What to Look For When Choosing a Turnaround Company

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If your organization sits in significant financial trouble, then you’ve no doubt realized there is a huge number of companies out there claiming to be able to help reverse your fortunes and return you to substantial profitability. While there are a number of great turnaround companies who can help you with just that, there are even more groups simply looking to take advantage of your desperation to scam you out of your remaining funds. Here’s what you need to look for when selecting a turnaround company that will truly help your organization out.

The very first thing you need to look for in a turnaround company is whether they will actually listen to your needs, whether they will actually inquire deeply about your current situation and upcoming needs, devise a plan specifically tailored with your organization in mind, or simply try and apply a “one size fits all” solution for your situation. Don’t believe any turnaround company that tells you their “patented system” will fix every company’s debt problems perfectly. Every company is different. Every company’s debt situation is different. Every company’s future plans and cash-flow needs are different. If your prospective turnaround company ignores this established reality then you need to keep looking.

Next, you want to make sure the turnaround company you’re looking at believes in upholding a courteous, respectful, and sensitive relationship with all lenders they negotiate with. A turnaround company that’s too aggressive or too one-sided in their appraisals will never successfully negotiate a deal with your lenders. The only way a turnaround company will be able to reach an arrangement with your lenders is if that arrangement is mutually beneficial - if that arrangement meets your needs and your lender’s needs. While you might think you want to work with a turnaround company that is entirely fixated on getting you a disproportionately favorable deal, that overly-optimistic lender isn’t likely to walk away from the negotiation table with good news.

If your organization finds itself in a troubled financial situation then working with a debt turnaround company is a wise move- as long as you make sure you work with the right debt turnaround company.