Bennett's Machine Shop Inc.IntroductionIn 1975, Pat Bennett made a life-changing decision. His entrepreneurial spirit inspired him to leave a stable career and convert his part-time engine reconditioning business into a full-time business. He moved from a shack next to his trailer to a small cabin that he rented for a month. After renting the cabin he moved to a barn at a service station. Without a business name or business license, Pat had little control over parts and profits. When the opportunity arose to rent a larger space from a garage owner, Pat took it. Here his business continued to grow and he felt the need to hire an assistant. Although he was in the business of reconditioning engines, he hired a medical student. Finally, in 1977, Pat's business got a name. He incorporated it as Bennett's Machine Shop, Inc. Around the same time he moved the business into a rented building that he occupied alone. From 1977 to 1979, sales and profits increased for the company. Because of this, Pat saw the need to borrow $80,000 from a bank and purchase a two-acre plot of land. He built a 4000 square meter building on the lot. As space increased, so did profits. In 1981 he purchased 11 pieces of land and added 6,000 square feet to his facility. He borrowed another $80,000 to do it. As space increased, Pat was able to expand his service base by performing fender work, engine installations and repairs. Since business was so good, Pat was able to spend a fortune. In 1985 he had a house, a condominium and 23 cars. During the crazy period, Pat decided to open a new location. The new location was reserved for engine installation only. This effort lasted only 14 months. In February 1987 he expanded his business……half paper……f. It could also result in a loss of business if it decides to fire everyone and start over with new employees. I would recommend Bennett's Machine Shop participate in a debt restructuring program. This will be the fastest way to free up liquidity, invest in the Boeing contract and other possible initiatives. Secondly, the company should hire a management consultant. The consultant would be tasked with assisting in the creation of a formal organizational structure. The professional would help in every aspect of the business, putting the company on the fast track to creating value. And finally, Pat Bennett should invest in a reputable full-time accounting firm for the complex number crunching and an experienced accountant for the day-to-day paperwork. The only current information I could find about Bennett's machine shop was an address and phone number in Lake Charles, LA.