With a wealth of experience advising and consulting, ARG’s leadership team provides full-service solutions that provide our client strategic vision for success.

Byron Clark


972.335.2090 (OFFICE)

972-567-4288 (Cell)

[email protected]

Byron Clark’s experience spans all aspects of the restructuring communities. He has held senior management positions with major retail firms and consumer products companies. Byron has been engaged by manufacturers, distributors, retailers, lenders, and other interested parties in a variety of distressed and on-going business situations.

Byron offers expertise in all areas of restructuring, including reorganization planning, workouts, wind-downs, insolvency and liquidation analysis, inventory valuation, direct planning and management of asset recovery and strategic sales, as well as other operations and support functions.

Byron founded ARG in 1994. Having been a retailer and worked in consumer product companies first, he has strong sales and marketing skills as well and the operational experience needed when it comes to the restructuring of a company and valuing assets. He is dedicated to putting cost-effective programs together that help companies manage change.

Byron, as part of ARG, has been the CRO of distressed companies and has been involved in many distressed situations throughout the United States. His expertise in consumer products includes but is not limited to home furnishings, clothing, flooring, sporting goods, fine jewelry, electronics, appliances, lumber, seafood and more. As a consultant, Byron has assisted debtors, lenders, and credit committees in putting together and implementing plans of reorganization, refinancing of debt and exit strategies that maximize the position of all stakeholders.

Byron attended Louisiana State University and is a member Dallas Chapter of the Turnaround Management Association as well as a member of the ACG, ABI, SF Net and AIRA. He is a speaker and has been on educational panels nationally and regionally discussing all aspects of restructuring.

Bob Morris


214.675.6411 (Cell)

[email protected]

Bob Morris is one of the principals ARG Companies and focuses on overseeing final product output and conclusions of all inventory evaluations of ARG Recovery as well as working in all areas of the firm.  His experience has encompassed ownership and management in all areas of consulting in retailing, manufacturing, distribution, and finance.

Bob is originally from the retail and finance industries.  He built an M&A firm that specialized in consumer product companies and also performed Business Enterprise Valuations in conjunction with that M&A activity and for litigation support and tax purposes. He started and operated free standing liquidation divisions of existing companies and successfully liquidated hundreds of businesses over the past 30 years from single to multiple operating units and consulted on the breakup of businesses generating as much as half a billion dollars in revenue annually. 

Bob’s focus at ARG has led to many speaking engagements on a national basis as well as well as holding “round tables” with hundreds of different bank groups around the country focused on “What happens after the appraisal?”

He has a bachelor’s degree from Howard Payne University with concentrations in economics and finance and has taken many hours of additional studies in finance and lending. Bob is a member of the Association of Insolvency and Restructuring Advisors and was certified holding the CIRA designation. He has been board certified by the IBBA in appraisals and M&A.  He has been a member of the IBA (NACVA) and belongs to the American Society of Appraisers. He has worked with state and national associations in presentations on both going concern and liquidation values. He has served on the boards of Retailers Associations and has written numerous monographs on business appraisal practices and theory.

Due to the nature of the businesses with which he has dealt, he has served in virtually all the senior executive positions in business including executive, finance, operations, purchasing, sales, marketing, and promotion. It is this rounded viewpoint that he brings to the business realizing that it takes the universal perspective to adequately ensure that all decisions are realistic and achievable.


Chris Welsh


214.604.5457 (Cell)

[email protected]

Chris Welsh is a principal in ARG Companies. Chris co-founded ARG Partners, ARG Transaction Services, ARG A/R Solutions and ARG Industrial. He has been instrumental in growing ARG Companies and its service verticals. Chris joined ARG in 2009 after a 20-year banking career working with Bank One/Chase, CIT, Sterling Bank, PCB and Regions Bank. His responsibilities include overseeing the performance of ARG Partners, Transaction Services and A/R Solutions.

Chris advises lenders, borrowers, equity investors and other stakeholders in most every industry covering consumer products, distribution, manufacturing, oil and gas, transportation, financial services, consumer paper and healthcare. Chris provides restructuring management service in or out of bankruptcy and regularly serves as CRO, CFO and trusted advisor for companies experiencing cash flow issues, or for clients that are looking for process improvements.

Chris implemented “ABL make ready services” and “Investment Grade make ready services” for ARG clients. The make ready services provides clients road maps and a plan, primarily through cash flow modeling and CIMs, which clearly define goals/metrics in order to gain refinancing, equity investment or exit value maximization. The make ready services also span an entire companies’ operations, including ERP, accounting procedures, logistics, HR, procurement, sales management, C-Suite training and recruitment and corporate governance. Chris also pioneered “enhanced field examination services.” which is a regular field examination plus special scope items that may or may not be normally included in standard field examination services.

