CNBC’s THE PROFIT has Marcus Lemonis interested in a custom upholstery manufacturing business, Grafton Furniture in Miami.
It’s a family owned business begun more than 50 years ago, now run by the son of the man who established it. Steve and Mary Grafton are equal partners in the business and their son Steve has joined them.
All furniture is made in the U.S. by veteran craftsmen.
Did you ever wonder exactly what the business owners in trouble hope for when they seek advice from Marcus? Here’s a bit of what the Graftons had to say:
“Our people, process and product could use some improvement.” Nice touch there Steve, knowing that Lemonis’ 3 Ps strategy is the basis for all his turnarounds.
Steve also wants Marcus’ assistance in upgrading their machinery to help their turnaround time and increase their ability to serve customers.
“I felt like our company has gotten a little stifled and our ability to expand,” needs some tweaking says Mary.
Here’s what Marcus finds when he walks in. The severe recession slowed business to a crawl and the mounting debt has yet to be managed. That only makes Steve and Mary’s concerns about expansion more difficult to achieve or even dream of.
A cash infusion is needed and needed badly.
Besides what the Graftons want, Lemonis sees the tension and fighting between father and son. The two Steves rub each other the wrong way. Young Steve hates being micromanaged and Steve the elder believes that without his hovering, things won’t be done the right way.
This is not an unfamiliar situation on THE PROFIT and Marcus has managed troubled waters before. He’s a pro at sizing things up and being blunt about what it will take.
Let’s hope he has more success than last week’s episode at Fuel Foods, also in Florida.
There, the owner refused to do things Marcus’ way, particularly when it came to excessive marketing expenditures when key employees’ salaries were being cut. Add that to the owner’s inability to get approval from all shareholders in the business and you had a disaster.
CNBC airs THE PROFIT Tuesday nights at 10 p.m. ET/PT. Image/video credit: CNBC, used with permission.