Daryl and Maggie Alsum started their family business, Real Woods, in 2001. Their company specializes in manufacturing custom made architectural millwork used by contractors for a variety of homes. As the great recession took hold of the economy, and the housing market fell, the Alsum’s sought out help from SCORE. With the help of Dick Radt, and a team of fellow SCORE Mentors, Daryl & Maggie were able to restructure their business to emerge from the recession leaner, stronger, and smarter. Thanks to assistance from SCORE, Real Woods is built to last in any economy. Today the Alsum family continues to be active with SCORE, including attending the new workshop programs offered by Manasota SCORE.
Dick Radt, an expert in business turnaround, joined SCORE in 2007 to help small business owners find success before failure. As the SCORE Mentor for Real Woods, Mr. Radt took advantage of all the tools SCORE offers to their clients; most importantly other SCORE Mentors. As a first step Dick brought in a SCORE C.P.A. member to review Real Woods unaudited financial documents. Most importantly Dick had Daryl and Maggie thinking outside of the box and discovering alternative ways to bring in profits.
Daryl and Maggie Alsum met with a team of Mentors, led by Dick Radt, to plan out how to restructure Real Woods so that their company could be profitable in the tightest of economies. SCORE reviewed Real Woods financial documents to confirm that the company was an excellent prospect for additional financing, if needed. Dick Radt and his team of SCORE mentors then sat down with the Alsums to discuss using scrap materials, normally disposed of at a cost to Real Woods, as an alternative source of income. SCORE Mentors also suggested that Real Woods look for customers in a non-related business, including current SCORE clients. Finally Daryl and Maggie worked on their bottom line by increasing product pricing, adjusting the workforce to fit the company’s needs, and consolidating their raw material purchases to effect cost reduction. With this advice from SCORE, Real Woods owners Daryl & Maggie Alsum have survived a decline in their industry during the great recession, and are poised for growth as part of the economic recovery.