Chris has spoken on several industry panels across the country. Chris is a board member of SF Net SW and prior president and vice-president of the SW chapter. During Chris’ tenure with SF Net SW as president he established the Energy Summit and Sporting Clays events, both innovative industry growth opportunities for SF Net members. Chris received his BS in Finance from the Fisher College of Business at The Ohio State University.

William (“Bill”) A. Davidson


978.474.4442 (Office)
617.510.2133 (Cell)

[email protected]

Bill Davidson is President of ARG Industrial, LLC. His responsibilities include appraising and liquidating industrial machinery. He is involved in all aspects of day-to-day operations. Areas of expertise include metal working, plastic, printing, rubber, food and chemical processing, woodworking, textile, pulp & paper, steel, stamping, fabricating, packaging and converting, plant support, material handling, transportation, pharmaceutical, construction, jewelry manufacturing and aerospace.

Bill joined ARG Industrial, LLC in July 2020. Prior experience includes 22 years with Koster Industries Inc. where he served as President of the Appraisal Division. Prior to Koster Industries Inc., Bill worked as a geotechnical engineer in both government and private sector for 21 years.

Bill received a BS in Civil Engineering from Merrimack College and a MS in Civil Engineering from Oklahoma State University. Bill is a registered professional engineer and a certified equipment appraiser. Bill has been a guest lecturer at the Equipment Leasing and Finance Association Equipment Managers meeting on several occasions, and also lectured for the USPAP course.

Laura H. Marlowe


214.478.1560 (Cell)

[email protected]

Laura began her career in the financial services industry working for a multinational company, preparing financial statements and regulatory reporting, and later including budgeting, analysis, and management. As the controller for a large Dallas law firm for 15 years, she coordinated and oversaw all financial aspects of the firm. Areas of responsibility have included financial reporting and analysis, financial modeling and forecasting, profitability analysis, accounting management and controls, cash management and banking relations, financial management system evaluations and conversions, and tax and regulatory reporting.

Having earned her BBA from Southern Methodist University and Texas CPA credentials, Laura has brought the CPA “critique” to various ARG valuation and consulting activities over the years. Currently as the Director of Operations for ARG Recovery, Laura’s day-to-day coordination of inventory valuation projects now includes everything from hands-on analysis and oversight to quality control and review.

Tod Von Kalow


214.808.5498 (Cell)

[email protected]

Tod Von Kalow is the managing partner of ARG Transaction Services, the field exam business vertical of ARG Companies. Responsibilities include all recurring exams, pre-loan surveys, collateral buildups, special scope, and enhanced exams. Enhanced exams are deeper dives into particular aspects of the borrower collateral/financial condition. Another product unique to ARG is the exam/appraisal combo. This will encompass a full scope field exam with the needed aspects of an inventory appraisal at the end of the exam.

Tod has experience in a wide array of industries for manufacturing and distribution companies, including the nuances of the food, health care, transportation, and oil/gas/petroleum industries, and consumer paper to name a few. ARG’s static pool advisory services for consumer paper is bolstered by Tod’s experience.

Prior to joining ARG, Tod was a successful entrepreneur working in the exam sector for various lenders. Tod has a thirty-year career in the commercial and asset-based lending arena. He worked at JPMorgan Chase, Bank One, Bank of America, and Marine Midland, among others. Tod is active in the SW Chapter of SF Net. Tod earned a BBA in General Management, with an emphasis in Accounting from Amber University.

Stanley Grabish


404.925.3013 (Cell)

[email protected]

Stan Grabish’s experience includes over 10 years of restructuring consulting, five years of banking and four years of healthcare experience.

During his time in banking and restructuring, Stan has been involved with companies across the industry spectrum including manufacturers, distributors, retailers, service providers and healthcare in a variety of distressed and on-going business situations. He has worked alongside Company management, and also has been brought in by banks for lender services (audits, appraisals and advisory). In 2020, he successfully led the $65 million refinancing of a crane company that had been in workout.

During his healthcare tenure, he was an SVP of Financial Analysis for a 16 facility multi-state chain of long-term acute hospitals. He led the budgeting process, managed the accounts payable department, and was the executive sponsor on several major software implementations including Oracle ERP Cloud Fusion.

Stan received a BA from Boston College in 1996 and an MBA from Emory in 2002. He obtained a CIRA certification in 2010 and received an Alteryx core certification in 2019 (and recertified in 2021). Stan is an active member of both the TMA and SF Net.

Renee D. Lefebvre


770.296.8841 (Cell)

[email protected]

Renee joined ARG Partners in June 2021 as a Director working in underwriting, auditing, and turnaround/restructuring services. Previously, Renee was a senior underwriter at Wingspire Capital LLC in 2020, and as managing director, chief administrative officer, chief compliance officer, operations manager and portfolio manager at Medalist Partners Corporate Finance LLC (formerly known as JMP Credit Advisors LLC and Cratos Capital Partners LLC) for over 14 years from 2006 to 2020, and was a vice president / senior auditor, senior underwriter/loan closer and senior account executive at Wells Fargo Capital Finance (formerly known as Wells Fargo Foothill and Foothill Capital Corporation) for over 11 years from 1995 to 2006.

