Case study:

the bankrupt supplier

the bankrupt supplier

The future was looking bleak. The supplier was bankrupt and unable to deliver. Following two changes of ownership and years of restructuring efforts, further attempts to sell had failed and there was no plan in place for the future.

We managed to negotiate a speedy price increase in order to give the company some breathing space. We also fostered product development and innovation. Thanks to two commercially successful product innovations, the company was sold to an investor.

The future was looking bleak. The supplier was bankrupt and unable to deliver. Following two changes of ownership and years of restructuring efforts, further attempts to sell had failed and there was no plan in place for the future.

We managed to negotiate a speedy price increase in order to give the company some breathing space. We also fostered product development and innovation. Thanks to two commercially successful product innovations, the company was sold to an investor.

The subsidiary of a German company was in the red – and it was not possible to work out why from Germany.

We took control on the ground, got to grips with the culture, explored the causes and gave the senior management team in Germany an insight into the situation. The company was restructured in just 9 months, with the operating result skyrocketing by 400 per cent.

Due to a lack of data transparency, losses had not been identified, and staff were given no direction or leadership. Things could not carry on as they were.

Alongside the economic restructuring, we chalked up another major achievement, winning back the trust of the workforce and giving them a future. We appointed an operational management team who worked with us to realign the company. Even when closing a production facility, we stuck to our course and sought positive and fair solutions for each and every employee. As a result, it was possible to sell the company within 10 months and the M&A process had been initiated.

Following the death of the entrepreneur, the group of companies was a passive market player for several years, eventually having to file for bankruptcy. The senior management team and 20 heads of department at the foreign subsidiary in Croatia left the company.

We gave the group new prospects with uncompromising transparency, clear decision-making and improved productivity. Furthermore, we prevented the subsequent bankruptcy of all the remaining subsidiaries and laid the foundation for the disposal of the company. The value of the company increased threefold as a result.

The company had invested heavily in machines and property but had completely neglected market expectations and internal processes – and the banks lost confidence.

It was important to win back this confidence by quickly implementing suitable structures. This was how we paved the way for a long-term realignment, with the banks on the company's side.

are at the heart of our ethos. We do not just restructure companies, we work with them to give them a future. Founder Till Wasner knows how it feels to be an entrepreneur in a crisis. Before setting up his own business, he took over the crumbling family business and took it through the process of orderly liquidation. By doing so, he gave the staff a future perspective, and they were taken on by the new owner.

Four aspects of our work are especially important to us. We quickly provide investors, entrepreneurs and employees with transparency. We strengthen owners and entrepreneurs. We systematically develop the business model of the future – starting from day one – and get the workforce on board.
Let’s talk! We will be happy to provide testimonials from investors, banks and liquidators at any time during a personal meeting.

Facts

Here are some facts about the prior experience of the four senior partners of PROMISING PROSPECTS:

Sectors:Metalworking and machine tools industry, automotive incl. supply chain and mechanical engineering, plastic injection moulding, special purpose vehicles manufacturers, mining industry, agriculture and agricultural supplies, construction incl. Sub-sectors, professional services, IT and telecommunications, banking, furniture, energy, printing, logisticsRoles:Managing Director, CRO, CEO, Advisory Board member, Chair of the Supervisory Board, CFO, consultantFocus of duties:Corporate governance in crisis situations, active turnaround management, reorganisation in terms of performance management, investment management, investment negotiations on national and international level, planning and implementation of integrated or partial disposal processes, strategic and operational corporate management in insolvency, search for investors in insolvencyOwn entrepreneurial experience:30 yearsTotal years of executive experience:65 yearsExperience as interim managers:15 yearsInterim projects led:28Sizes of previous companies:3–3,000 employees, €1–500 millionRegions previously worked in:Germany, Central and Eastern Europe (Baltic States, Croatia), Asia (Indonesia, China, South Korea), South America

About us

Till Wasner

In the words of a Native American proverb, “Don’t judge someone before you have walked a mile in their moccasins.” The founder of PROMISING PROSPECTS sees the meaning of these words on a day-to-day basis in relation to restructuring and creating new perspectives.

After completing his university degree and having obtained a few years of professional experience under his belt, Till Wasner took over his parents’ building materials firm. But before he joined, the company had hit trouble, with falling market share in the region, no new lines of business, huge risks and tight margins. Day after day, he felt the pressure of looming bankruptcy – and is now all the more qualified to help entrepreneurs face the future in a positive and productive way. He systematically built on the family business, opening new sites and tapping in to new lines of business. He negotiated with banks and took an active role in planning. It was not only necessary to close facilities, but also usher his father into retirement in order to enable a real generational handover.

Just as the company was getting back on its feet, however, it was rocked by the financial crisis, and orderly liquidation was the only viable option. Till Wasner involved the liquidator early on in the proceedings, and the latter was truly committed to his job. Ultimately, the company was sold successfully.

The liquidator then offered Till Wasner a job as an interim manager, a role that saw him work with the senior management of a bankrupt SME. It was his first role as an external restructuring officer.

Since then, he and his colleagues at PROMISING PROSPECTS have been supporting crisis-stricken SMEs by offering a clear and positive outlook on the future and a strong understanding of their situation.

Klaus Hägele is an auditor and tax adviser with an additional qualification as a specialist adviser for restructuring and liquidation manage­ment (DStV – German Association of Tax Advisers). Before that, one of his roles was CFO of SIAG. His areas of focus are restructuring and advisory services for companies in crisis, company financing, internal and external accounting, company acquisitions and transaction consultancy.

René Kantehm, Interim CFO, went into banking after completing his Business Adminis­tration degree and worked in the industry until 2010, most recently as a Director of WestLB. He then led a medium-sized software company, securing several million euros of venture capital. He set up Dürmeister Uhren GmbH in 2015 and works as an Interim CFO. He also lectures at FOM University of Applied Sciences.

Sven Böhm ergänzt als erfahrener M&A Spezialist das Team der ECHTEN PERSPEKTIVE. Die Schwer­­­punkte des Dipl. Ökonoms liegen in der Finanzierung, Unter­nehmen­­bewertung und Unternehmen­zusammen­führung. Mit Restruk­turierungs­erfahrungen aus CRO-Positionen weltweit, hat er sich in den letzten Jahren auf die erfolgreiche Transformation mittelständischer Unternehmen spezialisiert.

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WIM GmbH
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42549 Velbert, Germany

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