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Spark's Rescue & Remediation Approach

Business Rescue with Turnaround- Planning, Week 1 - On site Actions

A good and thorough Reasonable prospect Assessment, means many of these actions are not required. If we have a less than perfect start then Week 1 becomes hectic!

Business Rescue Analysis and Planning workstreams

(ignore duplicates of reasonable prospect actions and demands)

Business Rescue Analysis and Planning workstreams
Work stream Purpose Accountability - Including Thought Leadership Ownership - Analysis and Planning
Legal Oversight Ensure the process is followed with duties understood, and liabilities appreciated Lead Partner Appointed Insolvency/Rescue Legal Lead Stakeholder Communication presented by each Accountable Senior as per Communication Plan Business Case and Benefits# Realization Planning input is integrated into a single plan, with Creditors able to make an informed and more objective decision on the business' future
Balance Sheet Optimization Should include any Economic Capital Optimization if applicable , and will include Asset Disposals and Liability Negotiations, must inform any Leasing, Sub-contracting or Outsourcing considerations tbd - CFO? or Banking representative? most senior and capable business finance representative
Tax Planning Have we used the Tax laws legally and to our benefit? Auditors will use their tax practice existing
independent auditors
Income Statement Dynamics Cash Cycling Acceleration and 3rd party supplier management including Inventory management Business Rescue Practitioner tbd -
Value Based Management refer to embedded links in the plan, removal of value destroying anything (could be customers, staff, channels, branches, products) Business Rescue Practitioner tbd -
Waste and Inefficiency Any process that slows down Cash Cycling, could be Over-processing, Excessive Waiting times, too many hand-offs, rework, large inventory, thoughtless transportation, over production etc Business Rescue Practitioner process owners and anyone involved in any of the process steps
People & Structure Other outputs will create a capacity mode with appropriate levels of work and direct report ratios with basic balance scorecards, new execution habits etc Business rescue Practitioner Internal HR team
Critical Stakeholder Management tbd Legal Team, Chairman of Board if necessary - as required Marketing and Comms team support?
Co-ordination of Value Streams Make sure information is passed between the value streams and that they work efficiently. Business Rescue Practitioner Some admin support appreciated, but will do all documentation and analysis reviews and final plan compilation

Meetings for Morning of Day 1 - formal rescue

Meetings for Morning of Day 1 - formal rescue
Ref Purpose of Meeting Attendees Timing
MT01 Update on Reasonable Prospect, assign Workstream Accountability, manage expectations, address concerns etc Business Leadership Team 90 mins
MT02 We re-iterate again! We must give the business as a whole:
1) Confidence in our technical ability
2) Comfort in our transparency, integrity and ethics.
3) As clear a picture of the near future as possible.
4) Information on where to get information.

Immediately Open to the floor,  
we will answer any question asked. Only requirement is for the questioner to introduce themselves and speak so that everyone can hear.

In case not asked, a prepared FAQ is made available, containing information on:
communication of business rescue purpose,
useful sources of information,
terminology and definitions.,
desired outcomes vs potential outcomes,
the Legal Business Rescue Process,
the approach to building a Rescue Plan,
key milestones,
key decision points,
communication plan,
scheduling of subsequent communication sessions

My Personal Brand, a commitment to do my best to live by it and an invitation to be challenged without consequence if my actions are contradictory.

Business Leadership Team with Rest of Business 55 mins

From here on the individual situation will dictate what happens

Week 1 (of formal rescue planning)- Deliverables

If the Reasonable prospect assessment went well, and all the data was there |(it never is though!), then what follows is just a sample.

This is a taste for the pace that is set and the amount of preparation that gets done so that we are active from day 1. By the end of the first week, we'll have

  1. Our rescue communication plan
  2. Our business rescue stakeholder management plan
  3. Our business rescue risk log with plans and owners
  4. Our skeleton plan for formulating the rescue plan, with agreed milestone dates
  5. Key staff retention plan in action
  6. Initial set of rescue actions and target areas of waste removal, and efficiency gain opportunities
  7. Cash Acceleration plan and actions, with skeleton Value Curves for subsequent actioning, with evaluation for rescue actions on:
    • Balance Sheet Optimisation
    • Income Statement Dynamics
    • LEAN waste and in-inefficiencies
    • Core Business Operating Model refinement
    • Value Based Management
    • Innovative People Solutions

Things to note are:

  • There is a big pre-investment in understanding your business
  • There is a focus on practical delivery
  • If you read the links you should have confidence that you have someone urgent and knowledgeable and practical working with you.
  • It does not slow down at all.
  • Further week plans get developed on the go, but generic templates can be requested.
  • All of these are sanctioned and run past the business prior to arriving, your input is expected and desired,.
  • Within 8 weeks you'll have a plan in motion with expected benefits being realized sooner. 
  • Barriers to non-adoption of the rescue plan are systematically removed.
  • Yes, there are a few gaps here, but you should get comfort in the approach and for a discussion to reassure you we have something from which to work.