Chief Restructuring Officer (CRO) Services
Providing strategic and operational advisory and interim management services to companies that are experiencing financial or operational difficulty or are involved in a bank workout situation
We help companies develop and execute a turnaround strategy and focus on fundamental business practices that may have been deferred or ignored. In this area we assist management in:
- Reducing losses
- Controlling expenses
- Increasing liquidity
- Improving business processes
- Divesting non-core businesses
- Coordinating communications between lenders and creditors
- Acting as a sounding board for management
- Taking on interim management level responsibilities, including Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Treasurer and Chief Restructuring Officer
SOLUTIONS & RESOURCES
Filling a Void
We are regularly engaged to fill a void in a management team following a change of control in ownership, departure of a key employee or during an acquisition, sale or divestiture of a business. When a client is looking for situational expertise or specialized skills to guide it through a restructuring or to restore credibility with key stakeholders, we provide the temporary leadership and independent voice required until a permanent replacement can be found. Our leadership skills and fair and even approach is unmatched in the industry and a key to our long-term success.
We have successfully managed and completed turnaround management assignments lasting from several months to over a year. Our presence serves as a catalyst for change and facilitates the actions needed to address difficult choices and building consensus for going-forward business plans.
Diagnostic Phase
- Diagnostic overview of operations and strategy
- Recommendations for revenue enhancement, cost reduction or working capital management improvement
- Review cash flow forecast and business plan, or if none exists, assist in preparing them
- Assist in presenting updated business plan and financial projections to lender
- Develop an implementation plan
Implementation Phase
- Update cash flow projections
- Prepare strategic and operating plans
- Suggest personnel modifications
- Implement needed operational and/or strategic enhancements
- Ensure capital structure will support recommended initiatives
- Establish regular dialog with lender, including milestones and reporting