Turnaround

180 day cash forecast

Closer look at EBITDA add backs

An in-depth read of the covenants

Business goals: Near term sale? Recapitalize and hold long term? Merger?

Financial:

• • Debt and equity restructuring options

  • In-depth P&L review

  • AP factoring

  • Supply chain payment renegotiations

  • Review of reserves

Operations:

• • Productivity

  • Absorption vs burden; labor variances

  • Cost of Quality, warranty

  • Labor variances

  • Physical inventory

Sales

• • Margin analysis by order, by customer, by product

  • Pricing and discounts review

Engineering

• • Cost reduction options

  • Product enhancements to increase price

Overhead

• • Rooftop consolidation?

  • IT, Marketing spend review

Talent:

• • Who are the A players that can make a turnaround happen? Do they have enough incentive to stay through the turnaround?

  • Who are the C players that need to be moved out of the organization?

Develop a detailed plan to a cash projection, with a buffer that's safely clear of the Bank covenants

Establish a rhythm, owners, and tracker with each of the KPI's. Identify predictive indicators.

Have the goals been achieved? What need to be fine tuned?