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By
the time most corporations realize they are in distress, chaos is already rampant, and
management is spending large blocks of time putting out the daily brush fires.
Turnaround
Professionals' first step in reversing negative trends is stopping a downward spiral as quickly as possible. This means
we must become intimately involved in the client's
day-to-day management, right from the start.
We
immediately begin a critical assessment of the current corporate climate,
considering and reviewing all internal and external operations. We concurrently stabilize the
work environment for the short term, while beginning the process of repositioning
the company for extended success.
If,
after our assessment,
the corporate environment warrants further control, we often
recommend assigning a Turnaround Professionals' member to take on the role of Chief
Restructuring or Chief Financial Officer. An advantage to this
practice is our ability to generally shield our client's management from
creditor negotiations, freeing management to focus on doing
what made the business successful in the first place.
Our
assessment focuses sharply on identifying and correcting those corporate
policies and procedures contributory to the crisis. We commonly analyze
financial performance, market position & strategies, corporate and
management structure, facilities, equipment, staff relationships, staffing
levels and the viability of the firm for sale or merger.
Following
assessment, Turnaround Professionals creates a turnaround plan tailored
for the client's needs ... and we remain firmly locked with management during
the plan's application. Turnaround Professionals' involvement results in
return to normal banking, vendor and customer relations.
We
always prefer to join our clients in their recovery efforts before they
need court protection; however, Turnaround Professionals'
extensive experience managing Debtors through the bankruptcy
reorganization process is readily available if needed.
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