Building a Solid Financial Foundation for a Startup
Our client was a former CEO and CFO of a Fortune 100 company who recently took over a new energy company. The Contractor planned to move the startup business to the southern states region. After researching multiple surety companies, they came to us to build a financial foundation for the new business.
Our Shorewest Surety Team flew down to North Carolina and met with them to go over their business plan. Realizing the complexities of relocating and establishing a startup, we designed a package that included a strong business plan, organizational chart and set of key resumes.We established a new CPA who worked exclusively in the federal arena rehabbing housing to improve energy efficiency. We initiated a job costing system and work in process schedule. Working with a key owner, we secured a significant cash addition to obtain bonding at a level in line with their business plan. Our Team fortified the business plan with significant references from resumes as well as job and credit references, resulting in an increased line of bank credit. We aligned the new business with a surety company willing to travel to the new location in Florida. After our partnership, the Contractor was able to obtain the needed bonds at a seven-figure level.