Chapter 53 Too Green to Take Me On
“We need new markets and new sources of revenue if we want to grow,” Grace said, bringing her presentation to a close. “I’m asking for your support.”
Warren Price smiled from across the table.
“The plant in Raleigh costs more than we have available. That means substantial borrowing. A substantial risk.”
“At least thirty million,” Howard Bennett added. “Our current business is growing. Why rush into debt? Take too big a step and you’ll tear your balls off.”
Laughter moved around the room.
Grace kept her face composed. Inside, anger and exhaustion were taking turns.
Did any of them want to build something, or merely collect dividends until there was nothing left to collect?
Warren turned to Preston Whitaker.
“What do you think? We’ll follow your lead.”
Grace’s remaining hope faded.
Preston opposed nearly everything she suggested, sometimes apparently for the pleasure of frustrating her. Once he said no, the meeting would be over.
Ryan’s words returned to her. Why did she keep dragging these people forward?
Preston sat comfortably, an amiable smile on his round face. He was in his fifties, slightly overweight, and looked like someone who could put anyone at ease.
Grace knew how deceptive that appearance was.
“I have a few questions,” he said.
“Go ahead.”
“How certain are you that we can acquire the plant?”
“I’ve spoken to the chairman. Internal approval is the remaining obstacle. We can sign as soon as that’s settled. The price is approximately thirty million dollars.”
“How much financing?”
She had already covered that, but answered again.
“The purchase price. We can fund the initial operations from working capital.”
“And the banks?”
“I’ve spoken to several. They’ve indicated that financing of that size is possible.”
Preston nodded.
“We certainly need to think about growth. I can support the proposal. But thirty million in debt, alongside a commitment of operating capital, is significant.”
He paused.
“What if it fails?”
There it was.
If the acquisition succeeded, everyone would share in the benefit. If it failed, she would be expected to take sole responsibility.
Which meant her resignation.
Around the table, faces turned toward her. A few looked concerned. More looked entertained.
She gave herself two seconds to decide.
“If it fails, then I’ve shown I’m not capable of leading the company. I’ll resign.”
Preston raised his hand immediately.
“Then I support it.”
The others followed. The motion passed unanimously.
After the meeting, Warren caught up with him.
“What are you planning?”
“She won’t complete it.”
“You know something?”
Preston’s voice stayed low.
“Someone will speak to the banks. Once she signs and makes the initial payment, she’ll discover the financing is no longer available.”
Warren’s eyes lit up.
“She can’t complete the purchase. She loses the deposit and owes a penalty. Then she has to resign.”
He grinned.
“You step in, arrange the loan, and save the deal. The presidency and control of the company.”
“I supported her proposal. She offered to resign. No one can say I obstructed her.”
Warren gave an admiring laugh.
“That’s elegant.”
“Make sure everyone involved keeps the acquisition moving.”
“Due diligence is finished. The terms are nearly settled. We could sign within three days.”
“The sooner, the better.”
“I’ve backed you throughout this,” Warren reminded him. “Don’t forget.”
“You’ll be looked after.”
Preston allowed himself a satisfied smile.
“I have an investment conglomerate behind me. Once I’m in charge, this company will finally grow properly.”
He glanced back toward the conference room.
“She thinks she can take me on. She has a lot to learn.”