When a business is in trouble and doesn't know where to turn next, they can look to a Chief Restructuring Officer (CRO). A CRO helps navigate the business back to health or transition to a sale or liquidation.
The CRO will assess the needs of the business and develop a go-forward plan with management and key financial stakeholders. Importantly, a CRO is more than a consultant. Therefore, the CRO must be capable of operating the business, managing key stakeholders, and negotiating critical outcomes.
The trouble is often the result of financial or operational difficulties. A CRO must be able to handle legal and financial aspects to protect creditors and owners from potentially devastating consequences.
A sudden loss of a key executive or CEO can occur from an accident, illness or injury. This can leave a small to mid-sized business without management depth or experience to put together a transition strategy. A CRO can handle this ownership restructuring as well.
From operations to finance to legal outcomes, the Chief Restructuring Officer is the key resource for businesses and business owners who need someone to not just consult - but can operate - the business through a transition.