Native American Tribe Increases Profitability With Interim CEO Leadership
Miami Nation Enterprises (MNE) has a diversified portfolio of companies and provides essential community services to the Native American Tribe. However, they began facing more complexity and strong leadership was needed to grow their portfolio business, increase sales, and profitability.
Increased Sales | More Portfolio Profitability | Better Financial Data| Business Stabilization | Improved KPI
BACKGROUND: MNE supports their tribal community with funds for education, insurance benefits for elders, and additional indispensable services.
To sustain the tribal native american government and support the community, MNE needs to continually generate revenue and grow over time. They brought together a portfolio of 17 native american owned businesses with the hope to to grow and diversify the portfolio over time. MNE’s portfolio companies range from SBA 8(a) government contracting to construction, furniture manufacturing, to health and ambulance services, and casinos.
THE CHALLENGE: With the increasing portfolio diversity, growing complexity, multiple stakeholders, governance, financial statements, and a number of native american companies, MNE realized they desperately needed top-level management to drive tribal economic development and new opportunities.
“Extreme stress is what we were feeling, knowing that we needed to get someone in place to take over all of these companies and get them back together.”
– Secretary/Treasurer Donya Williams, MNE
SOLUTION: MNE reached out to InterimExecs and decided to leverage the leadership of one of their Interim CEOs to help run their portfolio businesses.
“With Interim Executives we had great choices of executives that were available much quicker and had a high level of confidence that regardless of who we chose, we would have someone in place quickly who was very capable.”
– Second Chief Dustin Olds, MNE
InterimExecs deployed Interim CEO, Peter Murphy, who first assessed MNE’s portfolio of companies. Peter had a strong history of working with private equity funds across a range of industries from manufacturing to power electronics to gaming. He was no stranger to driving business growth and was able to bring a fresh perspective and apply his previous experience to broad range of companies within MNE.
“When we interviewed Peter what struck me almost immediately was he was working the problem on the phone. He sounded like he was committed to the cause already.”
– Second Councilperson Scott Willard, MNE
Peter was on site within days and immediately put a plan into action to improve revenue streams and create new, powerful opportunities for MNE. The sustainable plan also addressed the dynamics of native american governance and affairs.
In a matter of only six months he helped the Native American Tribe quickly stabilize the businesses, increase sales, and become more profitable. Most importantly, they were empowered to make a greater positive impact on the tribal community.
ABOUT: Miami Nation Enterprises (MNE), the economic sub-division and holding company of the Miami Tribe of Oklahoma, supports the Native American Tribe with funds for education, insurance benefits for elders, and additional indispensable services.
INDUSTRY: Native American Businesses
ROLE: Interim CEO
LOCATION: United States
PORTFOLIO COMPANIES: woodworking, construction, casino, fencing, ambulance, professional services, kitchen and bath, movie theater, 8(a) federal contracting, government contracting across business processes, logistics, construction and operations and maintenance, communications
MNE is geared up to have probably one of the best years it’s ever had. I can’t imagine anyone else being at the helm than Peter.
-Chief Doug Langford, Miami Nation Enterprises
Better Financial Data Helped MNE Make Informed Decisions
Peter emphasized that it was important to be transparent while building consensus. He also worked with leadership to develop better financial data and key performance indicators so they could make more informed decisions to drive business growth and native american development. This enabled a clear understanding of their historical accounting, lines of revenue, what was working, and what needed improvement while providing forward-looking planning and operational metrics that would keep MNE on a path toward success.
Increased Sales and Profitability
By creating more efficiencies in the business, streamlining operations, and providing clear communication, within only six months sales within MNE’s portfolio increased by 29% along with a much larger increase in profitability. Today MNE continues to pursue economic development opportunities across Native 8(a) programs and other native american business opportunities, with the goal of advancing the the Miami Tribe of Oklahoma and its citizens.
“We are stabilizing our businesses, we are stabilizing our relationships. It’s everyone coming together and I really just don’t see any problems with the future.”
– Tara Riley, Miami Nation Enterprises CFO