Case Study: Manufacturing
VNC Bearing implements new accounting systems to drive growth
In 2001, Greg Camillo had a problem anyone would love to have: His business, VNC Bearing, was dealing with the kind of vast growth and expansion that left him too busy to continue managing every aspect of his company’s finances on his own.
Camillo was from California, but his business was expanding in the Midwest and he decided to move his company’s headquarters back to Columbus, Ohio.
As the business grew, he needed to secure capital, something he’d never had to worry about before. In addition, he had bought some property and was building on it, but there were aspects to that he knew nothing about. Finally, he had started a separate business manufacturing skateboard parts, and he needed to ensure that his personal finances and those of VNC Bearing were protected.
“That stuff isn’t what I do,” he says. “I understand skateboards, bearings and how thing work, but not complex accounting challenges.”
And as an already busy business owner, Camillo wanted to streamline his business’s internal accounting processes so he could have more time with his wife and young sons.
Camillo’s accountant was helping him handle his annual tax returns, but Camillo was handling nearly all of VNC Bearing’s other financial functions on his own.
“As my business continued to grow, the accountant I had been working with just couldn’t give it the amount of time I needed,” he says.
In his search for a new accountant, a friend recommended David Shealy and The Shealy Group.
“Dave said all the right things, and that’s when our relationship started,” Camillo says.
Because Camillo had never before secured capital, he didn’t have an established relationship with a bank. Again, The Shealy Group stepped in, with David Shealy helping him connect with a Cleveland bank, creating a partnership with an institution that understood where he wanted to go and knew how to help him get there. It’s a banking relationship that continues to this day. In essence, he says, The Shealy Group helped him secure financing for his growth.
With a new line of credit in place, the bank’s requirements were stringent. It required review of the books at the end of the year, and there were covenants tied to the loans that required Camillo to report on his business monthly. The Shealy Group handled all of it.
From a banking standpoint, says Camillo, The Shealy Group is like a conduit between VNC and the bank.
“They get our numbers and plug them in – they make sure everything is reconciling with the ledgers,” he says. “Only then does the bank see everything. I don’t know any more important role in regards to financing and growth of a business. They know my company as well as I do.”
With the help of The Shealy Group, VNC was able to expand, and in 2011, it hit another growth spurt, which has continued until the present, taking the company into international markets. As it continues to grow, The Shealy Group has helped him make internal changes, as well, working with Camillo to set up an accounting software system and implement internal accounting procedures. VNC has hired an internal accountant, and The Shealy Group has helped educate VNC’s finance team.
Camillo says that while he has an accounting manager, the bulk of what he relies on is through The Shealy Group. And as VNC Bearing continues to grow, new challenges are emerging, challenges that Camillo counts on The Shealy Group to help him navigate.
“If I’m buying any type of equipment, I talk to The Shealy Group about tax benefits, ramifications and reducing costs,” says Camillo.
Becoming an international company has meant additional changes, but Camillo says his partnership with The Shealy Group has helped him to handle new financial matters as they arise, and it lets him know things he should be looking out for.
Although Camillo now lives in California, he maintains frequent communication with The Shealy Group.
He says when he thinks of The Shealy Group, he thinks of two words: trust and character. He says that accounting is probably the most important function in a business and that you have to have an accountant you can trust and really work with.
“I can lay down my head at night knowing that The Shealy Group has my best interests at heart,” Camillo says.