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Turnaround Consulting and Process Management
Turnaround Consulting
During a corporate crisis, specialized management skills are required to head off and reverse a company’s downward trajectory. No one rescues distressed company's and restores profitability like the professionals of GGG Partners. GGG’s Turnaround Consulting and Process Management stabilizes and improves client operations and rebuilds viable and profitable corporate entities.
By successfully assessing a company's operations and processes, assets and financial condition and overall structure, seasoned GGG Crisis Managers leverage their extensive corporate operations experience to:
- Develop an effective Business Recovery Plan
- Improve cash flow by implementing realistic cost-cutting
- Stabilize relationships with creditors, vendors and employees
- Create retention plans that ensure employee and company goal alignment
- Turnaround or divest under-performing segments of the businesses
- Restore profitability
A company in crisis needs skilled and experienced leadership who can identify profitable core capabilities, size operations and motivate and retain employees and talent. GGG’s Managers provide clearly defined and actionable objectives, they delegate responsibility, and they give problem-solving authority to managers. The result is a restoration of employee confidence, a key ingredient in accomplishing a successful turnaround. With a strong management team in possession of direction and a sense of purpose, companies can stabilize and return to profitability.
The failure to meet financial goals coupled with cash flow issues erodes credibility with lenders, vendors, and employees. GGG Crisis Managers address critical issues and manage expectations throughout the development and implementation of a Business Recovery Plan. The result is a restoration of confidence by all parties affiliated with the company in question, a return to profitability, and the desire to move forward enthusiastically.
Process Management
The first step in the Turnaround Process is the development of a Business Recovery Plan. GGG Crisis Managers take a hands-on approach to the implementation of the Business Recovery Plan by assuming one or more of the following roles:
- Interim CEO/Chief Restructuring Officer: By assuming the senior leadership or restructuring position, the GGG Crisis Manager can affect optimal change in the distressed company. The company’s Board of Directors designates the Crisis Manager as Interim CEO for the duration of the implementation period and this position is ceded upon the successful completion of the plan.
- Interim CFO/Controller: GGG’s CFOs and Controllers have extensive experience working with both private and public companies on fraud investigation, reconstruction of general ledgers, and monitoring internal controls.
- Management Mentor: In approximately 1/3 of our turnaround assignments, the client company's senior management implements the GGG Business Recovery Plan with GGG assistance. In these cases, the GGG Crisis Manager serves as a mentor, objective advisor and sounding board for the CEO. Roles of the Management Mentor include assisting the CEO in negotiations with lenders and creditors in order to shed long-term obligations that no longer serve the company’s interests, advising about asset reallocation, and implementing complex components of the Business Recovery Plan.
In most cases a single Crisis Manager works one-on-one with a client by reporting directly to the Board of Directors, Chief Executive Officer or the company’s owners. If warranted by a company's size and the project timeframe, GGG can provide a team of experts to assess and rescue a distressed company.