Description
Entrepreneurial Turnarounds – Managing Risks, Delivering Results
TMA (UK) CONFERENCE 2008
TMA (UK) President – Tyrone Courtman – gives a view.
As I opened this year’s conference, entitled “Entrepreneurial Turnarounds –
Managing Risks, delivering results”, I was reminded of our conference last year.
Perhaps more than most, those gathered knew that the global economy was going to
take a tumble; we knew realignment was long overdue, we knew that it was likely to
happen soon, but boy we could never have predicted how big and how rapid the fall
would be. Neither could we have sanely speculated the casualties, both Corporate
and Country alike.
The events are unprecedented in modern times and whilst the debt instruments may
be known by a different name, the events themselves draw many parallels from the
1930’s great depression. A localised lending problem in Florida ultimately lead to the
1929 stock market crash and 1930’s depression. A sub prime lending crisis in
Nabraska in 2007 led to the 2008 Credit crunch fuelled by the information revolution
of the last 20 years.
It is difficult to determine exactly where we are in the crisis. Some would say we are
at the end of the beginning. Others would say we are at the beginning of the
beginning - not to mention those who may say we are at the beginning of the end!
What is clear, I believe, is that we are yet to experience the onslaught of the tidal
wave following the tsunami in the credit and stock markets. Sure governments
around the world have now stepped in to help shore up their countries’ eading
financial institutions from the effects of the first wave. They now have the backing
that will enable them to take stock of their positions. They now have the time to
determine their lending policies in the light of the events in the real economy, in
anticipation of the second wave. We can only speculate on the consequences for
the real global economy, the western worlds’ pursuit of the de-regulated free market
ideal and political stability.
One thing is certain; the world today is a different place. Moving forward will be
different. You can throw out your old rule books as we begin to grapple with this - the
new world order.
Our members are busier than ever with even more work on the horizon. All these
world events make TMA more relevant than ever.
Our educational programs, regional meetings and conferences are there to help our
members stay at the forefront of the latest trends and strategies necessary to
operate effectively in our rapidly changing business climate. Whilst 2008 has thus far
been an eventful year in respect of the world economy, it has also been an eventful
year, although in a much more positive sense, for the TMA. 2008 marked the 20th
anniversary of the TMA. Established in 1988, the TMA now has over 8,300 members
in 43 chapters spread over the globe. TMA has helped to shape the turnaround
management industry, with a dedicated body of members who are leading
practitioners in the turnaround and restructuring industry from Boston to Berlin,
Seattle to Sydney, and Chicago to Calgary, New York to London and can be rightly
proud of its successes thus far.
Closer to home, 2008 saw the TMA hold its inaugural European Conference in Paris,
an event that I’m sure those that attended will testify as being a valuable addition to
the calendar. We hope to make this a regular event and plans are already advanced
for the next European Conference in Amsterdam in June 2009. We have an
enormous opportunity to make our mark on the European turnaround management
scene and this inaugural event has provided us with the springboard to do so
At a local level, there have been over 40 events held over the last 12 months,
attracting more than 1,500 guests. These events, held in 9 regions, have helped
members and non-members network and share best practice on a range of pertinent
issues, with formats varying from speaker presentations to panel discussions and
from which we have received a great deal of positive feedback.
This year’s conference, with its theme of Entrepreneurial turnarounds: Managing
risks and delivering results was our flagship event of the 2008 calendar.
Whilst publicity may go to large and high profile organisations that find themselves in
difficulty, the reality is that our economy in the UK is built upon thousands of small to
medium sized owner managed (entrepreneurial) businesses and a considerable part
of our work as turnaround professionals involves helping such businesses to survive
and prosper. They are the bedrock of the UK economy and in many respects the
individuals involved are the unsung heroes of UK Plc.
Some of the problems that these organisations face may be similar to their larger
counterparts, albeit on a different scale. However, they also face issues that are very
different from your average plc. Many of these businesses are family owned and
managed, and that in itself brings about an array of challenges and complexities for
those managing them.
However, entrepreneurial turnaround doesn’t just mean a focus on smaller
businesses. Entrepreneurship can also be a state of mind. Turnaround practitioners
sometimes receive bad press, tarnished with an image of cost cutting and asset
stripping. As those in the business realise however, cutting costs is only one
component of the actions that we need to take. Some of the most successful
turnarounds are built on improved efficiency, and also the benefits from devising new
and innovative strategies that can add value for the consumer. A turnaround
practitioner must be able to seize opportunities and display creativity in order to
provide businesses with a healthy sustainable future. This entrepreneurial mindset is
something we can and must nurture.
