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Produce Distributor

CRO and CFO for Produce Distributor

Case Name
Engagement Type
Corporate Renewal
Chief Restructuring Officer and Interim Chief Financial Officer to an over $50MM Produce Distributor in Phoenix Arizona.


Company mismanagement and disorganization was widespread, including the botched implementation/utilization of an expensive Enterprise Resource Planning software, bloated payroll, and lack of financial forecasting and projections. The company was at the end of their Line of Credit (LoC) and denied a requested extension from their lender. Falling behind in accounts payable put the company in violation of the Perishable Agricultural Commodities Act (PACA) and at risk for having funds seized from their bank accounts. The Lender was prepared to initiate a receivership over the business.



Resolute was able to determine that the company, with proper oversight and management, had the potential to turnaround without resorting to liquidation. With the appointment of Chief Restructuring Officer, receivership was avoided entirely. Resolute created a 13 week budget and shared budget to actual cash flow statements with the bank’s leadership weekly. This transparency provided the bank with much-needed trust in leadership, leading to the extension and increase of the LoC. The LoC allowed the company to draw additional funds to offset declining revenue experienced in the summer months. Additionally, Resolute identified a surplus asset on balance sheet, which was a land parcel associated with future growth. We orchestrated sale for $2MM to inject new capital into the company and maintain PACA compliance.

In addition, Resolute implemented targets and goals for the sales team, increasing focus on accounts with the highest profit margins. Created models to enable weekly, quarterly, and annual projections. Improved workplace safety with the installation of fleet management software on delivery trucks, as well as developing and implementing quality and safety plans. Restructured inflated company staffing to streamline workflow. Aided in the creation of DOD contract database, 20% of their customer mix. Managed complicated relationship with union representatives. Negotiated paydowns on small vendor balances.

Resolute determined a new investment was needed in the company to maintain stability and worked with Broker to locate a buyer.


Resolute was able to reduce annual payroll expenses by $1.5MM. Improved workplace safety resulted in $350K yearly savings on renewed group insurance. Lender satisfied as repayment of debts resumed. With the location of an interested party, Resolute assisted to sell the restructured company to a strategic buyer and retire all outstanding debts.

The success of Resolute’s turnaround efforts earned the Comeback Company of the Year award in the 11th Annual Best in Biz Awards.