Larry Lieberman worked as a professional in the theatre lighting industry for many years. Naturally, he became an expert in the field, allowing him to launch his own lighting company. The organization would travel straight to different customers in need of their skills as bespoke lighting designers. Every task was unique, based on the customer’s vision; each completed job would be distinct from the one before it. It may be a clothes shop that wants a calm dim lighting style that still enables visitors to view the merchandise or a terrifying house that needs eerie lighting that makes it difficult to see anything. When they go through the doors of their customers, they create an atmosphere and inspire a new sort of encounter. It’s mostly a manufacturing company.
Despite their early success, things were growing tough in 1996, and they were going to need some outside help if they were to survive. Larry thought that with Marcus Lemonis’ advice and investment, he would be able to turn things around.
The Profit’s Vision Quest
Episode 17 Of Season 3 Of The Profit
Marcus begins the episode by visiting the Vision Quest offices on Long Island, New York. Larry is overjoyed to meet Marcus, and the two seem to get along well right away. Early on, you get the feeling that this may be a solid relationship.
Larry claims that his designs are fantastic, and Marcus can see that this is true. There are a lot of individuals who want Larry’s services, but the firm isn’t profitable enough. They took a tour of the facilities together. Marcus notices that the firm has shrunk in size during the last several months. Employees had been laid off in an attempt to preserve Vision Quest from more financial difficulty, and the area seemed more deserted than it should have. The facility, particularly the inventory component, is in poor condition. Marcus begins to believe that the honeymoon is gone and that the hard work must begin.
Marcus sits down with several of the staff, as he regularly does, to obtain a better understanding of the facility’s day-to-day operations. Unfortunately, he discovers that, as the firm has struggled, Larry has resorted to micromanaging his employees. Employees seem to be united in their disapproval of the new strategy. Marcus discovers that some of Larry’s business’s contracts, such as one with Hollister, aren’t bringing in nearly as much money as they formerly did.
Marcus and Larry have a private meeting at this point, during which Larry exposes the entire depth of the problem and why he contacted Marcus in the first place. He has poured money into the firm from family assets, student funds, and mortgages that threaten his livelihood. Marcus informs the rest of the family, and Larry’s wife is astonished to discover some of the details. The family’s financial position is causing stress, particularly in Larry’s relationship with his wife.
Marcus realizes the degree to which things don’t seem to be going well after reviewing the financial data. The majority of the company’s wealth is locked up in inventory, which is worth much less than it seems. Considering the $1.5 million in liabilities, this means the firm is running at a large loss.
Marcus presents his offer at this point in the program. Larry is being offered a $375k investment. It will be utilized to recruit more employees, as well as help, close the budget gap. Marcus is seeking a 50% stake in the firm in exchange for this investment. Larry is delighted to accept the offer; he sees a relationship with Marcus as incredibly beneficial.
Marcus meets the personnel to inform them of the changes and attempts to energize and galvanize the soldiers. They’re mainly unimpressed, and Marcus finds that Larry has previously disappointed the staff, so they’ll want to see results before getting thrilled. The first harsh fact of the episode is revealed to Larry: a large portion of the inventory must be discarded. Larry is reluctant to give up some of his items, but he understands that it is for the best.
Larry and Marcus go to Gotham Lighting at this point in the program to set up a deal that would benefit both companies. The two firms complement one other well since Gotham specializes in distribution and Vision Quest specializes in production. The meeting could not have gone any better; the man from Gotham Lighting says that he can raise Vision Quest’s business by 100%.
Marcus inspects the plant and discovers that the machinery is in poor condition. They’ll have to update everything if they want their collaboration with Gotham to function. When Larry looks at the data, he sees how costly this will be, but the investment will pay for itself since it will significantly benefit the firm. Gotham has certain drawbacks, including challenges with the required equipment. It doesn’t end the relationship, but it does inspire greater attention to detail.
Marcus issues a challenge at the conclusion of the episode, which includes a previous firm featured on the show: Sweet Pete’s. The site needs lighting for its upcoming grand opening in two weeks. Larry feels confident in his abilities, but he is concerned about the deadline. It gets down to the wire, but Larry finishes the assignment at the last minute and performs a great job. All of Larry’s changes have impressed Marcus, and the firm looks to be on the right track.
After Profit, There’s Life
Vision Quest was bought by Royal Contract Lighting, a significantly bigger lighting manufacturer, in early 2018. Larry said that he made a decision to enhance Vision Quest as a firm, and it seems like he made the correct one. With the power of a large corporation behind them, they can finish projects more rapidly and at a lower cost. With a partner like Royal Contract Lighting, the organization is also more secure.
The material in this article is offered only for educational purposes; Royal Pitch is not linked with Vision Quest, The Profit, or any of its subsidiaries.
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