Oxford Turnaround Management Association meeting

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The Oxford Turnaround Management Association held a seminar on 24 March at Blake Lapthorn's Oxford office.

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Oxford Turnaround Management Association meeting

  1. 1. “ Finding water in a desert” 24 th March 2010 Oxford Turnaround Management Association. By David Hole – Turnaround Practitioner
  2. 2. “ ..... a Turnaround Practitioner's view on creating solutions and finding the money to do it with. The work of the Turnaround specialist has become more difficult to execute because the traditional sources of finance are no longer readily available. “ David Hole CEO & founder of Greenfield Restructuring Services & Minerva Training Associates & Alexander Business Consulting discusses his experiences of the last two years and suggests options for the foreseeable future. David has 23 years experience of the Turnaround / Restructuring market, has previously worked for  International, National, Regional and specialist firms of accountants. David is also a main board director of the Turnaround Management Association (UK) and is responsible for Education. In the last two years he has dealt with its Membership and PR aspects. He has a passion for the turnaround mindset. Greenfield Restructuring Services Ltd T/A GRS, Grosvenor House, 45 The Downs, Altrincham, Cheshire. WA15 8EE All contents copyright – GRS 2010
  3. 3. Greenfield Restructuring Services Ltd T/A GRS, Grosvenor House, 45 The Downs, Altrincham, Cheshire. WA15 8EE All contents copyright – GRS 2010
  4. 4. 1 - Analogy <ul><li>Internal </li></ul><ul><li>External </li></ul>
  5. 5. 2 - Market Observations <ul><li>Preparation </li></ul><ul><li>Fundamental Issues </li></ul><ul><li>Mantras </li></ul><ul><li>Assumptions </li></ul><ul><li>Marketplace </li></ul>
  6. 6. 3 - Context <ul><li>What has changed </li></ul><ul><li>What should have changed quicker </li></ul><ul><li>What will change </li></ul><ul><li>Application </li></ul>
  7. 8. Adapted from Maslow’s Hierarchy of needs. Level 3 – Self Actualisation – Hedging to protect the P & L account Level 2 – Keep to the larger picture. Preserve credit ratings, secure credit lines, issue bonds for growth & take adv of strategic opportunities. Level 1 – Physiological & Safety level = Liquidity. Greenfield Restructuring Services Ltd T/A GRS, Grosvenor House, 45 The Downs, Altrincham, Cheshire. WA15 8EE All contents copyright – GRS 2010
  8. 9. 4 – Rebalancing businesses for the future <ul><li>Asset Pricing </li></ul><ul><li>Credit Scoring </li></ul><ul><li>Unwind </li></ul><ul><li>ABL </li></ul><ul><li>Consequences </li></ul><ul><li>HMRC & rebirths </li></ul><ul><li>Rebalance </li></ul><ul><li>Pre-pack vs. CVA </li></ul><ul><li>HMRC </li></ul><ul><li>New Rules </li></ul><ul><li>Different Agendas </li></ul><ul><li>Restructuring Tools </li></ul><ul><li>SME market </li></ul><ul><li>End of Road </li></ul><ul><li>Workout Bankers </li></ul><ul><li>More Equity </li></ul>
  9. 10. 5 – Corporate Treasury <ul><li>Back to basics </li></ul><ul><li>Treasury roles </li></ul><ul><li>Quality relationships </li></ul><ul><li>Change agents </li></ul>
  10. 11. 6 – Internal Sources <ul><li>Treasury Control </li></ul><ul><li>Cash flow </li></ul><ul><li>P & L </li></ul><ul><li>Balance Sheet </li></ul><ul><li>Capital Projects </li></ul>
  11. 12. 7 – External Sources <ul><li>ABL </li></ul><ul><li>Remortgages </li></ul><ul><li>Venture Funds </li></ul><ul><li>Grants </li></ul><ul><li>Ad Hoc invoices </li></ul><ul><li>P.E. </li></ul><ul><li>Landlords </li></ul><ul><li>Shares & Bonds </li></ul><ul><li>Reverse factoring </li></ul><ul><li>Economies of scale </li></ul><ul><li>Regional Agencies </li></ul><ul><li>Business Angels </li></ul><ul><li>Bank </li></ul><ul><li>Other suppliers </li></ul><ul><li>HMRC </li></ul><ul><li>SLGS / EIS schemes </li></ul>
  12. 13. 8 – Internal Issues <ul><li>Control & Timing </li></ul><ul><li>Finance </li></ul><ul><li>Mgmt </li></ul><ul><li>Operations </li></ul><ul><li>Marketing </li></ul><ul><li>Sales </li></ul><ul><li>Strategic </li></ul>
  13. 14. 9 – External Issues <ul><li>Control & Timing </li></ul><ul><li>Mgmt Info </li></ul><ul><li>The Equity Gap </li></ul><ul><li>Share types & Issue of </li></ul><ul><li>Protection of dir/owners monies </li></ul><ul><li>Align to banks </li></ul><ul><li>Securitisation </li></ul><ul><li>Terms </li></ul>
  14. 15. 10 – SME’s & OMB’s <ul><li>Definition & Importance </li></ul><ul><li>Access / Barriers to non-bank funding </li></ul><ul><li>Recent government statements </li></ul>
  15. 19. 11 – Personal case studies <ul><li>Farm Business </li></ul><ul><li>Meat Packing Business </li></ul><ul><li>Property Development – No 1 & No 2 </li></ul>
  16. 20. 12 – Q & A
  17. 21. 13 – Tips & Recommendations <ul><li>Act before you are pushed – keep control </li></ul><ul><li>Relevant financial data </li></ul><ul><li>Sustainable business model </li></ul><ul><li>Business planning </li></ul><ul><li>New operating environment (Context) </li></ul><ul><li>Cash & Margin </li></ul><ul><li>Share business critical issues. </li></ul>

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