Flexible Financing Supporting Rapid Growth at CK Power
A Q&A with Jim Flynn, CFO of CK Power
WHAT ARE THE BIGGEST CHALLENGES YOU FACE AS A BUSINESS?
We’ve been fortunate that our revenue has grown from $60 million in 2016 to $140 million in 2018. So, scaling our business to fit this growth is challenging. Meeting revenue demands put a strain on our working line of capital. Having a financial partner with the flexibility to support our growth is essential.
HOW DID ENTERPRISE HELP SOLVE THESE CHALLENGES?
In a relatively short period of time, Enterprise has increased our working capital line of credit to two and a half times what it was a couple of years ago, which has given us the flexibility we’ve needed to maintain our growth. We also found that we could service our oil and gas customers much more efficiently via an airplane. Enterprise stepped up and financed the airplane acquisition 100 percent.
WHAT IS THE IMPACT TO YOUR BUSINESS?
Airplane financing has taken what would normally be a 3- or 4-day sales trip and boiled that down to one day. That allows us to focus on other sales opportunities.
But the biggest impact has been the ability to support our growth with flexible financing. Enterprise really knows our business and they see the possibilities along with us. And I can’t overstate the importance of local decision-making. That has made a big difference for us. Enterprise is intimately involved with any business decision we make of any significance. They are truly a stakeholder in our business, and they are partners in our success.
Business SnapshotCK Power
CK Power is an industry leader in engine distribution and power solutions, manufacturing power units and power generation solutions for a variety of markets.
We’ve been able to grow at the rate we have, and achieve the results that we have, because Enterprise has always had our back.
St. Louis, Missouri