CASE STUDIES BY CATEGORY Valuation Forensic Accounting & Financial Reorganization Intellectual Property Litigation Economic Loss Asbestos Trust Management		Driving the Sale of an Auto Dealership Although technically hired by the owner of a car dealership that was in default of its credit agreements, our client, in reality, was the finance company. Engagement Named as interim financial manager, Gleason & Associates was hired by the owner of a distressed auto dealership as part of the finance company's forbearance agreement with the franchisee. Our charge was twofold: to manage and safeguard the company's cash assets alongside the finance company, which was managing the dealership's physical assets, until a new franchise owner was found, and to facilitate the sale of the franchise by valuing the assets and the seller's obligations. Gleason's Role The challenge was maintaining normal operations to keep the dealership opened and therefore attractive to a buyer without running out of cash before the sale of the franchise could be closed. Serving as the de facto CFO, we established protocols and priorities for paying existing vendors, including taxing bodies and utilities, while actively reducing the cost of doing business by eliminating expenses (coffee and donuts in the service waiting room, for example), renegotiating vendor contracts, and challenging overtime and other payroll-related decisions. Because the seller's obligations to creditors were numerous, we also assembled a complex net sheet that analyzed and mapped the distribution of proceeds from the eventual sale. Results The dealership is now operating successfully under new management. The store remained open and its obligations were met throughout the three months it took to identify a buyer and close the sale. Why Gleason | Practice Areas | Meet Our Team | Case Studies | Continuing Education | Resources | Site Map | Contact Us | Home © 2010 Gleason & Associates One Gateway Center, Suite 525, 420 Ft. Duquesne Blvd., Pittsburgh, PA 15222, Phone: 412.391.9010,