Genie Scientific is a family-owned, second generation steel manufacturing company based in Fountain Valley, California. Genie specializes in producing high quality custom lab and fume hoods, steel casework and lab furniture. The company also recently started Moya Living, a separate entity that specializes in custom-designed powder coated steel casework and furniture for the residential and hospitality industries.
Genie engaged TGG two years ago to provide accurately presented financial statements for use in comparison to the top firms in Genie’s industry. TGG recommended re-writing contracts and POs that resulted in the immediate increase of cash flow and a reduction in Genie’s dependence on a line of credit. Over the next year revenues increased and profitability soared as the owners were able to make more informed and better business decisions as a result of the new financial data provided by TGG.
Today, Genie is in a strong financial position in spite of the challenges of doing business as a California-based manufacturer. TGG has assisted Genie in setting up an updated buy-sell agreement, began the process of succession planning by transferring ownership to the third generation, and even helped increase retirement savings (while reducing their tax burden).
“We originally hired TGG to solve specific accounting needs and hopefully to have them provide a couple of good ideas. Today, they are a part of our company – we call TGG for everything from pricing to sales strategy to help re-financing a home mortgage. They really have learned our business, and if they don’t know something, they will find it out.” – Wynn O’Neill, Co-Owner/CFO.
To learn how TGG can help increase cash flow and profitability: http://bit.ly/2bIEf5Z
To learn more about Genie Scientific: http://www.geniescientific.com/
To learn more about Moya Living: http://moyaliving.com/