Butler Lumber Case Study Solution

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    Butler Lumber Case

    Management Accounting Case (1) Financial Planning: Butler Lumber Valuation 1. Although Mr Butler has seen an increase in his sales for the last few years, there are a few reasons why he needed a loan from the bank to keep his operations going. 1) Shortage of Cash: Despite good profits, Mr. Butler had experienced a shortage of cash from 1988 to 1990. During this period of time, there was a decrease in cash reserves, as well as in inventory turnover, indicating that Mr. Butler’s

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    Butler Lumber Case

    BUTLER LUMBER CASE REPORT The Butler Lumber company is facing cash difficulties due to the buyout of Henry Stark’s share and because it is operating a high growth rate. Thus, it is imperative to analyze the various options available to Mark Butler in order to meet the cash needs of the Butler Lumber Company. In order to support the reasoning for our recommendation, we constructed a ratio analysis (Appendix I; Exhibit 1). Even though the firm has realized increasing sales and decreased its operating

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    Case Study

    Butler Lumber Case Management Accounting Case (1) Financial Planning: Butler Lumber Valuation 1. Although Mr Butler has seen an increase in his sales for the last few years, there are a few reasons why he needed a loan from the bank to keep his operations going.       1) Shortage of Cash: Despite good profits, Mr. Butler had experienced a shortage of cash from 1988 to 1990. During this period of time, there was a decrease in cash reserves, as well as in inventory turnover, indicating that

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    Butler Lumber

    base salary plus commission, they can grow the revenues even more. By having this person work on commission, this will eat into the profit margin for the materials he is selling. But the net impact to the BLC will be positive. I would advise Mr. Butler to select the LOC for up to $465,000 because he can take out as little as he needs. He does not need all $465,000 this quarter, but he may need some in the first and last quarters of the year because he obtains 55% of his revenues in the second and

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    Butler Lumber Company

    difficult to find the company who has competitive advantage. It is hard to overcome people’s weakness: greedy and fear. Warren is too conservative in some aspects, he will lose some opportunities. Case analysis 2: Butler Lumber Mr. Butler has to borrow so much money to support this business because: Shortage of funds arising from his purchase of Stark’s interest in the business; The additional investment in working capital associated with the

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    Butler Lumber

    Butler Lumber Company Introduction Butler Lumber Company was found in 1981 by a partnership of Mark Butler and his brother in law, Henry Stark. In 1988, the business was incorporated after the acquisition of Butler over Stark’s interest. At the same time, the company had shifted from a partnership into a corporation. The company’s operations are about retail distribution of lumber products included plywood, moldings, and sash and door products. During the period of 1988-1990, Butler Lumber

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    Butler Lumber Company

    Fact Pattern: Butler Lumber is a retail distributor located in a growing suburb in the Pacific Northwest that sells basic wood products like plywood, moldings, and sash and door products. The company was formed in 1981 by Mark Butler in partnership with his brother-in-law, who Mark then bought out in 1988. The company has experienced significant growth over the past few years, and is expecting to continue to see sales growth in the coming year. Although the company has experienced increasing

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    Butler Lumber Case Study

    Recommendations The problem that we have recognized in this case is that Butler Lumber Company does not have enough funds to finance its operations in the future. The company has experienced a shortage in cash and needs to issue debt as it moves forward. The company is also under pressure because of the payment to be made to Mr. Stark for the buyout of his share in the company of $105,000. Although, the majority of this payment has been made, Butler still owes Stark another $35,000 that he intends to finance

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    Butler Lumber

    I. Statement of Financial Problem Butler Lumber Company, a growing, profitable business has exhausted it’s credit limit with its current bank and needs additional capital to: * Continue to fund growth * Consolidate debt * Improve cash flexibility In this case study, I will examine the following problem: During the years of 1988-1990, why has Butler Lumber increased sales volume but experienced a decrease in cash flow? This problem is historical, and I will base my analysis from information

