The client. Josh, the president and son of the founder of a small specialty furniture manufacturing and sales company.
The situation. This family-owned business suffered from the classic one-two punch especially common to small, labor-intensive, thinly financed U.S. companies.
The first blow was the need to shift manufacturing overseas—in this case to China—to reduce labor costs and remain competitive. The second punch was the ripple effect of the subprime lending debacle, which for this firm meant the drying up of its credit line and inability to adequately finance its inventory and overseas manufacturing costs.
Most of the manufacturing workforce was gone, and the few survivors, working in final ...