 General
David Graham, Partner at RIVO Partners Company Turnarounds, talks about the operational side of a successful business turnaround of a £100 million wholesale company.
In this interview David covers:
• The financial status of the company
• Reconciling and fixing the operational realities of the company to improve cash flow
• Ensuring your board can communicate and be pro-active.
Business Turnaround – The CFO Perspective David Graham, Partner, RIVO Partners
RAP Group plc was an LSE-listed, struggling, DIY products business. Andy Makeham led the buyout of Kewill's UK software business, creating K3, and reversed it into RAP. K3 sold off RAP's businesses and the new operation became Microsoft's biggest UK partner in solutions for retail and manufacturing operations.
K3 is growing, profitable and seeking further acquisitions. However in hindsight, Andy Makeham thinks that IPO-ing K3 would have been more effective than reversing into an existing...
Reverse takeover: the transformation of RAP plc into K3 Business Technology Group plc Andy Makeham
CEO, K3 Business Technology Group plc
Nick Winton was brought in as an outsider to turn around and manage a family business in distress. In this interview Nick talks about why the business was not performing and what he did to recover it.
Turning around a family business Nick Winton, Business Coach, Shirlaws Ltd
When Richard Turner was brought in to run Clearswift in mid 2008, the company (with a £25m turnover in security software), was loss making and heavily in debt. The credit crunch meant that the necessity of reducing over £4m of debt could only be achieved through improved management and focused cost cutting. This involved finding the right mix of cost cutting to preserve cash.
Clearswift is on track to clearing all debt by the end of 2009, and moving into a positive EBITDA.
Clearswift: a case study in business turnaround Richard Turner, Chief Executive, Clearswift
Sandy Khanna, a partner in IBM’s Managed Business Process Solutions team, discusses how and why a business might outsource its accounts receivable function to a third party.
In this interview Sandy covers:
• Ways in which a external provider might improve the performance of accounts receivable
• The practical implications and costs involved in outsourcing this business function
Outsourcing accounts receivable Sandy Khanna, Partner, Managed Business Process Solutions, IBM
Michael Potts is a partner at law firm Byrne and Partners, a litigation law firm specializing in civil fraud and criminal investigations and prosecutions. Michael is a corporate fraud and regulatory expert.
In this interview Michael discusses:
• What malpractice investigations are
• Why they take place
• The different forms of malpractice investigations.
Malpractice Investigations: What kinds exist Michael Potts, Partner, Byrne and Partners
Michael Potts is a partner at law firm Byrne and Partners, a litigation law firm specializing in civil fraud and criminal investigations and prosecutions. Michael is a corporate fraud and regulatory expert.
In this interview Michael discusses:
• What dawn raids are
• Why and how to prepare for a dawn raid
• The reasons for a company being raided
Dawn Raids: How to manage and avoid them Michael Potts, Partner, Byrne and Partners
Moray Reid, who leads IBM’s Managed Business Process Solutions in the supply chain area, discusses how and why a business might outsource its procurement function (or parts of it) to a third party.
In this interview Moray covers:
• Aspects of procurement that it is possible to outsource
• Ways in which a external provider might reduce direct and indirect procurement costs
• The practical implications and costs involved in outsourcing this business function.
Outsourcing your procurement function Moray Reid, Supply Chain and Procurement Offerings Leader, IBM
John Summerhill is managing director of European Design Centre, a luxury market furniture retailer. He has owned and run businesses during three recessions.
In this interview John discusses:
• EDC’s challenges due to the recession: maintaining volumes and margins
• Running the business during a recession: maintaining confidence and maintaining the right team
• Working capital issues: why cash is king; being tough on credit management
• Utilising the Government’s ‘small bu...
Overcoming challenges faced during a recession John Summerhill, Managing Director, The European Design Centre
John Summerhill is managing director of European Design Centre, a luxury top market furniture retailer. He has owned and run businesses during three recessions.
In this interview John gives tips and advice on what owners should do during a recession:
• having confidence in what you’re doing
• the importance of maintaining cash
• aim to increase volumes because margins will inevitably suffer
• why trimming staff levels is not necessarily the right response
Top tips on surviving recession John Summerhill, Managing Director, The European Design Centre
Michael Potts is a partner at law firm Byrne and Partners, a litigation law firm specializing in civil fraud and criminal investigations and prosecutions. Michael is a corporate fraud and regulatory expert.
