{"id":14003,"date":"2023-04-24T12:40:41","date_gmt":"2023-04-24T10:40:41","guid":{"rendered":"https:\/\/cabinet-management-transition.com\/expertise-of-an-administrative-and-financial-director-on-turnaround-missions-interview-video-of-philippe-renault-dg-daf\/"},"modified":"2023-05-23T17:26:06","modified_gmt":"2023-05-23T15:26:06","slug":"expertise-of-an-administrative-and-financial-director-on-turnaround-missions-interview-video-of-philippe-renault-dg-daf","status":"publish","type":"post","link":"https:\/\/cabinet-management-transition.com\/en\/expertise-of-an-administrative-and-financial-director-on-turnaround-missions-interview-video-of-philippe-renault-dg-daf\/","title":{"rendered":"Turnaround Expertise | Video interview with Philippe Renault – CFO"},"content":{"rendered":"\t\t
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Written Interview Summary | Turnaround Mission<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In which types of missions do you intervene most often? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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I have a strong preference and affinity for turnaround assignments. This is really my priority.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What is a turnaround mission? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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It is an intervention in a company in difficulty, often at risk of insolvency. The stakes of a turnaround mission are multiple since the economic difficulties put the whole company under pressure: loss of markets and customers, departure of key employees, hostile social climate, degraded confidence towards employees, customers, suppliers, bankers and even shareholders, strained cash flow, etc. A turnaround mission aims at preserving the future by restoring an operation in bonis, while clearing the debt resulting from the past.<\/p>\n

A turnaround mission usually begins with a refinancing phase to avoid default. This is a very technical negotiation phase, based on a quick and uncompromising diagnosis of the origin of the difficulties. It requires a very good knowledge of insolvency procedures, a solid expertise in financing techniques and networks, as well as the ability to restore confidence by defending a credible economic project for the future. This phase must be carried out within a very short period of time, otherwise, a bankruptcy filing is often inevitable.<\/p>\n

A company’s difficulties generally reflect an erosion (sometimes long-standing) of its performance. The manager will therefore have to identify and implement actions to restore it in a measurable and rapid manner.<\/p>\n

At the same time, the manager must know how to communicate reliably and mobilize the teams.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Is the company not able to rely on its internal resources to manage a turnaround? Why use an interim manager? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Some companies do. They organize and manage their own turnaround. This is particularly true for very large groups that have dedicated in-house teams. Consequently, the intervention of the interim manager is most often aimed at large SMEs or ETIs.<\/p>\n

It is important to keep in mind that a company’s difficult situation is often the result of a decline in performance that did not start yesterday. If the company was not able to deal with and anticipate a situation that was still “manageable”, it is unlikely to do better when it becomes critical.<\/p>\n

Moreover, the consequences of the company’s difficulties are very time-consuming for the management, hence the interest of the dedicated resource that is the interim manager. His experience and expertise allow him to intervene at short notice in a very short time. He has the advantage of having a fresh eye, and significant experience of the issues. His presence will relieve key employees.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Yes, but is an interim manager expensive? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We must not forget that unresolved problems are also costly. And sometimes even very expensive. In the context of a turnaround, the sanction for unresolved problems is often the RJ, which is a costly procedure in itself, or the LJ, which most often leads to the disappearance of the company. In view of these issues, the financial trade-off is most often in favor of the intervention of an interim manager, whose cost is one-time and can even be spent as an exceptional item or capitalized.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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