Marcus Lemonis Vs Vision Quest Lighting
The Company: Vision Quest Lighting
The Owner(s): Larry Lieberman
In this episode of The Profit, Marcus Lemonis visits Vision Quest Lighting. Vision Quest Lighting was founded by Larry Lieberman more than a decade ago. The company becomes one of the biggest custom lighting manufacturers in America. Vision Quest Lighting caters businesses like national retail account brands, high-end residential, and hotel chains.
Vision Quest Lighting (VQL) specializes in creating unique lighting effects. Its manufacturing facility on Long Island in New York has crafted amazing masterpieces. Marcus is so fascinated with the quality and intricate designs of VQL. He believes that helping the company will bring in more employment opportunities and more room for success.
Vision Quest Lighting has earned the respect of the design industry but struggling to earn and grow. The company is have lots of debts and decided to let go of so many employees. It was the strategy that the owner, Larry perceived as the right thing to do.
Unfortunately, he made another wrong decision. Vision Quest Lighting has no leader and no clear path to follow. Without a big change, the company will soon be in the brink of closure taking with it the dreams of its people.
Problems/Issues In The Business Found By Marcus
- Larry has no leadership skills.
- He miscalculates the production cost and the prices of the products.
- Larry cutting down the number of workers drastically.
- The company is downsized.
- There is so much crap around the place.
- Larry artificially inflates his assets.
- Larry is taking money from his kid’s college funds.
Even if Marcus saw some issues in Vision Quest Lighting early on, he is confident that the company can go back on the right track. He is very intrigued with the business that he offered Larry $375,000 for half of the business. Marcus wants to use the fund to hire new people, pay down the debt, and keep some money as a working capital.
Marcus wants to use the money to start the process of fixing the system. He is also 100%in-charge of the business.
Solutions Suggested/Implemented by Marcus To Improve The Business
- Hire new people.
- Pay the debt.
- Let Larry focus on designing.
- Clear all the clutter in the warehouse.
- Introduce a new system.
- New machineries were bought.
- New designing, production and selling systems were used.
During The Show…
It was hard for Larry to let go of his old inventories because he felt he can do something about them to make sales. Marcus appreciate that he admits his mistake and desired to correct it. However, it is time for Larry to clean the warehouse to make a bigger workplace and focus on what is working.
Later on, he agreed on throwing all the trash away and embraced the new systems. Marcus brought him and his team to Gotham Lighting. They tried to promote their products and services. Gotham Lighting gave them a chance by a lighting project for a hospital. Everyone was so happy with the deal.
When they start the production, Marcus noticed that the machineries are so outdated. It makes the production process longer, less efficient and costly. So, Marcus decided to bring Larry to FabTech. They looked and purchased new and modern machineries to improve the company’s operation.
Conclusion and Updates on the Business
Vision Quest Lighting was able to deliver the Gotham Lighting. Unfortunately, the owner and Marcus were disappointed with Larry because he delivered it late. Still, they were impressed with the output.
Marcus gave Larry another challenge. He brought him to the new Sweet Pete’s new location. The store will open soon and he wants all the lighting and design fixed within two weeks. Larry was not so sure about it but he accepted the challenge.
Hours before the opening, Marcus was so worried that the Vision Quest Lighting will gonna make it. But Larry reassured him. Truly, the company made it and everything was in place for the opening of Sweet Pete. Marcus was more than happy and satisfied. Larry and his team and family were so delighted.
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