In this interview Michael discusses:
• What public interest whistle blowing is
• The types of malpractices that are covered by the law on whistle-blowing
• What employees who are considering making a disclosure of malpractice need to know
• Why all employers need an eff...
Whistle blowing: Advice for employees and their employers Michael Potts, Partner, Byrne and Partners
Michael Potts is a partner at law firm Byrne and Partners, a litigation law firm specializing in civil fraud and criminal investigations and prosecutions. Michael is a corporate fraud and regulatory expert.
In this interview Michael discusses:
• The bodies involved in external investigations of corporate malpractice
• Reasons why a company might be investigated
• How companies should deal with malpractice that is disclosed as a result of whistle-blowing
Whistle blowing: Being investigated by an external body Michael Potts, Partner, Byrne and Partners
Michael Potts is a partner at law firm Byrne and Partners, a litigation law firm specializing in civil fraud and criminal investigations and prosecutions. Michael is a corporate fraud and regulatory expert.
In this interview Michael covers:
• Byrne and Partners company profile
• His role at Byrne and Partners
Company Profile Michael Potts, Partner, Byrne and Partners
Lisa Porter, an experienced business turnaround practitioner, talks about her own experience with a business she struggled to keep alive against the odds.
In this interview Lisa covers:
• the background to the business
• the difficulties of running a family operation
• what went wrong
• what was done to try and sort the business out
• the lessons learned.
How to lose a business in 10 years! Lisa Porter, Knowledge Centre Director, Knowledge Peers plc
Paul Murray, non-executive director on the board of a number of companies including Thomson SA, Taylor Nelson Sofres PLC and Tangent Communications PLC, shares his insights on what boards should watch out for and the actions that they should take in a downturn.
In this interview Paul covers:
● the characteristics of a board which can cope with a downturn
● the early warning signs that NEDs should look out for
● the actions the board should take if business is deteriorating.
Handling downturn in business: the NED view Paul Murray, Non-Executive Director
Lisa Porter, an experienced business turnaround practitioner, talks about an instance of fraud.
In this interview Lisa explains:
• the background
• weakness in monitoring and awareness
• forged cheques, and where responsibility sits
• dealing with the consequences of a shock cash shortfall
• getting the various stakeholders on side.
Fraud: A case study Lisa Porter, Knowledge Centre Director, Knowledge Peers plc
Kesh Morjaria, prior to founding thebestof Brent, was the owner of a chain of photo shops that he successfully sold to one of the major high street brands.
In this interview Kesh talks about his experience during the last recession when his bank pulled his facilities. He explains what he did to turn the business around, pay back his debts and eventually sell the business.
Turning around a photo shop business Kesh Morjaria, Owner, thebestof Brent
Victoria Leigh is a lawyer who specialises in commercial matters and dispute resolution. Here Victoria looks at the issue unauthorised use of company information by ex employees, covering:
• What you should do first, if you believe an ex employee has removed commercially sensitive information
• The initial steps you can take to protect your company, and the evidence you should look for
• Preventing potential loss and damage
• When loss or damages occur, how to seek recompense
Unauthorised use of company information by former employees Victoria Leigh, Partner, Hammonds
Roger Wilson, Chairman of Adept Telecom, discusses what boards should watch out for and the actions that they should take in a downturn.
In this interview Roger covers:
● the characteristics of a board which can cope with a downturn
● the early warning signs that the NEDs should look out for
● the actions the board should take if business is deteriorating.
Handling downturn in business: the Chairman’s view Roger Wilson, Chairman, Adept Telecom
Lisa Porter, an experienced business turnaround practitioner, looks at why bad planning and inadequate reporting often leads to businesses running into problems.
In this interview Lisa explains:
• how a lack of planning can lead to difficulties due to inadequate response to changing circumstance
• why businesses unable to detect bad performance will the suffer most.
Poor business planning and business distress Lisa Porter, Knowledge Centre Director, Knowledge Peers Plc
Chris Dines is an experienced CEO, and has successfully managed companies through a cash crisis.
Here Chris discusses:
• micro-management of cash flow and cash forecasts
• adherence to bank covenants
• relationships with key parties: Bank, Customers, Suppliers, Board
• involvement of the CEO
• managing and supporting the accounts department.
Managing cash flow during a cash crisis Chris Dines, CEO, Knowledge Peers plc
Chris Dines, an experienced CEO with experience of successfully managing companies through severe downturns, talks about the possible ways of responding to a significant downturn in sales.
