What skills does a restructuring consultant need to have?
Make sure that the restructuring consultant is really a recognized implementer and not “just” a good analyst. It should also be noted that a turnaround project consists of different phases. In the first phase, immediate measures that affect liquidity and earnings must be initiated in the short term. This phase is comparable to going through the jungle with a machete. In this first phase, completely different capabilities are required than in the second phase, in which the strategic and operational course must be set anew in accordance with the restructuring concept. New sales opportunities may have to be developed and new cooperative relationships established; the business model may have to be changed or processes and/or the organizational structure adapted. This second phase requires creative implementation skills. In the third and final turnaround phase, all remaining loose ends must be tied up. New processes must settle in and, if necessary, be readjusted. Finally, measures that affect stability must be implemented. A relapse into old habits must be prevented. In this third phase, stewardship skills are more what is required.
Professional change management is required here.