Business Workout and Turnaround Services

Unpredictable events can overtake well run companies. The solution is to enlist the help of a turnaround specialist to devise and execute a workout strategy as early in the process as possible. 

We have experience assisting contractors, homebuilders, subcontractors, suppliers, retailers, and developers with business turnaround and workout situations. We also assist banks who are trying to determine the viability of their clients’ business plans, operations, and assets. 

Our goal is to get cash flow stabilized, capture revenue opportunities, and protect the core company and its owners.

Examples of our Business Workout and Turnaround Services:

• Prepared brokers opinions and valuations of ongoing businesses in order to evaluate collateral in bankruptcy/foreclosure situations. 
• Prepared detailed cash flow analysis to determine viability of homebuilder under various sales revenue projection rates. We then used the cash flow projections for internal planning and successful negotiations with lenders and other creditors.
• Assisted in the termination and wrap-up of several real estate related service businesses including renegotiation of leases, renegotiation of other loans, and splitting of intellectual property between partners. 
• Analyzed local retailer and assisted in preparing documentation for bankruptcy filing. 
• Reviewed internally generated bank package, suggested modifications, and worked with prospective lenders to replace a cancelled line of credit. A new line was obtained. 

Our process:

• Determine goals, problems, and options to ensure viability of the operation. It is best to get an expert on board early while there is still cash flow, work backlog, and sales revenues. All alternatives will be assessed including reorganization under bankruptcy laws.   
• Prepare necessary documentation and plans in order to fully understand the situation. These will vary with the circumstances but may include business valuations, cash flow projections, business plans, and analysis of major terms in legal documents such as leases, contracts, and loans.
• Develop and review strategy choices. Strategies may vary from implementing cash flow management techniques, increasing revenues, to bankruptcy. When necessary, we will refer you to qualified litigation counsel and other advisors.
• Oversee and participate in the implementation of necessary change as dictated by the approved strategy. Time is of the essence. 

We understand just how difficult these situations can be. Our principal, Greg Caruso, ran a substantial local homebuilding business during the 1990’s and was constantly confronted with these decisions. Using the above process, he managed to make a small profit every year. He understands first hand both the difficulty in moving forward and the absolute necessity to do so early.

The most important part is taking that first step to tackle your difficulties. Call Greg Caruso, Esquire, CPA, CVA today for a free, confidential evaluation at 1-410-507-5441 or gcaruso@harvestbusiness.com.