Turnaround Management
Durkin Group’s turnaround professionals pride themselves on their past successes, delivered results and satisfied clients. Each of our professionals adheres to a high code of ethics and professionalism, and have the managerial skills necessary to lead a challenged company and deal with its’ key stakeholders including shareholders, employees, unions, customers, lenders and creditors. They draw upon their backgrounds as former operating or finance executives, commercial lenders and bank workout officers. It is imperative to instill confidence with key stakeholder groups to ensure their support throughout the turnaround.
Today’s challenging economic environment and credit markets present special challenges to even the most capable management team. Companies are facing increased competition, failing customers, availability tightening by lenders, tightened credit terms from vendors and losses from investments. Downsizing of employees and other expense reduction initiatives are not enough for many companies to turn around their business over the long term.
Our professionals offer a fresh look at the financial and operational challenges facing a company. These challenges may include strained relationships with lenders and creditors, unprofitable customer relationships, lack of controls or proper business planning, manufacturing and logistics problems or a weakened financial condition.
Durkin Group professionals have expertise in leading companies through complex situations. Once engaged, we work quickly to analyze the situation and its causes, knowing that time is of the essence. We work with a company’s ownership group or senior management team to instill change in all levels of the organization and to develop an action plan to address any financial, organizational, and operational problems. Our involvement in the implementation of the action plan varies from client to client, depending on the customer’s needs and available company resources.
The latter phases of a turnaround include restructuring the business and restoring it to health while communicating with all key stakeholders throughout the process. During these phases, a company’s processes and operations are reviewed and any fundamental changes necessary to improve cash flow are implemented. An ongoing measurement system and monitoring plan is put in place to ensure that the business remains healthy in the future.
Our turnaround and restructuring services include the following:
- Creating an achievable turnaround plan and working with management on the implementation of the plan, where necessary
- Developing a business plan
- Working capital management
- Restructuring of debt and assessing debt capacity
- Financial modeling and analyzing customer profitability
- Manufacturing improvements
- Developing new lines of business and distribution channels