WORKOUTS & TURNAROUNDS
Turnaround management is one of the most intense and trickiest engagements for a strategic advisory firm. Turnaround management traditionally refers to the financial recovery of a company that has been performing poorly for an extended time. It may also be applicable to companies who are seeking to go to the next level of growth.
In order to effect a turnaround, a company must acknowledge and identify its problems, consider changes in management and develop and implement a problem-solving strategy. In some extreme cases, the best strategy may be to cut losses by liquidating the company rather than trying to turn it around. Once a company ceases denial and embraces its issues the opportunity for success exists
Many times a company is seeking to return to its glory, in others it may be seeking to achieve success and greatness for the first time. Strong knowledge of reorganizational strategies and associated options are the critical elements to Pallas when assisting companies achieve turnaround success.
Bert R. Huncilman & Sons
Bert R Huncilman and Sons is a 100 year old company that came to Pallas to help turn them around. At the time of the engagement, this once proud company found itself with an underdiversified customer base, a severely strained banking relationship, strained vendor relationships with declining terms, and an internal organization requires a major reset.
"When we brought in Pallas we were weeks, if not days, from having to shut the doors. The Pallas team came in and led us through the most difficult time our company had ever faced during its 100 year existence. As a multi-generational family business the ability to continue on to the next generation was very personal. We would not have made it through the past 3 years without Pallas and its leadership." Gordie Huncilman, CEO