This article appeared in the December 2018 issue of MiMfg Magazine. Read the full issue and find past issues online.
Every second matters when you’re in competition, yet many manufacturers leave money on the table by sacrificing best practices for speed, not adequately addressing pricing disputes, allowing financial distress to continue unabated and foregoing appropriate protections of existing agreements.
Wolfson Bolton understands how to address those problems and maintain manufacturing’s fast pace. Their experienced team has represented businesses along the entire supply chain, ranging from leading OEMs to Tier 1, Tier 2 and Tier 3 companies.
“Manufacturing is so competitive and many companies think they don’t have the time or resources to adequately address legal and purchasing issues. That’s where we come in,” explains Adam Kochenderfer, partner at Wolfson Bolton PLLC, the Troy-based law firm specializing in the automotive supply chain, as well as financial distress for both debtors and creditors, mergers and acquisitions, and commercial litigation services.
Wolfson Bolton was founded in 2009, when manufacturers were still reeling from the Great Recession. The firm developed a diverse client array and built a reputation based on personal attention and flexibility.
“We were able to provide assistance during the industry’s most challenging period in recent history to both struggling manufacturers and the innovative industry leaders who set manufacturing’s course for the next decade,” says Kochenderfer. “We are taking that experience and today using it to strengthen our clients’ businesses and help them address the distress we’re beginning to see in the sector.”
Kochenderfer continues, saying that “the primary question we ask ourselves is how can we deliver real value to the client. ‘Value’ is a term that gets thrown around a lot, but we see it in the results of our work. I have seen a client save six figures in revenue by inserting a single sentence in a purchase order. That’s real value.”
At the speed of today’s business, it’s easy for things to slip through unnoticed. Long-term plans can be scrapped to meet short-term deadlines. Stepping back and consulting with a team of experienced commercial attorneys like Wolfson Bolton can save your business countless headaches and potentially millions of dollars in lost revenue.
“This is why I love what we do here — when we see that the results of our work help grow a company, put food on the tables of families and improve the lives of people, it fires me up to come to work the next day and do it again,” Kochenderfer says.
An ounce of prevention now can stop a ton of pain down the road. With decades of combined experience, Wolfson Bolton’s team has seen it all and offers specific things every manufacturer should consider:
- Watch out for pricing issues. Addressing even the smallest error in purchasing documents early can protect your rights and save you from big issues later on.
- Be diligent about distress, both in your business and with others in the supply chain.
- Have clear systems in place for reviewing all purchasing documents and determining how/when issues should be elevated within your company.
If you’re experiencing challenges in the contracting and supply chain process, your business could benefit from a conversation with Wolfson Bolton or a similar firm in your region. By strengthening your brand’s foundation and being proactive in addressing issues early, you’ll be setting up your business to lead the industry not just today, but for years to follow.
Wolfson Bolton is an MMA Premium Associate Member and has been an MMA member company since July 2018. Visit online: www.wolfsonbolton.com.