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    amongst employees: The prevailing unemployment and the plight of the unemployed people and their families may create fear and insecurity even in the currently employed people. * Crime and violence: Increase in the rate of crime. * Suicide cases: Increase in the rate of suicide attempts and actual suicides as well. * Social outing: Unemployment may bring a decrease in social outings and interactions with other people, including friends. * Standard of living: In times of unemployment

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    Butler Lumber Case Study

    Case Analysis: Butler Lumber Company (2011-05-03 06:06:15) 转载▼ 标签:mbacorporatefinancecasestudybutlerlumber财经 | 分类: CorporateFinanceCaseStudy | HARVARD BUSINESS SCHOOL 9-292-013 REV: JANUARY 4, 2002 Butler Lumber Company To examine Butler’s current financial situation and to answer the question of how well Butler is doing are not an easy task. There are many things to look into. Let us start with net working capital.   Net working capital= current assets- current liabilities      

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    Butler Lumber

    1.&2. Why does MR. Butler have to borrow so much money to support this profitable business? Do you agree with his estimate of the company’s loan requirements? How much will he need to borrow to finance his expected expansion in sales? According to the given information in the materials, Mr. Butler expects the net sales in 1991 would be 3.6 million. So the expected growth rate will be 3600K/2679Kx100%=33.6%. EBIT =Net sales-cost of goods sold-operating expense Assuming the cost of goods sold, operating

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    Butler Lumbert Case

    National Bank, for $465,000, with the understanding that the previous loan would be rolled into the second. The interest on the new loan would be prime + 2%. The co-founder, Mark Butler, owes a major note to the other original partner, who Mark bought out. He has a mortgage on his 12-year-old house and no other significant investments. Mark’s personal references indicate that he is hard-working and watches his business very closely. Mark’s current outstanding debts are as follows: Bank note

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    Butler Lumber Case Analysis

    Butler Lumber Case Analysis Question 1 Butler Lumber, a retailer of lumber products in the Pacific Northwest area, experienced a time of growth in the spring of 1991 (Harvard College, 2002, p.1). The company looked to take out a loan to grow business operations. The maximum loan offer from Suburban National Bank was $250,000 (Harvard College, 2002, p.1). This loan also required a pledge of property from company owner, Mr. Butler, to secure it. However, Northrop Bank would offer a loan

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    Butler Lumber

    Fin 522 Cases in Financial Strategy Group Assignment – Butler Lumber Case Vedvati Shrotre (shrotre2) Xiaoyue Sun (xsun52) Chenxiao Zhu (czhu19) 1. If the first estimated growth of sales is 30 percent, compare it to the value of the secured 90 day note that Northrup Bank is willing to lend Butler Lumber. What are the results? Our conclusion is that the new credit line provided by Northrop National Bank would not cover Butler Lumber’s cash shortage under the assumption of 30 percent sale growth

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    EPS running so it is critical that Butler has these in optimal supply numbers. Symptoms - Symptoms include that inventory is currently at 20-day supply and not 90-day supply as normal and no shipments have been received in two months. This 20-day supply hurts Butler because shortages in the HD-5 can hurt the demand of EPS systems. This relationship also seems mismanaged because of Butler not receiving notice of SDX nulling the contract. Assumptions - Butler expected that SDX carry out its end

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    Butler Lumber Company

    Subject: Butler Lumber Company Problem: Butler Lumber Company has been experiencing in the past few years a rapid growth of its sales. However, in order to sustain this growth the company also experienced an increase of its inventory and of its accounts receivables leading to a shortage of cash to finance day to day activities. The company therefore needs to find a way to improve its financial flexibility without extending even more its trade credit. Options: 1. Remain with its current

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    Butler Lumber Company Case Study

