Lean Thinking in an Acquisition Mode
One of the benefits of Lean is that it frees up lots of cash. So, what do you do with it? Some companies might chose to pay a higher dividend or repurchase its stock in order to enhance its stock price. Or you could put that cash to work to enhance shareholder value through accelerated growth.
The Wiremold Company had a goal of doubling in size every 3-5 years: half through organic growth and half through selective acquisitions, and in a seven-year period it did 21 acquisitions. Each one was selected on the basis of knowing the gains that could be achieved by implementing our Lean strategy and using Lean Accounting during both the due diligence and post acquisition. In addition, using Lean principles we were able to shorten the time from “handshake to close” to six weeks or less.
If you want to learn more about how to leverage your lean strategy into accelerated growth, come and hear Lean Thinking in an Acquisition Mode.
About the Facilitator:
Orest (Orry) J. Fiume was Vice President of Finance and Administration and a Director of The Wiremold Company, West Hartford, CT, which gained international recognition as a leader in lean business management in “Lean Thinking,” by James P. Womack and Daniel T. Jones. Orry was Wiremold’s chief financial officer from 1978 until his retirement in 2002.
Orry led Wiremold’s conversion to lean accounting in 1991 and developed alternate management accounting systems that supported the company’s entire lean business efforts. He went on to install lean accounting at more than 20 Wiremold acquisitions and is co-author of the 2004 Shingo Prize winning book “Real Numbers: Management Accounting in a Lean Organization”. He has taught workshops on Lean Accounting at the Lean Enterprise Institute, the TBM Institute, the University of Dayton Center for Competitive Change, MEP’s in many states, and numerous companies in North and South America, Europe and Asia. He also has given workshops on Lean Leadership to senior executives at many companies and has been a guest speaker at numerous conferences around the world. In addition, Orry has been inducted as a Life Member of the Shingo Prize Academy, which has been referred to by Business Week as the Nobel Prize in manufacturing.
Orry has a Masters Degree in Management from Rensselaer Polytechnic Institute and a Bachelor’s Degree in Accounting from Fairfield University. He is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. He is also a member of Financial Executives International, where he is a past president of the Connecticut Valley Chapter, and serves on the Board of Directors of The Lean Enterprise Institute, the leader in Lean Thinking and Lean Education and The Thedacare Center for Healthcare Value, the leader in promoting Lean Thinking in Healthcare. He also is a Board member of a manufacturing company and a private equity firm.