FRA- L. Eppel, S. Hancox

Leonard Z. Eppel

Financial Resource Associates, LLC
810 Wright Summit Pkwy. Suite 300
Ft. Wright, KY 41011
859.331.3300 |


Leonard Z. Eppel is President and founder of Financial Resource Associates (FRA). Mr. Eppel received his BA with honors from Michigan State University. He received additional executive development training from the Harvard Business School and Boston College. He has been involved in business restructuring, workouts, management consulting and corporate finance for more than 30 years.

He has received the "Turnaround of the Year" award from the Turnaround Management Association.

Leonard Eppel’s FAQ—The Questions I’m Asked Most Often

  1. When should a company or organization contact FRA?
    As soon as you suspect that there may be issues involving profit, cash flow, or inefficiency in your operation, contact FRA. Waiting too long, or putting it off could be the most expensive and detrimental business decision you make.
  2. Can a business owner handle a turnaround situation alone?
    Creditors may appreciate the communication and the effort, but at the end of the day, the business owner is at an obvious disadvantage without representation of his or her own.
  3. Our business is so unique. How can FRA possibly know more than we do?
    Every company and organization FRA has ever worked with is unique. However, while some technical aspects of business may vary, the fundamentals of running a business remain the same. FRA knows what to look for and serves as an objective set of eyes that has seen crisis situations of every depth, in nearly every industry and business size. Often, your staff may be too close to the situation to see issues that our specialists will see instantly.

    Fundamentals of business are universal. Most businesses require profit to further the success of the business. FRA concentrates on various processes within your business cycle while empowering you with state-of-the-market tools to leverage and maximize the efficiency of your business activities, leading to the profit required to grow the business. Ignoring these fundamentals , any business—even a highly profitable business—may risk losing their unique edge.
  4. How can FRA possibly show us anything we don't know?
    Again, since your leadership team and staff work inside your business every single day, they’re often "too close to the forest to see the trees". We bring an impartial and objective viewpoint to diagnose deficiencies . Although you are still the expert in your business we add value by providing you with the required skills and management tools needed to effectively leverage the unique aspects of your business and your team's skill set.

Steve Hancox

Financial Resource Associates
810 Wright Summit Pkwy. Suite 300
Ft. Wright, KY 41011
859.331.3300 |


With a management career that began at Procter & Gamble and transitioned to the turnaround and rapid growth of a privately held, entrepreneurial company, Steve Hancox brings more than thirty years of general management, financial, sales and operations management experience in large and small company settings. His unique background enables Mr. Hancox to combine the agility and market focus of highly successful entrepreneurs with the professional leadership and management tools of leading multi-national organizations, creating the best of both worlds.

Following nearly twenty years of providing profit improvement consulting on his own, Mr. Hancox joined Financial Resource Associates to help companies achieve their potential through customized solutions that consistently deliver a high return on investment. A graduate of Wittenberg University (cum laude) with an MBA from Xavier University, Mr. Hancox has been active in many professional associations and non-profit activities.

Past client companies range in size from start-up to multi-billion dollar enterprises and compete in virtually every industry. Clients have achieved significant increases in profitability, sales and cash flow through services that include crisis management/turnaround consulting, strategic planning, family business succession planning, sales and financial consulting, and more. Mr. Hancox has helped organizations to:

  • Turnaround unprofitable domestic and international operations
  • Cut millions of dollars of costs, achieving profitability and positive cash flow
  • Improve every key metric while generating an ROI in excess of 300%
  • Develop strategic plans for start-up to multi-billion dollar businesses
  • Determine profitability by product and customer
  • Prepare future leaders to assume the reins of leadership
  • Achieve and manage exceptionally rapid sales growth

Current Professional and Civic Organizations

The Tristate Association for Corporate Renewal
Association for Corporate Growth
Greater Cincinnati Venture Capital Association
Executive Service Corps of Cincinnati
Carpenters Creek Civic Association

Steve Hancox’s FAQ—The Questions I’m Asked Most Often

  1. We are just a small company, how could we afford a consultant?
    Consultants, just like employees, should more than pay for themselves. When the need for particular knowledge, skills and abilities are long term, hire an employee. When the need is temporary, a good consultant can help you develop (and deliver on) a focused, profit-enhancing engagement.
  2. My family business is doing well, but I am afraid it could not function without me.
    Just as some star athletes are miserable coaches, many of us are better at doing then teaching. Skill at running the business does not necessarily translate to strong management development of others or a sound succession plan. At FRA, we are highly experienced at developing these processes and teaching these skills. We have assisted scores of business owners successfully navigate this tricky situation.
  3. If we are having financial difficulties, will creditors pursue the company or its owner?
    Creditors and their agents will seek all responsible parties to remedy the situation. This factor is accounted for in our account strategy which is designed to minimize personal exposure and any related threats. Once claims are settled and paid, the debt and any liability associated with it is satisfied unconditionally. Creditors cannot pursue remaining balances at a later date. Every agreement is fully documented and remains available as a permanent record.

Mark A. Heistand

Financial Resource Associates
810 Wright Summit Pkwy. Suite 300
Ft. Wright, KY 41011


Mark A. Heistand has been a turnaround consultant since the early 1990s and has been associated with Financial Resource Associates since 1999. Before starting his consulting career, he served as chief financial officer for several mid-sized companies. He began his professional life as an auditor in the Cincinnati office of the former Arthur Andersen & Co. After leaving public accounting, he gained further experience over several years as an internal auditor, financial reporting manager and manufacturing plant controller.

He graduated magna cum laude with a BA in pre-management from the University of Cincinnati and received an MBA in finance and accounting from the Wharton Business School at the University of Pennsylvania. He holds an inactive CPA license with the State of Ohio and resides in the suburbs of Dayton, Ohio.

Paul Eckersley, FCMA CGMA

Financial Resource Associates
810 Wright Summit Pkwy. Suite 300
Ft. Wright, KY 41011


A qualified U.K. Chartered Management Accountant, Paul’s early career was in public accounting, auditing and the preparation of annual accounts and tax returns for businesses. Next, moving into industry, specializing in costing, product mix profitability strategies, collections, cash management, forecasting and management reporting. Mr. Eckersley's extensive service and product driven experience, transitioned to the management leadership role of Managing Director, where he turned around businesses, delivering organic and acquisition growth.

Upon relocating to Cincinnati from the United Kingdom in 1999, Mr. Eckersley prepared and presented to bankers and investors a three-year forecast to support an underwritten $16M stock offering for a local company. With Financial Resource Associates, his systemic approach has been instrumental in the turnaround of a variety of businesses including those in hospitality, retail, manufacturing, general construction and specialized sub-contracting.

Mr. Eckersley's extensive, intuitive hands-on experience enables him to quickly identify stakeholders’ wants and from their data, set customized goals and strategies so that owners and their associates can effect profitable change.