people are getting paid in Chapter 11. That can consume all of a company’s cash. It’s still the case where the majority of Chapter 11 filers end up in Chapter 7 liquidation.

-Ms. Covel is a staff reporter of The Wall Street Journal in South Brunswick, N.J.

SAN FRANCISCO, Feb 17, 2009 (BUSINESS WIRE) — Business Capital (www.bizcap.com) announced today that the Turnaround Management Association (TMA) has elected Chuck Doyle to the Board of the Northern California Chapter.

Mr. Doyle is the Managing Director of Business Capital, a leading commercial financial and turnaround firm, based in San Francisco and Connecticut. With over 20 years in the business and finance industry, Chuck is well equipped to join a board comprised of professionals directly and indirectly involved in turning around businesses in various stages of distress and/or underperformance.

“It is a privilege and honor to serve on the board of an organization whose membership is uniquely positioned to assist distressed companies at this unprecedented time in the world economy,” said Doyle. “We can really make a difference.” Pamela Hayley, current board president for the Northern California chapter of TMA, was instrumental in making this recommendation to the board. “I have personally worked with Chuck and his company, Business Capital, and can attest to his commitment to helping his clients and raising the bar for the turnaround industry as a whole. We look forward to the added value Chuck will bring the TMA board and anticipate further effective collaboration within our organization,” she said.

Board appointments are selective and made to ensure balance across TMA’s prospective constituents. Members are global professionals and include a combination of a lawyer, accountants, a turnaround consultant or private equity investor, an academic, a workout banker and a non-bank financier. TMA is an international organization with more than 8,300 members in 43 chapters, including 31 in North America.

Business Capital offers a vast spectrum of services, including debt restructuring, asset based lending, asset securitization, capital raising, business turnaround and liquidation. Combining a unique blend of traditional and progressive financing methods, the firm provides clients with individualized programs to deliver successful results.

SOURCE: Business Capital CONTACT: Business Capital Jen McCarthy, 415-989-0970 or 203-292-5474 jmccarthy {at} bizcap(.)com Copyright Business Wire 2009 -0- KEYWORD: United States

North America

California INDUSTRY KEYWORD: Professional Services

Finance SUBJECT CODE: Personnel

Business Capital Exec Appointed to Board of Turnaround Management Association

Business Wire

| 17 Feb 2009 | 06:00 AM ET

SAN FRANCISCO, Feb 17, 2009 (BUSINESS WIRE) — Business Capital (www.bizcap.com) announced today that the Turnaround Management Association (TMA) has elected Chuck Doyle to the Board of the Northern California Chapter.

Mr. Doyle is the Managing Director of Business Capital, a leading commercial financial and turnaround firm, based in San Francisco and Connecticut. With over 20 years in the business and finance industry, Chuck is well equipped to join a board comprised of professionals directly and indirectly involved in turning around businesses in various stages of distress and/or underperformance.

“It is a privilege and honor to serve on the board of an organization whose membership is uniquely positioned to assist distressed companies at this unprecedented time in the world economy,” said Doyle. “We can really make a difference.” Pamela Hayley, current board president for the Northern California chapter of TMA, was instrumental in making this recommendation to the board. “I have personally worked with Chuck and his company, Business Capital, and can attest to his commitment to helping his clients and raising the bar for the turnaround industry as a whole. We look forward to the added value Chuck will bring the TMA board and anticipate further effective collaboration within our organization,” she said.

Board appointments are selective and made to ensure balance across TMA’s prospective constituents. Members are global professionals and include a combination of a lawyer, accountants, a turnaround consultant or private equity investor, an academic, a workout banker and a non-bank financier. TMA is an international organization with more than 8,300 members in 43 chapters, including 31 in North America.

Business Capital offers a vast spectrum of services, including debt restructuring, asset based lending, asset securitization, capital raising, business turnaround and liquidation. Combining a unique blend of traditional and progressive financing methods, the firm provides clients with individualized programs to deliver successful results.

SOURCE: Business Capital CONTACT: Business Capital Jen McCarthy, 415-989-0970 or 203-292-5474 jmccarthy {at} bizcap(.)com Copyright Business Wire 2009 -0- KEYWORD: United States

North America

California INDUSTRY KEYWORD: Professional Services

Finance SUBJECT CODE: Personnel

URL: http://www.cnbc.com/id/29232661/