Here Chris discusses:
• not doing the obvious, cutting your sales team, until you’ve look at the roots of the problem
• re-focusing, perhaps increasing, your resources on the best parts of your customer base
• ensuring the whole company is aware of your revised sales strategy, and which cu...
Dealing with a general sales turndown Chris Dines, CEO, Knowledge Peers plc
Lisa Porter, an experienced practitioner, explains the role of the business turnaround director or “company doctor”.
In this interview Lisa covers:
• the type of scenarios in which they get involved
• the type of companies
• the stage at which they get involved
• who employs them
• length and nature of engagement
• the personal risk that a turnaround practitioner takes on.
The role of the Business Turnaround Director (or Company Doctor) Lisa Porter, Knowledge Centre Director, Knowledge Peers Plc
Lisa Porter, an experienced business turnaround practitioner, highlights some of the symptoms she looks for in a company that is experiencing a degree of business distress.
In this interview Lisa highlights:
• the need for management, together with Non Executive Directors, to be as open with their advisors (and themselves!) as they can, and as early as possible.
Spotting business distress Lisa Porter, Knowledge Centre Director, Knowledge Peers Plc
On 2nd March 2009, a group of 125 business leaders from the UK growth sector gathered in the Cabinet War Rooms to debate the big question of the day: Is it really possible to respond positively to the downturn, or should managers retreat to their bunkers to sit it out? Aided by panellists Nick Leon, Mike Kirkham, Lisa Porter, Ian Jindal and chair Chris Dines, the group concluded … (click through to read the full report)
Special report from the bunker: Positive responses to downturn
Audio Podcasts
In this audio podcast Nick Winton was brought in as an outsider to turn around and manage a family business in distress. In this interview Nick talks about why the business was not performing and what he did to recover it.
PODCAST: Turning around a family business Nick Winton, Business Coach, Shirlaws Ltd
In this audio podcast: When Richard Turner was brought in to run Clearswift in mid 2008, the company (with a £25m turnover in security software), was loss making and heavily in debt. The credit crunch meant that the necessity of reducing over £4m of debt could only be achieved through improved management and focused cost cutting. This involved finding the right mix of cost cutting to preserve cash.
Clearswift is on track to clearing all debt by the end of 2009, and moving into a positive ...
PODCAST: Clearswift: a case study in business turnaround Richard Turner, Chief Executive, Clearswift
Insolvency
Antony Fanshawe, a Partner with Begbies Traynor, advises firms who employ an insolvency practitioner on what to expect. Drawing on his many years of experience as a practitioner, Antony outlines the steps which firms can take to turn themselves around. Questions covered are:
When should an insolvency practitioner be brought in?
Whom does the practitioner represent?
What are the duties of a director in such a situation?
Employing an insolvency practitioner: The practitioner's view, Antony Fanshawe, Partner, Begbies Traynor
Legal Framework
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency.
Paul Taylor looks at the issue of preferential trading prior to insolvency, covering:
• The legal position
• The obligation to avoid transactions at undervalue
• The need to avoid unusual dealings with related parties
Preferential trading prior to insolvency Paul Taylor, Partner, Fox Williams Solicitors
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency.
Here Paul looks at:
• The role of the liquidator
• The potential liabilities for individual directors
• Penalties
• How often actions are brought
Wrongful Trading Part 2 – The Consequences of Wrongful Trading Paul Taylor, Partner, Fox Williams Solicitors
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency. Here Paul looks at:
Paul Taylor looks at:
• The legal definition of wrongful trading
• In practical terms, what indicates wrongful trading
Wrongful Trading Part 1 – What is Wrongful Trading Paul Taylor, Partner, Fox Williams Solicitors
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency.
Paul Taylor looks at the issue of personal guarantees signed by a director, covering:
• What personal guarantees are and who asks for them
• When they can be invoked
• How to limit personal exposure in relation to a guarantee that is called on
Personal Guarantees Paul Taylor, Partner, Fox Williams Solicitors
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency.
Paul Taylor looks at how a director’s responsibilities change a company moves from being a going concern to an insolvent position. He covers:
• How an individual director and board should amend behavior
• How responsibilities to creditors changes
• Whether or...
Directors’ responsibilities when a company is in financial stress Paul Taylor, Partner, Fox Williams Solicitors
Paul is a partner in the corporate department at Fox Williams solicitors and advises clients on a broad range of business areas including mergers and acquisitions, joint ventures, private equity, banking and insolvency.
