Turn It Around
Turnarounds and Crisis Managemnet Services
Your business may be going through a difficult period with little or no liquidity, falling revenues, and challenges within and outside of the business. Your suppliers or bankers may be making demands that you are unable to meet. The crisis and turnaround management team at Parkland can help.
Parkland has over thirty years of experience helping businesses assess their potential and execute turnaround plans. In addition, we can help you negotiate with lenders and creditors, sell or liquidate excess, unnecessary, or under-performing assets, refinance your debt, and source fresh equity.
In the same way that you would only want to undergo surgery with a highly skilled specialist on your team, very few of your managers or your regular advisors will have the experience and knowledge to help you through a complex turnaround or business crisis. This is the time to turn to Parkland. We have led over 300 turnarounds. We have the experience, the framework, and the resources to take you through this challenge and optimize the outcome.
What does my turnaround plan consist of?
Assess
An accurate and realistic determination of your situation must be made. What are the true causes of this situation? How serious are they? Does a turnaround appear feasible or should you consider a sale or liquidation? How much time and cash do you have to develop a turnaround plan? Do you have ways to buy more time? Arming yourself with an accurate assessment will help you make the right decision.
Identify Options
You need to know your options and hopefully, you’ll have more than one. The options need to be developed, evaluated, and modelled. Pros and cons must be carefully considered. The options are frequently diverse and complex and usually involve compromises for one or more of the involved parties (you, investors, partners, lenders, suppliers, managers, employees). Understanding, predicting, and being prepared for how these parties might react is key. Fallback positions should be developed if they don’t react in the way you anticipated.
Create an Action Plan
Once the best options are determined, a game plan and timetable need to be developed, and then presented to all key stakeholders. They will likely ask many questions about how the plan will impact them. Their buy-in must be obtained unless you have sufficient leverage to force them to go along with the plan. The more prepared you are, the more likely you will be able to answer their questions and satisfy their concerns. A deliberate, clear, and transparent plan will usually build trust and credibility.
Execute
Once a game plan is agreed upon by all key stakeholders, successful execution, speed, diligence, and flexibility is essential. Not everything will play out exactly as planned and changes will need to be made without perfect information, and in a manner that still delivers the desired outcomes. Staying focused on the ultimate goal is key.
Bankruptcy and Crisis Management
Should you be involved in a bankruptcy situation, we can assist with strategy and planning, and developing and negotiating plans of the reorganization.
We are experienced in performing interim chief restructuring officer responsibilities, providing interim management services working with Trustees and Creditor Committees, managing §363 sales and bankruptcy liquidations, and claims and preference analysis and management.
We can also assist with bankruptcy alternatives, including out-of-court workouts, receiverships, assignments for the benefit of creditors and secured party or Article IX sales. Parkland’s restructuring advisory team can assist you in navigating the turbulence of difficult business situations.