During a crisis, the loss of credibility with key stakeholders such as the bank, creditors, suppliers and customers, will mean the owners and management have to demonstrate a clear understanding of what has gone wrong, that the underlying business is viable, how they are going to fix it and they have a credible plan and the skills to deliver it to restore the fortunes of the business. In other words a Turnaround and Transformation Plan.
This will require the experience and credibility of a Turnaround expert who can restore stakeholders’ confidence and help the business produce and deliver the plan successfully.
What is a turnaround specialist?
Turnaround specialist are used to dealing with crisis situations. They bring the knowledge, proven experience, tactics and strategies, that can rescue the business. Their leadership skills in these highly charged situations will instil confidence amongst worried stakeholders, get their engagement and support for the recovery plan, often including raising additional rescue finance, and help to deliver it.
Clarity in a crisis is what makes the difference to survival and re-growth.
what will a turnaround specialist do?
Sometimes, especially in the late stages of a crisis, the best option to recover the business to free it from its historic debts and enable it to trade again freely, may involve a formal insolvency procedure.
In this situation the turnaround specialist will work with an insolvency practitioner who is appointed under the law to perform a specific insolvency role and whose main duty is to look after creditors’ interests. However, they will first explore whether a business can be saved.
What are insolvency procedures?
There are different types of insolvency procedure for businesses including:
If you would like to discuss crisis management or have any questions then please get in touch to find out how we may be able to help you.
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- Tracy Bedwell, MD of global M&D company
Obi is a person who can make a real difference through his ability to understand the key challenges involved in a turnaround or business improvement situation. He can work with stakeholders to both formulate a turnaround or improvement plan but most importantly to get buy in and actually deliver the plan. He has experience of a wide variety of industries primarily with SME's in the private sector and in the NHS in the public sector.
Stephen Burke, FD and Transformation Specialist
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Jonathan Webb, CEO Clarity Associates Ltd
I have known and worked with Obi for the last ten years on a number of different projects in the NHS. All of these assignments have been complex, challenging and have required clinical, operational and financial changes to be made at pace. What sets Obi apart is his ability to take people with him through these changes and to communicate them clearly and appropriately to those impacted. The client is always disappointed when the work is complete as Obi is a joy to work with and has a passion for ensuring that the changes made are sustainable and management teams and their staff develop their capabilities/capacity along the way.
Iain Alexander - Partner, PwC, Leader Government & Health Industries Restructuring
In these mad times it's great to find someone who can help you out of looming financial trouble so I was delighted to be introduced to Obi who brought clarity to my complex network of businesses. Once things became more settled, I expected to need to find someone else to review the growth and expansion plans for my media business, but again Obi was an invaluable consultant on a whole range of financial and business growth issues. Now pleased to work with him as our outsourced FD on contract.
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