Financial Consultants Take On Risks

By Lara Mossa
The Oakland Press

Name:  O'Keefe & Associates
Business:  Financial consulting
Owner:  Patrick O'Keefe
Address:  6001 N. Adams Road, Suite 205, Bloomfield Hills
Phone:  (248) 593-4810
E-mail:  pokeefe@ okeefac.com
Hours:  8 a.m. - 6 p.m. Mondays through Fridays

Patrick O'Keefe did not want to be a bean counter for the rest of his life, so the former accountant ventured into the real estate market and financial restructuring and opened his own business as a consultant.

O'Keefe & Associates in Bloomfield Hills provides an array of financial services -none of which includes tax preparation or auditing.

O'Keefe started the small business last year and hired seven staff members. It performs creditor and bankruptcy services, turnaround consulting, business valuation, debt restructuring and litigation support. The firm has worked with more than 100 clients with $5 million to $100 million in sales.

A former partner with Conway, MacKenzie & Dunleavy, a turnaround consulting firm in Birmingham, O'Keefe veered off to start his own company with a slightly different premise. Along with providing financial advice, O'Keefe & Associates will buy positions in distressed companies and form partnerships with some clients.

To handle that aspect of the business, O'Keefe found a partner and formed Raging Bull, a company that buys defaulted loans and helps companies receive financing.

O'Keefe predicts that this year's string of corporate bankruptcies will lead to a standardized risk rating system, which means small businesses will have a difficult time obtaining loans. He plans to fill that niche.

"You make different decisions when your money is at stake," he added.

He's been there. O'Keefe served as chief financial officer and part owner of J. & J. Slavik, a Farmington Hills-based real estate development company from 1989- 1993. When he joined, the company was overwhelmed with debt.

"We were in a financial freefall, almost the first day I got there," he said. "We knew the company had problems, but they were bigger than we anticipated."

At a time when equity markets were sapped, O'Keefe spent three years trying to restructure the business and put some of his personal finances into the enterprise. To avoid bankruptcy, he negotiated settlements with partners, creditors and banks.

When Joe Slavik, the majority holder, and the company's president, Jay Turner, both became ill, O'Keefe started to wind down the operations. After the business closed, he continued to learn more about debt restructuring by working with Conway, MacKenzie & Dunleavy. Slavik died, but Turner is in good health now.

O'Keefe savors the challenge of complex financial transactions, but he said it requires a strong financial background, accounting and business experience.

"You're only as good as your last at bat," said O'Keefe, adding that a consulting firm thrives through client referrals.

O'Keefe, 47, has a bachelor's degree in accounting from Michigan State University and a master's degree in finance from Wayne State University. He lives in Troy with his wife, Carol, and three children.

With five years at a small accounting firm and eight years at Deloitte and Touche, where he served as partner, O'Keefe started the business from his home in January 2001.

Having grown into a 2,600-square-foot office with six associates, an administrative assistant and two interns, O'Keefe said he hopes to hire two more staff members this year.

The business charges $170 to $325 an hour for consulting.