This year’s conference comprised big hitters and high flyers from the worlds of
finance, venture capital and law. We had turnaround consultants including an expert
in family business and an award winning turnaround practitioner. We also had
inspirational individuals from the world of sport, including a polar explorer and
advisor to the England cricket and rugby teams and an Olympic gold medal rower. In
the audience we were joined by our TMA international colleagues: Bill Skelly, Global
TMA Chairman from Heenan Blaikie LLP based in Vancouver, Canada; Arther
Perkins, Global TMA President from Deloitte, San Francisco; Carlos Gila , TMA
Spain from Gila & Co, Madrid and Maarten Slot , TMA Holland from BDO
Netherlands.
During the day we heard a lot about Entrepreneurialism today and in particular its
application in the turnaround arena. We know that entrepreneurialism is an essential
ingredient to a thriving economy and we know that those who are prepared to take
risks must be suitably rewarded. We know we are on the cusp of a new world order
and that all our experience will be in short supply in the coming months and years.
We will be in increasing demand to provide leadership and order amongst the chaos.
We too will need to rise to this challenge. We too will need to be entrepreneurial.
Some keynote messages that will remain from the day. John Jenkins- Innovate but
be rigorous in your processes to test and challenge. Alan Chambers – Don’t put your
body through what your mind has not visualised. Barbara Murry – on the competing
demands of the family business – family/ownership and business. Ben Hunt – will it
make the boat go any faster? And finally Iain Mac Ritchie on the building the bridge –
where are we now – what could it be and what are the steps?
TMA has a unique global proposition and the foundations for exercising greater
influence not only in the UK but in Europe too. Communication of what we do and
what we stand for is key. Spread the word on best practice, share ideas, experiences
and expertise.
We will continue to provide a forum to allow our Sponsors, Members and Guests to
do just that.
Tyrone Courtman, President TMA(UK), Partner and Head of Business Turnaround, Cooper Parry LLP
doc_785056146.pdf
Entrepreneurial Turnarounds – Managing Risks, Delivering Results
TMA (UK) CONFERENCE 2008
TMA (UK) President – Tyrone Courtman – gives a view.
As I opened this year’s conference, entitled “Entrepreneurial Turnarounds –
Managing Risks, delivering results”, I was reminded of our conference last year.
Perhaps more than most, those gathered knew that the global economy was going to
take a tumble; we knew realignment was long overdue, we knew that it was likely to
happen soon, but boy we could never have predicted how big and how rapid the fall
would be. Neither could we have sanely speculated the casualties, both Corporate
and Country alike.
The events are unprecedented in modern times and whilst the debt instruments may
be known by a different name, the events themselves draw many parallels from the
1930’s great depression. A localised lending problem in Florida ultimately lead to the
1929 stock market crash and 1930’s depression. A sub prime lending crisis in
Nabraska in 2007 led to the 2008 Credit crunch fuelled by the information revolution
of the last 20 years.
It is difficult to determine exactly where we are in the crisis. Some would say we are
at the end of the beginning. Others would say we are at the beginning of the
beginning - not to mention those who may say we are at the beginning of the end!
What is clear, I believe, is that we are yet to experience the onslaught of the tidal
wave following the tsunami in the credit and stock markets. Sure governments
around the world have now stepped in to help shore up their countries’ eading
financial institutions from the effects of the first wave. They now have the backing
that will enable them to take stock of their positions. They now have the time to
determine their lending policies in the light of the events in the real economy, in
anticipation of the second wave. We can only speculate on the consequences for
the real global economy, the western worlds’ pursuit of the de-regulated free market
ideal and political stability.
One thing is certain; the world today is a different place. Moving forward will be
different. You can throw out your old rule books as we begin to grapple with this - the
new world order.
Our members are busier than ever with even more work on the horizon. All these
world events make TMA more relevant than ever.
