June 2021 – Croixstone

Flashback to 2016 / 2017 – Croixstone’s First Year in Business

Remembering Our First Year with Gratitude

As we shared in last week’s issue of #FreshStart, Croixstone Consulting celebrates its fifth business anniversary this month. The first year of operations in any start-up is only made possible through the extraordinary efforts of many partners, friends and supporters. We are delighted to recognize several partners whose contributions were particularly impactful during the first year of Croixstone’s start-up journey back in 2016 and 2017.

Brand Identity: We owe a HUGE thanks to Wendy Accetta of W. Accetta Design for bringing life to our brand vision. W. Accetta Design is a boutique design studio that helps clients achieve their goals through smart design.

Start-Up Home: Day #1 of operations for Croixstone began in The Lofts at Factory South in Charlotte’s South End neighborhood. Thank you to Tommy McCart for allowing us to call Loft 309 our home during our first year in business.

Photos: Any new business requires fresh leadership headshots and website photos. Many thanks to Charlotte-based photographer Jeff Cravotta of Cravotta Photography for working your magic behind the lens.

Legal Incorporation: We still remember the thrill of being formally and legally incorporated as a North Carolina business. Thank you Jameson (Jamie) Wells for your legal assistance in welcoming Croixstone to the world.

Croixstone Consulting Turns “5”

We are celebrating! Founded by Patti Weber and Mark Weber in 2016, Croixstone Consulting celebrates its fifth business anniversary this month. Launched in a loft in Charlotte’s South End neighborhood with the aspiration to provide a highly-differentiated business model in management consulting, Croixstone has grown rapidly thanks to the deep expertise, talents and support of our consulting team, internal staff and partners/supporters.

As all entrepreneurs understand, the art of the start-up is filled with times of both great exhilaration and sleepless nights (hello global pandemic)! We are fortunate in that our five-year ride at Croixstone has been one of tremendous positivity.

Here are some of our favorite special moments over the past 5 years.

Launch: Croixstone began operations in June 2016 in Loft 309 in the former Lance Crackers building on South Boulevard in Charlotte’s booming South End neighborhood.

Hello Uptown: Croixstone relocated from the start-up loft to the new Industrious Charlotte Uptown co-working community in the Bank of America Plaza tower at Trade & Tryon in December 2017.

TABL: Croixstone introduced TABL, the firm’s unique culinary team building experience, with a playful social media launch in January 2018.

New Practice Area: Croixstone announced the launch of its new human capital solutions practice and a new executive search offering in June 2019.

FORTUNE Magazine: Croixstone announced in May 2020 that Patti Weber (CEO) had been accepted as part of a competitive application process into FORTUNE magazine’s Rebuild Program that was inspired in response to the global pandemic.

Hello NoDa: Croixstone relocated into larger offices in the newly-opened Industrious Charlotte NoDa co-working community in June 2020.

Supplier Diversity Certification: Croixstone received national certification in July 2020 as a Women’s Business Enterprise (WBE) by the Greater Women’s Business Council, a regional certifying partner of the Women’s Enterprise National Council (WBENC).

Accelerated Growth: Croixstone announced in January 2021 that Patti Weber (CEO) was one of 25 women across the USA accepted in the NAWBO (National Association of Women Business Owners) Accelerated Growth Program sponsored by Wells Fargo.

Forty Over 40: Croixstone’s CEO Patti Weber was named as a “Forty Over 40” award recipient by The Charlotte Ledger in May 2021.

Consulting Industry Insights: Restructurings & Turnarounds

The global pandemic has fueled an increase in consulting engagements focused on restructurings and turnarounds over the past 15 months. In its May 2021 newsletter, BDO Consulting Group published the below informative chart highlighting U.S. corporate bankruptcies with debt greater than $10MM by industry. Interestingly, approximately 40% of the 302 bankruptcies filings were in two industries: 1) Oil & Gas and 2) Retail & Consumer Products.

Source: BDO Consulting Group, LLC, Debtwire Restructuring Database
* Includes companies with at least $10 million in funded debt

So what are the common restructuring and turnaround services that consulting firms like Croixstone offer? As published in a recent article by Consultancy.eu, these services include:

Diagnosing the problem: Identifying drivers for the crisis, stage & severity of crisis
Stabilizing operations: Managing short-term liquidity & working capital concerns
Cost efficiency & austerity strategies: Evaluating business needs for cost-cutting measures; designing & implementing austerity plans
Procurement cost reduction: Analyzing contracted spend & redesigning & renegotiating contracts
Business model innovation: Rethinking operating & core business models, value creation & enhancement
Divestiture strategies: Offloading non-performing business units, distressed segments, portfolios, etc.
Organizational effectiveness: Streamlining resources; revamping processes & business segments; interim C-level deployment
Change management: Developing change implementation plans to ensure minimal people disruption