Vertical Asa
Restructuring firms in difficulty
Five key steps to success
Not all efforts restructuring are created equal. When a company in financial difficulty recognizing that dramatic change is needed to ensure survival, a clear focus on these five elements will lead to a successful restructuring effort.
By the time the company is in trouble, several avoidable missteps have occurred that will cripple the company and jeopardize its survival. Fortunately, many of these effects appear to be reversible, provided, of course, a sound restructuring plan is developed and used in a decisive manner.
An example is the typical high-growth company that is developing rapidly as a function of success in its core competencies. Many of these companies seek growth through acquisition, both horizontally and vertically, and thereby begin to tread on unfamiliar ground become too large, too quickly until a change in the economic cycle or industry reduces the sales volume decline, and the setbacks resulting from operating losses and negative cash flows. Soon thereafter, the cash resources are dissipated, suppliers stretch, banking covenants are violated and the company is moving dangerously close to default on loans.
- It is essential at this point for the financial adviser to contact the management and the board that drastic, immediate action is necessary to ensure the existence of the company. That the company needs the most, it is a crisis management plan that focuses on five key steps which, if properly implemented, will offer the best opportunity for a successful turnaround.
- Immediately develop a realistic cash budget is updated in time timely and accurate forecasts that the company's cash position and requirements at all times;
- Communicate communicate, communicate – Open a dialogue with all constituencies of the business and stakeholders to build confidence in the restructuring effort;
- Identify the operating costs that can be removed and / or significantly reduced;
- Identify and focus on core competencies and operations and develop a plan to sell non-core or unprofitable business units;
- Develop a restructuring plan that evaluates the ideal company debt capacity in the worst case operating conditions, which establishes new parameters viable credit guarantee the viability of future operations.
Once progress has been made on these five steps, it is time to focus on implementation. Again, communication is a key role in trying to convince stakeholders about the wisdom and viability of the restructuring plan. Management and its financial advisor needs to transmit their vision to the voters and provide a plausible route for the recovery and future growth. Often, however, the implementation of the plan involves more than simply creating and communicating. viability of this plan is usually a fresh infusion of capital. A bridge loan or DIP (DIP) financing (in the case of a Chapter 11) is often necessary to successfully move from concept to reality. In this case, it is essential identify the beginning and guarantees to be able to demonstrate how other creditors benefit from the new loan priority.
As the company stabilizes, release non-core operations, restores and increases his heart craft, trade debt for equity a plan – ultimately return to solvency and the creation of new value – it is important to build on the skills of a talent consultant financial restructuring that has a combination of experience and knowledge of restructuring, which will be essential to successful process. After the restructuring is complete, the Council may find it advantageous to hire a new direction to take the reins and guide society forward redesigned in accordance with its business plan.
Ultimately, the value of a restructuring adviser is measured from the perspective of different stakeholders – customers, employees, creditors and shareholders, many of which directly benefit of a revitalized company that is economically and operationally viable, that is most accessible by focusing on five key steps to success identified above.
About the Author
During challenging times, it becomes ever more important to seek the advice of an experienced team that can provide insightful and practical advice while building consensus among competing interests to ensure acceptance of the restructuring plan. That’s why businesses turn to VALCOR. We are uniquely qualified to assist clients with their financial restructuring needs by providing comprehensive solutions based on experience and a reputation for integrity and independence.
Ray Clark is the Senior Managing Director of VALCOR Consulting, LLC, an independent financial advisory that provides restructuring, transactional and valuation services to middle-market companies. VALCOR has offices in Orange County, CA, San Francisco, CA and Phoenix, AZ. He can be contacted at (949) 644-8022 or by email at Rclark@valcoronline.com.
Learn more about VALCOR Consulting at:
VALCOR Online
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