Winter Harbor LLC
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Harris Publications, Inc.

 

Harris Publications, Inc. was a U.S. special interest media company, operating over 75 brands with print, digital, mobile and live event platforms. It offered educational, entertainment and informational magazines across various clients interests including, gardening, beauty, decorating, automotive, sports, history, outdoor living, entertainment and wellness.

Situation

Harris Publications engaged Winter Harbor to assist in determining the best strategic course of action based upon various alternatives to maximize value and provide an estimated timeline for various scenarios.

Scope of Work

  • Analyzed the Company’s various profit centers and compared it to the industry averages.

  • Created annual financial budget and estimates with various sensitivity analyses.

  • Performed detailed assessment of the Company’s current business plan, as well as identified any short-term liquidity requirements.

  • Analyzed both the e-commerce and magazine publishing business segments in order to identify weaknesses and areas for operational improvement.

  • Created three statement financial models and reporting packages outlining changes in working capital, budget to actual variances and tracking of internal progress on improvement initiatives.

Engagement Outcome

Winter Harbor partnered with Harris Publications to develop a comprehensive analysis of the Company’s magazine offerings and profit centers. As part of our assessment, we reviewed Harris’ current business plan, specifically their e-commerce and magazine publishing segments. We identified operational weaknesses and presented options for strategic improvement. Harris requested our professionals to advise on their financial status. We created financial models and reporting packages, outlining changes in working capital and budget to actual variances. We created a following-year fiscal budget, concentrated on increasing short-term liquidity. Our professionals worked with management to track the internal progression of improvement initiatives and most importantly, oversee the sale of its music and millennial division during its restructuring. Based on the overall business assessment of the Company, recommendations were provided to management on future operations. The Company divested its XXL division during the process of restructuring.