Physical Sciences Inc.: Rising on the Wings of Moths
Physical Sciences Inc. (PSI), based in Andover, Massachuset...
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Since 1952, Seabrook, New Hampshire based Will-Mor Manufacturing has been machining and fabricating metal components for a range of uses. Today, the company primarily serves the aerospace and defense, energy, medical and semi-conductor industries. In June 2009, partners Fran Roman, CEO, and Mike Kelly, CFO, purchased Will- Mor from its existing owners.
“Mike and I had partnered up with the thought of purchasing a machining company,” Roman says. “We both liked Will-Mor. It had a unique skillset, featuring a great combination of technical skills and machining expertise, along with state-of-the-art equipment and a real who’s-who of customers—GE Power, Raytheon, General Dynamics and more.” Where Roman and Kelly saw their clear opportunity was in bringing Will-Mor’s name back to a front-and-center position with its clients. “We developed a new, detailed presentation about our capabilities, visited all of our existing customers and other potential ones over that summer, overhauled our website and refocused the whole company on growth,” Kelly relates. “It was our ‘summer of buzz-building.’”
A lot of what the pair did in the market was about repositioning the company. While some customers and prospects had Will-Mor “pigeon-holed as just a certain type of machine-parts manufacturer,” according to Roman, the two highlighted all of the company’s capabilities, including lean manufacturing initiatives, updated operations, shorter manufacturing cycles and considerable cost reductions.
Their approach has clearly resonated with existing clients and prospects. The company, which stands at about $7 million in revenues for 2009, with compound annual growth of about 8% for the past five years, has had its backlog of projects increased by 33% since the two acquired it. “That’s a hard fact,” Kelly says.
Part of what made Roman and Kelly's plan possible was the support they received from Salem Five. "Salem Five has been with us every step of the way," says Kelly. "They offered creative means for us to achieve our capital structure when we went to purchase and our day-to-day operating structure post-acquisition. They offered solutions instead of obstacles, which we'd often seen in the banking industry. It seems that every service that has been offered to us by Salem Five has seamlessly met our business needs."
Creating a Virtual Branch
Will-Mor Manufacturing uses a wide range of Salem Five products and services, including Web Cash Manager, a Sweep Account, a line, equipment leasing, key man life insurance and more. Among the favorites of CFO Mike Kelly is Remote Deposit. “Every Salem Five service we’ve used has been helpful,” he says. “Remote Deposit has been particularly great for us because we’re in southern New Hampshire, and no branches are close by. It’s like having a working virtual branch. It’s just one of the many different Salem Five solutions that fit our every need.” No matter how big or small your business, Salem Five Remote Deposit allows you to make secure deposits electronically by utilizing a desktop scanner connected to your PC and the internet. You can scan checks at any of your business locations and then transmit data and check images electronically to Salem Five for deposit. Remote Deposit means fast, automated deposit preparation and the ability to make deposits when it’s most convenient for you, evenings, weekends or even holidays.
Learn more about Salem Five’s Remote Deposit Service