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Restructuring in economically uncertain times

Restructuring in economically uncertain times

11.03.2021 Restrukturierung
Restructuring in economically uncertain times

Initial situation:
A large project is completely eliminated

A major customer of an aviation supplier suddenly stopped a long-term project. This had a major financial impact on the location and the entire corporate division, as the high fixed costs persisted even after the project was discontinued. Top Fifty provided the company with an experienced transition manager for the inevitable restructuring. The manager was tasked with examining all options, preparing them for the decision-making of the management and the board of directors and accompanying the subsequent restructuring.  

 

The way to the solution:
Comprehensive analyzes, quick decisions and in-house know-how

The transition manager calculated all options - reduction of production areas and applied technologies, but also downsizing - and prepared them for the management and the board of directors in such a way that a quick decision could be made. Afterwards he set up a transition team with experienced line personnel, which he led as a matrix organization. This enabled him to activate the in-house experience in order to initiate the comprehensive changes. The situation on the customer front, which changed several times, posed a particular challenge. Therefore, it was necessary to design the restructuring plan flexibly, so that it could be adapted within a very short time. After the successful completion of the restructuring, people were freed up in the company, which made a successor possible with only a one-week handover period.

 

Decisive success factors:
Building trust with industry experience, a quick familiarization period and empathy

The decisive factor was the rapid familiarization by the transition manager and the rapid operational capability of the transition team. This made it possible to relieve the continuing line functions of the restructuring work as far as possible.

Since the company is politically exposed in the media, transparent communication within the company as well as with social partners, politics and society was particularly important during the entire process. Human qualities such as empathy and trustworthiness were just as beneficial as technical and economic industry knowledge.

 

Restructuring can suddenly become inevitable and is a particular challenge in economically uncertain times. Interim managers with a lot of restructuring experience from different industries work for Top Fifty. We provide you quickly and easily with experts who are familiar with your industry as well as with demanding restructuring. Contact us at office@top50interim.com or +41 (0) 41 412 02 02.