Here Paul looks at:
• The facts that might reflect that a company had clearly become insolvent
• How the Board and individual directors have behaved
Wrongful Trading Part 3 – Defending a claim of wrongful trading Paul Taylor, Partner, Fox Williams Solicitors
Paul Taylor, Partner of Fox Williams LLP, talks about the personal responsibility of a director facing a financial crisis and possible corporate insolvency.
In this interview Paul explains:
● the extent of the director's personal liability and responsibility
● initial moves when faced with a financial crisis
● the ramifications of wrongful trading.
Directors' personal responsibilities and corporate insolvency Paul Taylor, Partner, Fox Williams LLP
Paul Taylor, Partner of Fox Williams LLP, talks about the options for a company in financial distress.
In this interview Paul highlights:
● the routes for a company in financial distress
● the first steps for companies that can be saved
● the differences between a CVA and an administrative receivership
● the meaning of liquidation.
Options for a business in financial distress: Liquidation and Administration Paul Taylor, Partner, Fox Williams LLP
Managing downturns
Andy Hogarth, executive Chairman and CEO of Staffline and non-executive Chairman of Carnell, discusses how they dealt with the downturn through an efficiency drive and changing of staff mix.
Driving efficiency in response to a downturn Andy Hogarth, Chairman and Chief Executive, Staffline Group Plc
Sales and Marketing
David Foster is an experienced business turnaround practitioner. In this interview, he describes his work with a firm in serious financial difficulties as a result of losing its only wholesale customer. The turnaround plan involved a big change in distribution strategy, which necessitated a brand new approach to sales and marketing. In this interview, David describes how this was put in place.
Turning around a business through marketing transformation David Foster, Business coach and turnaround manager
Helen Marini, senior partner at Westminster Compliance, highlights the key aspects of successful tenders for public sector contracts.
"... your only chance of portraying a good image of your company is by what you write."
Public sector contracting: writing a winning tender Helen Marini, Senior Partner, Westminster Compliance
Nigel Lack, senior partner at Westminster Compliance, outlines how you should go about looking for public sector contracts.
In this interview Nigel covers:
• The benefits of public sector contracts
• How to maximise your chances of winning these contracts
• Accessibility of public sector contracts for SMEs.
"... on average these contracts last 3 to 5 years and can be a guaranteed source of income."
Public sector contracting: an overview Nigel Lack, Senior Partner, Westminster Compliance
Mark Perl is Director of The Guru Garage, a company that trains professionals how to network in a confident and effective manner.
In this interview Mark talks about the importance of networking during an economic downturn, and how business leaders can improve their networking skills.
Effective networking Mark Perl, Director, The Guru Garage
Nick Leon is director of Design London, an international centre of excellence for design-led innovation.
In this interview, Nick discusses how smaller businesses can respond to the economic downturn by taking advantage of their greater flexibility to innovate.
Staying flexible in the downturn Nick Leon, Director, Design London
Nigel Lack is a senior partner at Westminster Compliance, a company that works with organisations to keep their employees and clients safe, and to help businesses grow.
In this interview Nigel talks about how smaller businesses can get involved with competing for public sector contracts.
Competing for public sector contracts Nigel Lack, Senior Partner, Westminster Compliance
Carl Thompson is a chief financial officer at Hexagon Human Capital, a company specialising in providing leadership and senior management talent through senor interim management and executive search.
In this interview Cark discusses how Hexagon Human Capital is responding positively to the economic downturn.
Staying positive during the downturn Carl Thompson, Chief Financial Officer, Hexagon Human Capital
Alan Coates is Chairman of Park Royal Partnership Ltd, an urban regeneration partnership, committed to the promotion and economic development of Park Royal, Europe’s largest industrial area. In this interview Alan discusses how businesses should respond to a downturn.
In this interview Alan discusses:
• the challenges facing sales and marketing departments as a result to the economic downturn
• how a sales and marketing department should respond to a challenging marketplace.
Responding to an economic downturn Alan Coates, Chairman, Park Royal Partnership
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KC Director
Lisa Porter:
Entrepreneur and corporate troubleshooter.
Panel of Experts 
Michael Potts:
Michael Potts is a lawyer, and a Corporate Fraud and Regulatory expert.
Tony Groom:
Tony is Company Doctor with eighteen years of experience, managing the strategic and financial restructuring of companies and overseeing their operational reorganisation.
Paul Taylor:
Corporate lawyer specialising in M&A and business turnaround for private companies.
James Earp:
Specialist in corporate recovery and reorganisation.
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