A turnaround company is a company whose operating results are again turned into a profitable and growing path through effective actions. It is often the case that the owner and the management do not know how to make their business profitable again, so it is a good idea to seek help from experts.
First and foremost, it is important to analyze the company’s situation and review the strategy with and business plan. This will be followed by a recovery plan, which may involve the incorporation of parts of the company, the outsourcing or sale of some operations, refinancing or recapitalization, or even voluntary restructuring. It can sometimes turn out that the direction of a company is turned around by buying another company, creating synergies through volume growth. It is also often necessary to find a new key person for the company, who will be arranged, for example, through our partners as a direct search or through rental manager services.
There are numerous opportunities to save the business and turn the company into a new growing path. The company can e.g., give up for products or services with declining demand and focus their resources on growing businesses and sometimes even entirely new operations. It is therefore advisable to openly discuss all options with an expert when drawing up a recovery plan.
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