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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