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Cartoon case
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Reference no. BI0005
Published by: Braun Ink
Originally published in: 2021

Abstract

Rebecca Boenigk and her mother start Neutral Posture, a cutting-edge office furniture company, in a Texas garage in the 1990s. They bootstrap it into a multi-million-dollar company, but after it goes public in 1997, things begin to fall apart. A disagreeable co-executive, board members who micromanage Rebecca's every move, and lack of Wall Street analyst coverage are only the beginning of Rebecca's problems. The company's stock price trades at below book value, and Rebecca doesn't see eye to eye with board members. Should she undertake a risky and possibly litigious go-private transaction or fix Neutral Posture's public problems?

Teaching and learning

This item is suitable for undergraduate courses.

Time period

The events covered by this case took place in 1987-2002.

Geographical setting

Region:
Americas
Country:
United States
Location:
Texas

Featured company

Neutral Posture
Employees:
51-200
Turnover:
USD <50,000,000
Type:
Privately held
Industry:
Office furniture; Manufacturing
Other keywords:
Going private; Management buyout; Nasdaq; Delisting; Microcap; Female CEO

Featured protagonists

  • Rebecca Boenigk (female), President, CEO, & Owner
  • Jaye Congleton (female), Director, Co-founder, EVP
  • Michael Turner (male), Corporate Counsel

About

Abstract

Rebecca Boenigk and her mother start Neutral Posture, a cutting-edge office furniture company, in a Texas garage in the 1990s. They bootstrap it into a multi-million-dollar company, but after it goes public in 1997, things begin to fall apart. A disagreeable co-executive, board members who micromanage Rebecca's every move, and lack of Wall Street analyst coverage are only the beginning of Rebecca's problems. The company's stock price trades at below book value, and Rebecca doesn't see eye to eye with board members. Should she undertake a risky and possibly litigious go-private transaction or fix Neutral Posture's public problems?

Teaching and learning

This item is suitable for undergraduate courses.

Settings

Time period

The events covered by this case took place in 1987-2002.

Geographical setting

Region:
Americas
Country:
United States
Location:
Texas

Featured company

Neutral Posture
Employees:
51-200
Turnover:
USD <50,000,000
Type:
Privately held
Industry:
Office furniture; Manufacturing
Other keywords:
Going private; Management buyout; Nasdaq; Delisting; Microcap; Female CEO

Featured protagonists

  • Rebecca Boenigk (female), President, CEO, & Owner
  • Jaye Congleton (female), Director, Co-founder, EVP
  • Michael Turner (male), Corporate Counsel

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