August 2014
Intermediate to advanced
304 pages
7h 18m
English
Content preview from Working Capital Management
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CASE 4 Office Smart
OFFICE SMART SELLS AND SERVICES office and telecommunications equipment to businesses in the New Haven, CT, area, which includes Hartford, Wallingford, Waterbury, and Milford. The company has a market reach into western Massachusetts, most of Connecticut (except for the southern part of Connecticut near Stamford), and Rhode Island. The CEO of the company is Eric Farland, who has been dealing with the local bank, Equitable Bank of New Haven (assume $250 million in assets).
The bank is small in size and had a firm house limit to any one borrower of $200,000. However, Office Smart is growing and in need of short-term working capital financing in excess of $200,000; in fact, a $400,000 line of credit is being requested. You are a loan officer with the Connecticut Merchants Bank of Hartford, CT (assume $15 billion in assets). Office Smart went looking for a larger bank in its market area, and found some interest at your bank.
This case presents the typical concerns as a small business transitions from a friendly, local bank to a more formal regional bank located nearby. These issues include requirements for the transfer of bank activity to the new lender, agreement on loan covenants and other restrictions, protection for the bank from the possible loss of the company's leader, potential changes in the outside auditors, and other considerations.
THE BUSINESS OF OFFICE SMART
Office Smart has been enjoying increased market share on a consistent basis since the ...
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