| p>The primary approach during this restructuring period | | | | your accounting department may deserve some of |
| will be to develop a plan that will identify the core | | | | the blame for your current predicament, and they may |
| business revenue streams that you can focus on to | | | | be motivated to cover this up. This would clearly be an |
| get your company through this difficult period. | | | | internal conflict. |
| Your plan will pare back all unnecessary operations | | | | You can include your controller or your C-level |
| and leave only the core positive cash flow functions of | | | | accounting manager on your team, but it is best that |
| the business. Then you will build back up to a stable | | | | the external expertise is available and you will not be |
| position. | | | | solely reliant on someone who may be partially |
| Create a Core turnaround Team | | | | responsible for the problems causing the need for the |
| Although you probably have the skills to implement a | | | | turnaround in the first place. |
| successful turnaround yourself, it is a good idea to | | | | The other reason you should seriously consider outside |
| seek some amount of help. This help can include any | | | | help is because it is likely that you do not have a |
| of the following professionals: | | | | certified accountant working within your organization, or |
| - Turnaround expert | | | | one with experience working on a company |
| - Certified Public Accountant | | | | turnaround, or an attorney familiar with the unique |
| - Attorney | | | | issues associated with the turnaround process. |
| Although you may have accounting or legal expertise | | | | I am not suggesting that you hire all three individuals. |
| within your organization, I recommend that you | | | | You may be able to accomplish your goals with an |
| consider hiring experts who are external to your | | | | attorney who is also a CPA and has experience with |
| organization. | | | | turnarounds. Whatever works for your particular |
| This will eliminate any conflicts your own personnel | | | | situation. |
| may have with the turnaround process. For example, | | | | |