| How does First River Advisory's approach to Client Relationships differ from the norm? |
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WYSIWYG
What you see is what you get. Shelley Aronson personally performs nearly all tasks which comprise an engagement. There are neither associates, trainees, nor interns, so quality assurance is not left to chance. The only function that First River Advisory has subcontracted has been the performance of certain complex quantitative analyses such as advance refundings. This has occurred only twice in the entire history of the firm. In these circumstances, First River Advisory absorbs the fees of its subcontractor.
No "Cookie-Cutter" Solutions
Nor does one size fit all. While certain basic principles are applied consistently, First River Advisory's ability to "think outside the box" results in a capital financing solution that is tailor-made to fit each client's individual circumstances. In fashioning these solutions, First River Advisory takes into account the organization's strengths, weaknesses, opportunities and threats, as well as a variety of environmental factors. Further, because First River Advisory views capital financing as a means to an end, the solution must represent an implementation step of the client's long-range strategic plan.
"Hands-On" Approach
First River Advisory's clients tend to be smaller organizations without extensive staff resources. Unlike many other investment bankers and financial advisors, First River Advisory routinely takes the initiative to collect, organize and analyze data, and to draft key documents, relegating management to a "review and comment" role. First River Advisory prepares the Presentation of Credit Information, a major endeavor, from raw data and other "off-the-shelf" information supplied by clients. In most cases, First River Advisory needs only those reports and data which already exist for some other purpose.
"First-time" Borrowers
Many of First River Advisory's clients can be characterized as "first-time" borrowers: the transaction for which First River Advisory was engaged represented the initial foray into the public capital markets for either the organization as a whole, or on the part of key members of management. Accordingly, First River Advisory provides that extra degree of attention to foster complete understanding of prior proceedings and upcoming events.
Focus on Smaller Hospitals
First River Advisory is especially focused on the capital formation and management needs of smaller hospitals. An October 2000 report by Standard & Poor's Ratings Group on small hospitals cited 28 general hospitals on which Standard & Poor's maintains a rating and which have less than $30 million in annual revenue. Two of those 28 hospitals are First River Advisory clients.
Shelley Aronson of First River Advisory moderated a panel of hospital executives who addressed the 1999 Smith's Healthcare Conference on Innovative Survival Techniques of Small Hospitals.
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