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

We’re Serving Up Consulting BUZZ!

Our leaders at Croixstone spend time each week speaking at length with clients, prospects and consultants across the greater Charlotte region and beyond. We’re often asked the following questions by those in our professional networks.

What’s the buzz out there?
What is top of mind for companies in 2021?
What are you hearing from consultants?

Here’s a bulleted list, in no particular order, of the things we are hearing and seeing from clients, prospects and consultants.

  • Hiring is difficult.  The economy is rebounding, hiring is up, and it is increasingly difficult to fill roles with top-tier talent.  The latest Workforce Report from LinkedIn provides insights into the hiring boom.
  • SPACs are hot, hot, hot.  Special purpose acquisition company (SPAC) IPOs were more active in Q1 2021 than through all of 2020.
  • ERP implementation activity is robust.  Many of our clients are planning ERP implementations to go live in 2022.  The global ERP software market size stood at USD 38.15 billion in 2018 and is projected to reach USD 71.63 billion by 2026, exhibiting a CAGR of 8.55.
  • COVID-19 trauma is an ongoing issue.  Employers are dealing with employee pandemic stress that is inevitably spilling over into at-work life.

Management Consulting Factoids + Trends

The team at ReportLinker (a tech-driven market research firm) has published a new report entitled “Management Consulting Services Global Market 2021:  COVID-19 Impact and Recovery to 2030.”  Highlights of the report include:

  • The global management consulting services market is expected to grow from $819.79 billion in 2020 to $895.46 billion in 2021.
  • This represents a compound annual growth rate (CAGR) of 9.2%.
  • The market is expected to reach $1201.06 billion in 2025 at a CAGR of 8%.
  • While COVID-19 constrained growth in the industry in 2020, it is expected that management consulting will recover from the shock.

Learn more here.


COVID’s Other Headache – FRAUD!

Occupational fraud not only destroys the reputations of professionals and organizations, it can also destroy the financial footing of an organization.

Croixstone Consulting has once again joined forces with The Association of Certified Fraud Examiners to create awareness for fraud as an Official Supporter of International Fraud Awareness Week.

Joining organizations across the globe including Deloitte, Deutsch Bank, EY, FTI Consulting, Grant Thornton, Jeld-Wen, JP Morgan Chase, KPMG, Nestle SA, and PwC, Croixstone is working this week to share best practices on fraud prevention and encourage our clients and partners to proactively remedy weak spots in their current controls. 

2020 is an especially important year to create awareness of fraud.  Occupational fraud proliferates during recessions and times of economic instability as companies and employees feel increased pressure to meet the challenges of a down economy. 

Learn more about International Fraud Awareness Week here.


Reimagine Your Organization

Now is the time to imagine + build a better company. But how do you thoughtfully create + build impactful + lasting organizational change?

As current business conditions continue to flex and change, now is the time for leaders to recognize that the “next new normal” will require team and agile organizations with the right people in the right places to drive the results. 

Join global business leader Beth Stolarick, founder of Prism Leadership Partners and a senior consultant in Croixstone’s human capital practice, for an interactive, 60-minute Zoom video meeting. Beth is a global human capital leader who has worked across multiple industry sectors and has driven organizational transformation in companies ranging from $1.7B to $55B in revenue. 

You Will Learn the Following

  • How to craft a roadmap to reimagine and transform your organization
  • Tips for strategic communication planning
  • Best practices to drive impactful and lasting organizational change

Event Details

  • Cost: Register for free with Eventbrite registration
  • Registration Deadline: 5pm EDT on Monday, July 6
  • Zoom Log-In Info: Is available via Eventbrite’s “online event page” and will be sent to each registrant in a “Know Before You Go” email to be delivered the night before the event.