Turnaround and Performance Improvement Advisors

Elder-BeermanThis letter briefly describes our experiences over the past three years with Renaissance Partners ("Renpar"). We have worked with Renpar on three major projects during this time and found Renpar to be a key component in the successful, timely and cost effective completion of each project. Renpar has worked with Elder-Beerman on the following major consulting engagements:

(1) Design and implementation of a planner/allocator merchandise system (1998-99);
(2) Formulation and implementation of a new strategic business plan (2000-01); and
(3) Development of an in-depth analysis of various alternatives for new concept store growth (2001).

In each engagement, Renpar demonstrated a number of qualities I find essential in an outside consultant:

Strategic Thinking: Renpar will not work a project in a vacuum. Renpar takes the time to understand your business and bring a broad-based strategic approach to each project. Several times during our engagement, Renpar’s ability to see the whole picture led to positive changes in the dimensions of our work.

 

Disciplined Rigorous Approach: Renpar was critical to keeping our management team focused on the end goal of each project. Particularly during our strategic planning effort, Renpar kept the various project groups on task and moving toward focused solutions.Renpar also ensured that each relevant issue was roundly examined. Renpar never took short cuts when evaluating an issue.

Efficient and Cost Effective: Renpar’s rates and fees were quite fair when compared to comparable consulting firms such as Kurt Salmon or McKinsey. Perhaps more important, however, was that Renpar staffed its matters very efficiently and never missed a deadline.

Elder-Beerman’s partnership with Renpar has been an important element in our efforts to reshape our merchandising and growth strategies and tactics. We would certainly consider working with Renpar on major projects in the future, and would be happy to discuss our experiences in greater depth. I can be reached at 937-296-2683.

Scott J. Davido
Executive Vice President & CFO