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Tom S. O'Donoghue Jr.
Partner, Partners
Tom O'Donoghue offers a special perspective and deep understanding of business needs and objectives from serving numerous businesses as a turnaround manager, financial advisor, investor, and corporate executive.
William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- Increased funding for operations
- Resolved waiver claims at lower-than-expected costs
- Continued operations without customer interruption
CR3 Partners was retained by Board of Directors to manage a home-warranty services operation that was created to respond to homeowner claims related to construction punch-list items and eligible claims covered by a limited structural warranty. CR3 provided effective and efficient mitigation of claims submitted at lower costs than originally projected. The company transitioned to a wind-down to conclude its operations.
The Situation
- One of the largest Midwest-based residential home builders was completing restructuring of operations as it recovered from Great Recession
- Proposed restructuring included carving off and funding home warranty services (“HWS”) operations to service large portfolio of homes as stand-alone operation
The Work
- Originally engaged to analyze key assumptions for carveout of HWS
- Interviewed key members of field and office staff to understand events triggering warranty investigation and disposition
- Stressed tested base case projections for different scenarios related to types of claims and projected disposition costs
- CR3 Partners was further engaged to provide interim management of HWS operations
- Resolving open punch list items of homes completed prior to carveout and warranty claims asserted by homeowners
- Rightsized operations to match actual and projected workload over operating period to point of reducing staff to single person who monitored declining incoming warranty inquiries
The Results
- CR3 Partners provided rigorous analysis and practical experienced-based observations, which resulted in increased funding allocation for operations from restructuring of homebuilder
- Better funding contributed to carveout operations retaining experienced customer service and field representatives to meet HWS, which was critical for transition of operations with no visible interruptions to warranty holders
- Resolved open punch list items and warranty claims at lower cost than projected, allowing operations to operate longer
- Determined operating HWS for more than five years reduced incoming claims to next to nothing
- HWS transitioned to wind-down to conclude its operations
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