MHM Marine Partners with NCGrowth on Business Development Project
By Aakrati Kinger
MHM Marine is a family owned boat-manufacturing business in Bladenboro, NC. Custom boat manufacturing is a highly competitive and low margin business and MHM Marine engaged NCGrowth and the E-TAP initiative to assist the company with addressing two business challenges preventing future growth for the company. Firstly, as a capital-intensive business, the ability to take new orders and deliver on time is highly dependent on the availability of cash. NCGrowth is working with MHM to improve their cash conversion cycle. Secondly, NCGrowth is helping to identify and secure new financing sources.
The project sought to address these issues to facilitate future business growth for MHM Marine. In order to fulfill this goal, NCGrowth performed detailed financial statement analysis, visited facilities to understand operational challenges, performed a competitor analysis and thorough research on appropriate financing options.