Kirchner Transition Management is highly experienced in all aspects of recovering and creating value for distressed companies. We distinguish a “workout” from a “turnaround” as follows: A workout typically entails a shorter duration engagement (four to six months) that is focused on addressing the most acute problems with the goal of preparing the company for an exit immediately upon the conclusion of the workout. A turnaround is a more significant engagement in duration (6 to 24 months+) that involves significant efforts to address both short term and strategic issues with the end goal of putting the company back on its feet. This typically includes recruiting permanent management team members where applicable and building value with the goal of an exit that is at least 24 to 36 months away.

Kirchner Transition Management provides a senior operating person who functions in a senior operating position, for example as interim CEO or Chief Restructuring Officer, during the engagement until either the end goals are achieved or a permanent replacement is hired. Because every situation varies, along with the terminology used, the most common types of engagements in this category of service are:

• Workout
• Turnarounds
• Restructuring
• Exit Strategies
• Liquidations
• Sales/Marketing
• Distressed operations

Our typical activities include (but are not limited to) the following:

• Provide an interim CEO
• Implement a cost reduction plan
• Manage day by day activities of company
• Initiate financial controls
• Lead management team
• Coordinate reporting to the Board of Directors
• Negotiate with creditors.
• Deal with legal/financial aspects of past transactions
• Serve as a ‘comfort’ to staff, suppliers and customers through transition
• Provide continuity with permanent CEO when recruited

We have developed and copyrighted a proprietary protocol for restructuring entitled TurnaroundWorks, which is summarized in the graphic, “TurnaroundWorks Action Plan”.