    BA 5802 Financial Management Case Study 1 Emre BULUT Butler Lumber Company 2056281   |   |   |   |   |   |   | First Quarter |   |   |   |   | 1988 | 1989 | 1990 | 1991 |   | | | | | | | | | | Current Ratio | (CA/CL) | | 1.80 | 1.59 | 1.45 | 1.35 | | Quick Ratio | ((CA-Inv)/CL) | 0.88 | 0.72 | 0.67 | 0.54 | | Inv. Turnover | (Sales/Inv) | 7.10 | 6.17 | 6.44 | 1.29 | | DSO | | (Rec*365/Sales) | 36.78 | 40.25 | 42.95 | 175.38 | | FA Turnover | (Sales/FA)

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    Butler Lumber

    Shumann Butler Lumber Company Background: Butler Lumber Company had been founded in 1981 in a suburb of a large city in the Pacific Northwest. The company s operations were limited to the retail distribution of lumber products. Their typical products included plywood, moldings, and sash and door products. Despite good profits Butler Lumber Company experienced a shortage in cash and found it necessary to increase its bank loans. Issues: y y Why does a Profitable company such as Butler Lumber need

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    Butler Lumber Company

    Butler Lumber Company Case Study 3) Butler Lumber’s profitability is very low. Their net profit margin, return on assets and return on equity are all below 0.1. This means that even with high sales, their net income will not go up very quickly and they may want to look into cutting costs. Their liquidity was good for the previous years, however this year has not started out good. The quick ratio has been in decline every year and is starting to get to a very low number. The days payable outstanding

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    Butler Lumber

    3. In order to choose between trade credit and a bank loan as a source of funds, Mr. Butler needs to determine if he can pay the supplier offering trade credit within the agreed upon time frame. If he is unable to make the payment to his suppliers on time, then he should choose bank loans. This decision should be based upon Mr. Butler’s ability to cover the full amount he owns within the 30 day period given by his supplier, and if possible to pay within the 10 day period in order to receive the 2%

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    Butler Lumber Company Financial Proposal Analysis & Conclusions Based on the analysis on Butler Lumber’s financial statements (Exhibit 1), we conclude that, for sole trader companies like this, it has been growing fast for the past years, as shown in an increase of Sales from 19% in 1989 to 34% in 1990. There is also a slow and steady growth in net income. Butler Lumber uses most of its cash in inventory, occupying 179,000 out of 475,000. Also, stocks’ SAF is positive for 1988-1990 and 1990-1991

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    Butler Lumber

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    Butler Lumber

    Butler Lumber Case Study I. Statement of Financial Problem Butler Lumber Company, a growing profitable business has exhausted its credit limit and the key issues facing it are: 1. Need for additional funds to continue the growth 2. Need to consolidate debt 3. Need to improve cash flexibility. In this case study I will be discussing following problem: Why has Butler Lumber been profitable in the increasing volume of sales but at the same time it is experiencing cash difficulties

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    Butler Lumber

    Butler Lumber Case Study Zachary Scott Brown FIN 6420 – Dr. J. Robert Malko February 4, 2012 I: Statement of Financial Problem: Butler Lumber Company, a rapidly growing lumber products and retail distribution organization, faced a critical challenge that would determine its future success and level of profitability. The company, led by its founder Mark Butler, had a bright future as its products were consistently in demand in both the new construction and repair work fields. However, Butler

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    Butler Lumber

    The issues presented in the Butler Lumber case deal with the financing of growth. The main problem is that the company needs additional financing due to rapid growth and they are trying to decide whether or not to enter into a loan contract for $465,000 with Northrop National Bank in addition to their already $247,000 loan from Suburban National Bank. However, the Suburban National Bank is also deciding if it should lend the money to Butler Lumber. Suburban anticipated sales in 1991 to be $3.6

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    Butler Lumber

    Finance Butler Lumber I: Butler Lumber’s financial problem is weak net cash flow; too much cash tied-up in inventory and debt obligations, which is reflected in liquidity, asset and debt management metrics. II: Cash flows from operations should exceed, be sufficient, to cover reinvestment in equipment and building. Specifically, expenditures for investment in Plant should exceed the annual depreciation charge. As well, funds from operations should not only be sufficient to invest, but

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