Renee underwrote numerous complex transactions, including cash flow, enterprise value and asset-based loans to middle market companies in various industries. She worked out several troubled loans, oversaw liquidations and bankruptcies, established infrastructure, monitored portfolio analytics, handled all compliance aspects for three separate companies, and the public company reporting for a sister company Harvest Capital Credit Corporation. Prior thereto, Renee worked for Shawmut Bank in Boston, in private industry, and served in the U.S. Army at Fort Campbell, Kentucky.

Renee graduated Summa Cum Laude in 1992 from Wichita State University with a BBA in Accounting. She is a member of the TMA, and volunteers as a court appointed special advocate for foster youth.

Ed Campbell


972.689.6843 (Cell)

[email protected]

Ed Campbell for the past four years has been providing CFO advisory and profit improvement analysis for various manufacturing, retail and consumer companies. Prior to his current advisory services, Ed served as CFO for five different private equity portfolio companies that had both domestic and international footprints spanning over approximately 20 years with five years on the ground experience in Europe and Asia. Prior to that he worked for publicly traded companies in financial roles leading up to VP of Finance.

Ed’s industry experience includes being CFO for a high-tech radio frequency company that became number one in the world, as well as companies working with cutting edge LED, high pressure processing, heavy equipment, mini mill steel and wire fabricating. In addition, he has also provided advisory and profit improvement analysis to the medical, software, retail and trucking industries. Ed has been involved in numerous acquisitions, divestures, growth initiatives, restructurings, bank refinancing and trouble debt restructuring during his career.

Ed received his BS in Accounting and MBA from Murray State University. Ed received his CMA certification in 1998. A thirty year plus member of the National Institute of Accountants. Ed has served on the Board for the Financial Executive Institute’s Nebraska chapter.

Olivia has 20 years of experience in accounting. Most of her time was spent in the oilfield industry where she worked in various accounting departments. and she spent the last few years in Credit & Collections. She also has experience providing accounting, bookkeeping and tax services to small to medium sized businesses.

Olivia earned her BBA from Texas A&M University-Corpus Christi and is a Texas CPA. As an Analyst for ARG, she works with the Transaction Services team to on-board clients for field exams and works on special projects as needed.

Rick Natelson


732.801.9766 (Cell)

[email protected]

Rick has spent 41 years customizing promotional and exit game plans for clients facing milestone business events. He began by restructuring and transforming a fourth-generation family retail business from an 8-store menswear chain into a nationwide provider of liquidation and promotional sale services for specialty retailers.

He is an expert in inventory appraisals in men’s, women’s and children’s apparel, plus shoes, sporting goods, toys, and gifts. The appraisal includes a detailed analysis focused on desirability and demand, underscoring inventory seasonality, sizing, stock-to-sales and industry trends to make maximum utilization of unique pricing techniques to minimize markdowns and maximize cash recoveries. His promotional sales have included Closing Sales, Moving Sales, Retirement Sales, Business-for-Sale Sales, Future Undecided Sales, Bankruptcy Sales, Fight for Survival Sales, Factory Sales, Lease Termination Sales, Silent Auction Fixture Sales.

He focuses on reliable “bottom-up” sales forecasting based on weekly sales analysis, combined with “top-down” dashboard tests. His realistic markdown plans are based on store history, seasonality, phasing calendars, inventory levels and promotional themes as well as detailed expense budgets. He prepares “break-even” analyses, budgeted financial statements and inventory requirements for new and existing businesses. These culminate with prudent investment recommendations that maximize cash opportunities while minimizing markdowns and ending inventory exposures. He has provided on-going inventory management consulting with specialty store retailers to grow business with smart inventory investments that trend with customer demand.

Rick graduated from Syracuse University with a Bachelor of Arts in Economics and Accounting, Magna Cum Laude. He received a Master of Law in Taxation with honors from New York University. He then was awarded a Juris Doctor with honors from Rutgers with honors and was an associate member of the Rutgers-Camden Law Review.

Robert Phillips


214-295-4664 (Cell)

[email protected]

Robert is a seasoned financial services executive with proven experience with both large national and small to medium size private companies in significantly improving their ability to manage their accounts receivable. Robert is adept at working closely with entrepreneurs, business owners and management to deliver strategic guidance, process improvements and optimization of cash flow. He is recognized for developing innovative and cost effective strategies. Robert also has an extensive background in commercial distressed debt monetization and valuation services; including under performing or non-performing accounts receivable and loan portfolios.

Robert provides clients with a comprehensive analysis of their credit and collection policies and procedures with an eye toward process improvement. Included in this analysis are: review of credit policy and risk levels, invoice processing, collection procedures, staffing evaluation, and an analysis of the bad debt write off. Assessing, developing, and deploying best practices ensures that the proper system and controls are in place to effectively manage the accounts receivable.