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What to Do When the Time Comes
By: Dietmar Hirt and Martin Kirchner, Conexus Capital Advisors Inc.; and John Vanarthos, Norris, McLaughlin & Marcus, P.A.
Posted: August 23, 2011, from the September 2011 issue of P&F magazine.
Let us begin with a scenario. You—or your family—have built a company from humble beginnings into a successful middle market supplier in the flavor and fragrance industry based on excellent products, customer service and fault-free delivery. Over the years, you have seen the industry change. Competition has become fierce, margins have been squeezed, regulatory requirements are ever-increasing, and production automation is becoming a must. Now the "big boys" (the larger, international flavor and fragrance companies) are taking away clients you have nourished and grown with over the years. Core supplier lists have become more common practice among large customers and have left smaller, middle market suppliers stranded. Middle market suppliers do not have the capital for all the R&D commitment, market research, production automation and "rebate" discounts, not to mention international production capabilities.
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