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!
(ignore duplicates of reasonable prospect actions and demands)
|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
|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|
|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 decision points,
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
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
Things to note are: