Turnarounds are the ultimate test of crisis management. In most cases,
the stakes are very high since the mere existence of the firm can be threatened
when the company or its key employees are unable to quickly navigate change.
Nearly all successful turnarounds involve bringing in new leadership, often
an interim executive recruited specifically for a key role such as interim CEO, COO, CFO,
or as Chief Restructuring Officer.
The "Science" applied to turnarounds begins with an in-depth financial and
operational analysis to understand the firm's cash flows and operational
procedures to better understand where the money comes from (revenues) and where
it goes (costs). This investigation, when conducted by an
experienced turnaround pro, often yields "quick-hit" immediate solutions aimed
at reducing unnecessary expenses and maximizing revenues. Additional
"Science" is applied by methodically reviewing operations to identify further
cost savings through the use of technology, by changing or enhancing process
flows, reorganizing how work is conducted, modifying the firm's pricing of
products and services, or finding ways to better serve client needs.
The "Art" of turnarounds involves people as well as their emotions and
motivations. Everyone reacts to crisis situations in
a different way. A true turnaround Pro is keenly focused on the impact that
changes and restructurings have on the team, since business improvement cannot occur without the full support
of people.
Key Benefits
New leadership provides an opportunity to regain trust of employees,
clients and investors
Interim turnaround executives better equip the firm to deal with the
crisis by supplying an executive with proven turnaround skills, a leader who
is willing and able to make the difficult decisions that will be needed
Seasoned turnaround pros bring fresh ideas and are often able to detect
problems, determine their root cause and implement appropriate corrective
measures much more quickly than long-time insiders (who are often more inclined to
defend current practices)
Capabilities
Our executives have a wealth of experience helping domestic and international
turnarounds in many different industries, and can help your business in a number
of ways:
Capability 1:
Interim Executive Leadership
Numerous
companies have already benefited by hiring our executives as Interim:
CEO, COO, CFO, GM and other roles to help guide successful turnarounds.
Typically, an interim role is a contractual relationship lasting
90 to 180 days, but can also be on a month-to month basis.
Capability 2:
Business Assessments
Negative
cash flow, declining profits, missed deadlines, or poor customer
satisfaction are all readily identifiable symptoms indicating that
there is a serious problem within a business. However, even
though the symptoms may be obvious, many companies realize that
they can not properly attack these problems unless they have a very
clear idea of the root cause.
Many
clients have benefited by retaining our associates as independent
consultants who can quickly evaluate and diagnose even the most
complex business performance issues. Typically these assignments
are on a project flat fee basis, but can also be on an hourly basis.
Capability 3:
Change Management Project
Once
the root cause of poor business performance has been identified
during a "Business Assessment" phase, the focus quickly
shifts to identifying alternative corrective actions, determining
the best course of action, and then appointing a qualified leader
to guide the implementation and execution of the necessary change.
Our executives
are highly skilled and experienced at quickly identifying root causes,
then making executive level presentations that outline alternative
solutions and their corresponding risks, costs and benefits.
Next, they facilitate rapid decision making, and can be appointed
to change management leadership roles held accountable for successfully
implementing solutions on time and under budget. These types
of assignments are either flat fee, hourly, or may even include
performance based fees where a portion of the fee is based upon
the actual results attained for the business, such as cost reduction,
increased revenue, etc.
Success Stories and Client References
Press each link below to learn more about success stories where our
associates have achieved favorable outcomes for Turnaround Clients:
