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

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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

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