Turnaround Specialists Give the Four Steps in a Business Restructure
Turnaround specialists follow a four-step formula when they rebuild a financially struggling business. These steps are:
- Control cash flow
- Discover the core business
- Create a restructuring plan
- Carry out the restructuring plan
All professional turnaround specialists follow these four steps. (By the way, see turnaround specialists guide, “The Insider Secrets to Saving Your Business,” to get much more detail on how to restructure troubled businesses.)
While these steps seem simple on their face, they are difficult to carry out in practice. That is why it is prudent for a CEO and Board of Directors to engage a turnaround specialists firm. When your company is fighting for survival, you do not have time to learn and make mistakes while following the “four steps.”
The day after you engage us, our turnaround specialists will parachute in immediately with an experienced team, and you will have, within just a few days, our analysis of your problems with reasonable and practical solutions. We will explain our analysis and solution in detail with you and your team. If you would like, we can also present to your board of directors, bankers and primary creditors as well.
Once we have adjusted our plan based on your direction, our turnaround specialists will then create the restructuring plan for your company. This will be the detailed plan for the business transformation. We will create a formal organizational chart including the reduction in force, a “hit list,” layoff documents including scripts, press releases, and plan for contacting suppliers and customers when we announce the restructuring.
Our consultants can carry out the layoff for you or can coach you and your team through these difficult circumstances. We will then help you put in place the overall restructuring plan including asset sales and employee motivation.
Legal Disclosures / Terms of Use / Privacy Policy