Role: Bank Executive

Client: Managing Director of Special Assets Group

Client: Retail (Monroe County, Michigan)

  • Gast Station
  • Convenience store

Critical Issues:

  • Poorly performing business
  • Severe negative cash flow
  • Deferred maintenance
  • Poor & confused brand I.D.
  • Leaking UST
  • Negative gross margin due to competition
  • Good exposure on major N/S State Highway
  • Defaulted 1st REM

Resolution:

  • Placed asset in receivership
  • Reinstituted monitoring DEQ wells & submitted application to close
  • Repaired equipment & building
  • Rebranded to BP @ no cost
  • Obtained beer, wine & Lotto license
  • Major emphasis on curb appeal
  • Added increased signage and displays to highlight convenience items
  • Increased margins on fuel and competition followed
  • Increased sales by over 300%
  • Sold to professional operator

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