The CRO team repaired damaged
relationships with key customers
and suppliers, the bank, and other
stakeholders, including shareholders,
and implemented a radical cultural
change within the company, resulting
in an environment of teamwork,
effective communication, disciplined
business practices, and a strong drive
for achieving success. As a result of
the turnaround team’s efforts, all 200
jobs at GFI were saved, bankruptcy
was avoided, and a plan to pay all
creditors in full was established.
From left to right: TMA Chairman Mark S. Indelicato; Patrick
O’Keefe, CTP, O’Keefe & Associates Consulting; Matt Thiede, O’Keefe &
Associates Consulting; Meagan Hardcastle, CTP, Harmon Partners, LLC;
John Dimovski, Harmon Partners, LLC; William Fetterman, Advanced
Manufacturing Group; and TMA President Ronald R. Sussman.
Turnaround of the Year
Company revenue at the onset of the turnaround of less than $50 million
Clearwater Marine Aquarium
Behind the scenes of Dolphin Tale,
an inspiring motion picture about a
dolphin that survived against all odds,
is the turnaround story of Clearwater
Marine Aquarium (CMA), an equally
surprising and successful tale.
CEO with turnaround experience, David
Yates, in a final attempt at survival.
formats and established a first-time
budget with monthly forecasts.
A rescue and environmental education
center located in Clearwater Beach,
Florida, CMA rescues marine life with a
goal of rehabilitating and releasing the
animals back into the wild. Though it
was well-respected, the company had
failed to bring in proper management
expertise to develop and implement a
sustainable revenue and organizational
model, and was on the verge of
collapse. In 2006, CMA hired a new
To begin the restructuring process, CMA
developed a defined organizational
structure, establishing clear lines of
authority and staff conduct policies,
making key staff changes, and
restructuring the accounting, animal
care, and guest services departments.
The team instituted immediate revenue
enhancement plans, developing a
model that did not rely on donations or
governmental support for operations.
It enhanced CMA’s accounting
procedures with new financial reporting
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