Lewis Jaffe

 


Heading for trouble:
Warning Signs Between you...

    and the marketplace:

    • Experiencing a decline in margins & sales?
    • Not servicing your customers?
    • Rumors in the marketplace that customers are unhappy with you?
    • Marketplace changing faster than you are?

    and the financial markets:

    • Stock prices lower than book value?
    • Availability of senior debt facility running out?
    • Getting close to breaking your covenants?
    • Trying to secure "hard to get" equity and debt financing?
    • Does your bank want to be "taken out"?

    and your management team:

    • Trouble creating value from, or integrating, an acquisition?
    • Experiencing significant senior management turnover?
    • Having receivables and/or payables bracket creep?
    • Named in a bankruptcy case as a large creditor?


A Turnaround Plan Checklist

  • OBJECTIVE: Create and execute an operational/financial turnaround plan focusing on customer needs, reinvigorating corporate culture and restoring shareholder value.
  1. Identify and eradicate programs, policies and procedures with non-demonstrable ROl's.
    Corporate-wide—from marketing to manufacturing, from travel to real estate.
  2. Benchmark industry-leading procedures for customer acquisition and retention.
  3. Develop controls and procedures for monitoring the company's financial health.
    Hold management team accountable for development and execution of departmental plans.
  4. Create a communications plan addressing all constituencies.
    Customers - Coworkers - Stakeholders
  5. Settle any outstanding SEC issues and class action litigation.


Recent Speaking Topics and Engagements
Being a Better Manager and Board Member
Intel Capital Worldwide Face-to-Face Conference
Stybel Educational Forum
 
 
Managing Chaos
Turnaround Management Association
Young President's Association
Promotional Products Association
Massachusetts Continuing Legal Education Seminar
The Practical Side of Sarbanes Oxley
National Association of Corporate Directors
Financial Executives Institute
 
The Board's BIG Question; "Is It Time To Sell?"
Getting All The Agendas on the Table
National Association of Corporate Directors
 
Making M&A Work, After the Deal Closes
MIT Enterprise Forum

Selected Quotes from Attendees


“I can't wait to get back to work so I can share what I learned with my management team"

Paul Bethuen, Avaya
“Not only did I learn a lot, but you took it to the next level by showing us how to apply what you taught.”
Mark Kelly, General Foods
“That was great, I want you to speak at a conference I am putting on for my company and teach my peers what you taught me.”
Ranjeet Alexis, Intel Capital
“I learned more about how to be a better manager in the last hour than I learned in 2 years of Business School”
Art McDonnald, Marriott Hotels


Biography

In the course of his 20+ year career, Lewis Jaffe has participated in the successful turnarounds of more than 20 under-performing companies in a variety of industries, including telecommunications, healthcare, manufacturing, retail and distribution and the internet, and raised money for dozens more. His ability to simplify business problems and to design and execute effective business plans is the strength be brings to troubled and undercapitalized businesses.

Most recently, in April 2002, Mr. Jaffe was asked to step in and take an interim management role with WireOne Technologies (WONE:NASDAQ) where he was a member of the board. As President and Vice Chairman be is charged with bringing the Company to profitability and to introduce the Company's new dedicated video over IP network, the Glowpoint Network into the marketplace.

Prior to WireOne, in June of 2000, he was drafted by PictureTel Corporation, a $350 million, NASDAQlisted Videoconferencing Company in Massachusetts, to formulate and execute a turnaround plan. The company had sustained losses of over $200 million annually for three years prior to his joining. During his tenure as the company's President and Chief Operating Officer, Mr. Jaffe introduced new technology to the marketplace, streamlined business processes, improved customer relations and cut costs, thus restoring the company to profitability. He also successfully engineered the sale of PictureTel to Polycom, increasing shareholder value by more than 250 percent. The Board of Directors of PictureTel met Mr. Jaffe when he was engaged by the Company to address its liquidity crisis and mounting losses. Mr. Jaffe was the Managing Director of the Corporate Restructuring practice of Arthur Andersen LLP in Boston, during his two year tenure he worked with a range of trouble companies, in and out of bankruptcy.

Prior to joining Andersen in 1998, he spent four years as president of two companies: C Systems, LLC which owned Craig Systems & Eastern Technologies, both in the aerospace industry; and CORE-M, Inc., a medical device manufacturer. He lead the emergence of C Systems out of bankruptcy and sold the Company one year later at a 100% premium over the initial purchase price. Core M was a medical technology start up where he raised second round financing and installed a management team and systems to introduce breakthrough technology into the marketplace. In each case, he created the plans and led the companies to financial health.

Mr. Jaffe began his career in 1979 with The Gem Group, an international importer and graphic imprinter of canvas and nylon bags helping to build the Company from $1 million to $25 million.. In the course of his 15 years with Gem, he held a number of posts including Production Manager and Vice President-Domestic Operations. In 1988, he was named President and Chief Operating Officer.

Mr. Jaffe sits on the Boards of Directors of WireOne Technology Corporation (NASDAQ:WONE) and the Turnaround Management Association. He has been a guest on a number of business shows on the CNBC, MSNBC and ABC networks, a sought out public speaker on the topics of "Leadership", "Managing Troubled Companies" and "Effective Board of Directors' Strategies and Tactics" and has been quoted in a variety of business and trade publications including Forbes Magazine, The Wall Street Journal, the New York Times, Business Week and the Boston Globe.

Mr. Jaffe is a graduate of LaSalle University, and the Executive MBA Program at Stanford University's Graduate School of Business. While a student at LaSalle be was a science instructor at the Franidin Institute, America's oldest science museum, and was Mr. Science for Pennsylvania's Public Television stations.


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