In today’s economy, many local governmental entities are facing increased cost pressures and declining tax revenues. On top of that, even though the needs of the community are at an all-time high, there often is tremendous resistance to increased taxes.
The professionals at Leeb Partners have a deep level of understanding of these issues and are ready to help local governments navigate their way out of trouble and get them back on track. We recognize that it can be extremely expensive to buy time with creditors and these scarce resources cannot be wasted. Therefore, we operate with a sense of urgency that will cause everyone to focus, pull together and accelerate their speed to achieve the results you need for success.
Leeb Partners specializes in turnarounds and crisis management. Leeb Partners will:
- Focus on and increase cash flow—develop week by week projections and continually improve accuracy and eliminate “surprises”
- Rebuild credibility with all stakeholders including secured creditors, vendors, employees, other officials, the State and the public; strengthening and adding new lines of communication
- Sort through either the proliferation of data or the lack of data to help develop a sound strategy for success
- Develop and implement feasible and practical business plans, deficit elimination plans and other required financial plans
- Take a strategic, solutions-based approach rather than just “putting out fires”
- Evaluate cost structures and pricing and provide alternatives
- Eliminate nonproductive assets and maximize employee efficiencies to improve results
- Conduct due diligence and help in negotiations
- Use unbiased, thorough analyses to resolve sensitive issues that may have festered between various factions for long time periods
- Negotiate with creditors
- Collect amounts past due
- Operate, if necessary, as an interim administrator or project manager to be the catalyst for change
Fred Leeb periodically serves as an expert in numerous forums on governmental turnaround issues; some examples are as follows:
- Panel Discussion on PA4, National Public Radio/Michigan Radio lead by Jack Lessenberry, also including Brandon Jessup and Eric Scorsone in Flint, MI, March 2012
- “Emergency Financial Manager Panel Discussion” presentation to the Turnaround Management Association, March 1, 2012
- “Implementation of Emergency Financial Manager Act 72, Conditions that Trigger the Act, Strengths and Weaknesses of Act 72” panel discussion for the Turnaround Management Association
- “Improving the Financial Health of Our Local Schools and Government”, PNC Roundtable radio show with Fred Leeb, Ric DeVore, the Regional President, Detroit and Southeast Michigan of PNC Bank and Paul W. Smith on WJR radio (760 AM). , October 26, 2010
- “Emergency Financial Managers/Act 72 vs Chapter 9 Bankruptcy” presentation to the Michigan Association of Municipal Attorneys, September 21, 2010
Fred also was an active participant in a work group organized by Governor Rick Snyder to help determine how to improve local government and cope with the state’s financial crises.