Our educational programs, regional meetings and conferences are there to help our
members stay at the forefront of the latest trends and strategies necessary to
operate effectively in our rapidly changing business climate. Whilst 2008 has thus far
been an eventful year in respect of the world economy, it has also been an eventful
year, although in a much more positive sense, for the TMA. 2008 marked the 20th
anniversary of the TMA. Established in 1988, the TMA now has over 8,300 members
in 43 chapters spread over the globe. TMA has helped to shape the turnaround
management industry, with a dedicated body of members who are leading
practitioners in the turnaround and restructuring industry from Boston to Berlin,
Seattle to Sydney, and Chicago to Calgary, New York to London and can be rightly
proud of its successes thus far.
Closer to home, 2008 saw the TMA hold its inaugural European Conference in Paris,
an event that I’m sure those that attended will testify as being a valuable addition to
the calendar. We hope to make this a regular event and plans are already advanced
for the next European Conference in Amsterdam in June 2009. We have an
enormous opportunity to make our mark on the European turnaround management
scene and this inaugural event has provided us with the springboard to do so
At a local level, there have been over 40 events held over the last 12 months,
attracting more than 1,500 guests. These events, held in 9 regions, have helped
members and non-members network and share best practice on a range of pertinent
issues, with formats varying from speaker presentations to panel discussions and
from which we have received a great deal of positive feedback.
This year’s conference, with its theme of Entrepreneurial turnarounds: Managing
risks and delivering results was our flagship event of the 2008 calendar.
Whilst publicity may go to large and high profile organisations that find themselves in
difficulty, the reality is that our economy in the UK is built upon thousands of small to
medium sized owner managed (entrepreneurial) businesses and a considerable part
of our work as turnaround professionals involves helping such businesses to survive
and prosper. They are the bedrock of the UK economy and in many respects the
individuals involved are the unsung heroes of UK Plc.
Some of the problems that these organisations face may be similar to their larger
counterparts, albeit on a different scale. However, they also face issues that are very
different from your average plc. Many of these businesses are family owned and
managed, and that in itself brings about an array of challenges and complexities for
those managing them.
However, entrepreneurial turnaround doesn’t just mean a focus on smaller
businesses. Entrepreneurship can also be a state of mind. Turnaround practitioners
sometimes receive bad press, tarnished with an image of cost cutting and asset
stripping. As those in the business realise however, cutting costs is only one
component of the actions that we need to take. Some of the most successful
turnarounds are built on improved efficiency, and also the benefits from devising new
and innovative strategies that can add value for the consumer. A turnaround
practitioner must be able to seize opportunities and display creativity in order to
provide businesses with a healthy sustainable future. This entrepreneurial mindset is
something we can and must nurture.
This year’s conference comprised big hitters and high flyers from the worlds of
finance, venture capital and law. We had turnaround consultants including an expert
in family business and an award winning turnaround practitioner. We also had
inspirational individuals from the world of sport, including a polar explorer and
advisor to the England cricket and rugby teams and an Olympic gold medal rower. In
the audience we were joined by our TMA international colleagues: Bill Skelly, Global
TMA Chairman from Heenan Blaikie LLP based in Vancouver, Canada; Arther
Perkins, Global TMA President from Deloitte, San Francisco; Carlos Gila , TMA
Spain from Gila & Co, Madrid and Maarten Slot , TMA Holland from BDO
Netherlands.
During the day we heard a lot about Entrepreneurialism today and in particular its
application in the turnaround arena. We know that entrepreneurialism is an essential
ingredient to a thriving economy and we know that those who are prepared to take
risks must be suitably rewarded. We know we are on the cusp of a new world order
and that all our experience will be in short supply in the coming months and years.
We will be in increasing demand to provide leadership and order amongst the chaos.
We too will need to rise to this challenge. We too will need to be entrepreneurial.
Some keynote messages that will remain from the day. John Jenkins- Innovate but
be rigorous in your processes to test and challenge. Alan Chambers – Don’t put your
body through what your mind has not visualised. Barbara Murry – on the competing
demands of the family business – family/ownership and business. Ben Hunt – will it
make the boat go any faster? And finally Iain Mac Ritchie on the building the bridge –
where are we now – what could it be and what are the steps?
TMA has a unique global proposition and the foundations for exercising greater
influence not only in the UK but in Europe too. Communication of what we do and
what we stand for is key. Spread the word on best practice, share ideas, experiences
and expertise.
We will continue to provide a forum to allow our Sponsors, Members and Guests to
do just that.
Tyrone Courtman, President TMA(UK), Partner and Head of Business Turnaround, Cooper Parry LLP
doc_785056146.pdf