Turnaround consulting.
Restructuring management requires tailor-made solutions. The analysis of the company and the causes of the crisis, as well as the development and successful implementation of a restructuring plan, are structured in logically sequential phases.
TMC offers support throughout the entire restructuring process – both in situations close to insolvency and in the preparation and management of proceedings such as StaRUG, self-administration or standard proceedings.
From short-term stabilisation to the development and implementation of a viable and sustainable business model.
We work closely with our clients, speak plainly and focus everything on measurable results. Always with the aim of stabilising the business and securing its future. A concise overview of our portfolio:
This involves identifying the key risks to the company’s development as well as external crisis drivers. The primary aim of the analysis is to obtain an overview of the company’s financial situation within a short timeframe.
On this basis, robust options for action are identified. Where necessary, the results are documented in a concise report to provide a basis for decision-making regarding the provision of capital or the extension of credit by external stakeholders.
2. Turnaround strategy.
This is where we make our impact: the turnaround strategy translates the analysis into an actionable restructuring plan – robust, bankable and tailored to your business model.
IDW-S6 Restructuring Report
A robust basis for banks and committees, clear and structured.
mehrIndependent Business Reviews (IBR)
Market, scenarios and financial planning are interlinked, with earnings, balance sheet and cash flow always in focus.
mehrGoing concern forecasts
Solvency and viability assessed transparently, with a sustainable outlook.
mehrRestructuring strategies / Development strategies
Comparing options, setting a course: operational levers, structural/portfolio measures, financing.
mehrIntegrated business planning
Profit and loss, balance sheet and cash flow consistently linked – with scenarios, sensitivities and KPIs.
mehrA crisis affects not only the balance sheet, but also the people behind it. That is why we work with sensitivity, transparency and reliability – until stability returns.
3. Implementation and support.
Turnarounds only succeed when measures take effect. That is why our consultants actively support the implementation process.
We translate concepts into clear work packages, establish routines and maintain a high pace of implementation. Clients retain control; TMC ensures the impact; in a spirit of partnership, transparently and until full stabilisation is achieved.
This ensures that results endure even after the restructuring; beyond the acute crisis, through the reorientation, right up to a successful turnaround.
Our range of services includes the following tasks:
- Taking charge of crisis management, in particular the initiation of immediate measures
- Negotiations with investors and other stakeholders
- Supporting the implementation of necessary operational restructuring measures. Upon request or where necessary, we can also assume executive responsibility as CRO, CEO or CFO, whether to build trust among stakeholders or to protect the existing management from risks
- Project management for the implementation of restructuring measures
- Taking charge of restructuring controlling and reporting
In the event of a (partial) sale of the company, we organise, support and coordinate this with our subsidiary, CVM, as part of an ongoing restructuring process.
During a crisis, lenders often wish to have the feasibility of the restructuring and the restructuring plan verified against the IDW S6 standard in the form of an independent report.
A viable restructuring plan is a prerequisite for banks and other financing partners to provide or maintain credit facilities.
Based on a comprehensive analysis of the company’s value chain, we work together to develop an implementation-oriented plan comprising measures whose execution will lead to a sustainable improvement in profitability and competitiveness.
The content and structure of a restructuring plan must meet the current requirements of the highest court rulings of the Federal Court of Justice (BGH).
Implementing a restructuring plan that does not meet these requirements can consequently lead to significant financial and legal complications. Financing partners can and will only provide credit facilities in a legally compliant manner on the basis of an expert report prepared in accordance with a defined standard.
We develop company-specific restructuring plans based on the IDW S6 standard, thereby pursuing a holistic and implementation-oriented approach.
When preparing the report, the following aspects are prioritised:
- Analysing the past and the current situation
- Determining the causes and stage of the crisis
- Identifying the company’s strengths and weaknesses
- Identifying and assessing opportunities and risks
- Uncovering potential, defining the future business model and deriving the vision for the restructured company
- Determining the necessary operational and financial measures for the turnaround
- Validating the restructuring concept through integrated multi-year planning
Furthermore, we advise on and review the findings of existing restructuring reports in the spirit of a ‘second opinion’.
Building trust – with IBR.
An IBR provides lenders and stakeholders with an independent, structured assessment of the business model, planning and liquidity – particularly in an international context.
Building on the validation of the business plan, TMC examines performance and financial indicators, assesses market and competitive dynamics, and presents robust scenarios including risks and levers.
Objective: well-informed credit and investment decisions, transparent communication and a clear roadmap.
TMC’s service components in the IBR:
- Detailed assessment of the company’s assets, earnings and financial position
- Scenario and sensitivity analyses of the future financial status
- Review of the sustainability and assumptions underlying the business plan
- Analysis of the market, competition and positioning
- Concise SWOT analysis and actionable recommendations
Particularly when trust, speed and clarity are required, an IBR lays the foundation for decisive, sound decisions.
Companies must demonstrate in their annual financial statements that operations can be continued. At the first sign of a crisis, TMC prepares and validates a robust forecast – distinguishing between a going concern forecast (Section 252 of the German Commercial Code) and a continuity forecast (Section 19 of the German Insolvency Code).
The former considers the going concern alongside the net asset forecast, whilst the latter, as a solvency forecast, assesses potential insolvency-related over-indebtedness for the current and coming financial year.
Both reports are prepared in accordance with IDW standards and focus on the business’s individual value drivers.
TMC’s service components for going concern forecasts:
- Structured analysis of liquidity, net assets and cash flows
- Forecasting models with scenarios and sensitivity analyses (current/next financial year)
- Going concern assessment (HGB) including documentation of measures and assumptions
- Assessment of over-indebtedness under insolvency law (InsO) with a viability path
- IDW-compliant preparation for management, auditors, lenders and committees
Particularly when security, transparency and speed of decision-making are paramount, our forecast provides the basis for reliable action – both internally and in dealings with financiers and auditors.
We translate strategy into audit-proof figures – with scenarios, sensitivity analyses and bank-ready documentation.
TMC’s service modules:
- Market and competitive analysis as the basis for reorientation – with a clear vision
- Operational planning derived from strategy: sales, pricing, volume and revenue models
- Integrated multi-year planning (P&L, balance sheet, liquidity) based on the current situation
- Scenario and sensitivity analyses to support decision-making
- Preparation for discussions with investors: defining, calculating and managing covenants
This results in a consistent turnaround roadmap – convincing for management, financiers and stakeholders.
Joseph-von-Fraunhofer-Str. 29
44227 Dortmund
T +49 231 97 51 82 0 F +49 231 97 51 82 20
Andreas Knaup Managing Partner / Managing Director
Steffen Leininger Partner
Parwis Masomi Partner
Christoph-Probst-Weg 4
20251 Hamburg
T +49 40 30 37 51 95 F +49 40 30 37 71 75
Jan Behler Partner
Königsallee 63–65
40215 Düsseldorf
T +49 211 28 07 99 41 F +49 211 28 04 59 73
Parwis Masomi Partner
Jan Behler Partner