Tony’s consulting firm, and specifically Tony, was retained as our business advisor and consultant … and utilized each time trauma would strike. Working with only the major drug companies in the world, we were subject to contract changes after contracts were signed and engaged from time to time…and we adjusted. Once the change from our primary drug company client would have put us out of business within 4 months. We saw that our company would either use up the majority of a seven figure equity to continue, or close. We called Tony. He flew into our Eastern US office location. Our executive staff, Tony and a hook up to our West Coast offices for support information all piled into a meeting room at a hotel for the weekend. Tony came up with a radical and unique proposal to make both the contract work and not lose our employees to unemployment. It required the assent of the Board of Directors and the employees. Once the Board approved, it was presented by Tony in each of our two US offices over the course of a week. All but one employee approved the plan, which also included an average 35% pay cut, with an addition of a performance compensation plan based solely on billed revenues exceeding a planned amount annually. At the end of the first year, all employees had earned what they would have before the cuts; the company grew in revenue not only in the first year, but for 8 years straight years afterward, and was profitable each and every year. Ownership enjoyed substantial dividends from profits and our equity more than doubled over that period.
Clinical Research Organization