YOU CAN REACH US BY EMAIL EN PHONE

NL

Our News

Interview with Ronald van Rijn on restructuring

September 18, 2020

'Restructuring of companies', what does it mean specifically?

"The first step is to jointly recognise that there is a possible continuity problem. It is then important to quickly look for the cause and the extent of the problem. In addition, we must gain insight into the activities that could be the cork for offering the company a future perspective. Rearranging the company and changing the focus often offers a possible solution to prevent discontinuity.

A quick scan often reveals the real problems. We draw up a liquidity prognosis and look at the solution directions for the short and long term. In this period it is important to determine the impact of Covid-19 and to take into account different scenarios.

Thanks to many years of experience with these restructuring issues, we quickly grasp the situation. The profession can easily be compared to that of a doctor. The more often you have operated, the quicker you recognize special situations. You can work more efficiently and with a high degree of success."

Does JBR have a permanent corporate restructuring team?

"Unfortunately, not everyone is qualified from JBR to work with. After all, not everyone can become a trauma physician or work on a trauma team. I make this comparison because in a restructuring issue, continuity is usually under pressure. It's make or break! We often work under time pressure, especially in the beginning. These are not non-committal assignments, it matters. It is often very emotional, because the necessary choices affect people and businesses."

What does the dedicated team look like?

"We have Frank Steenhuisen attracted, he has a wealth of experience from his positions in Special Management at Rabobank. He understands the bank's way of thinking.

The members of the team are Caspar van der Geest (Partner), Harold Brummelhuis (Principal) and Stijn Dijksterhuis (Senior Consultant Corporate Finance). Depending on the assignment, the team can be expanded with other consultants.

I myself am a certified member of the European Association of Certified Turnaround Professionals (EACTP). Although this has not yet become a standard requirement for the market, we ourselves feel it is important to have this certification. There are only 85 people who have this license. We feel that restructuring companies is a profession that should be taken seriously. As managing partner of JBR, I think continuing to learn, sharing experiences and transferring knowledge at a high level is very important for our people."

How does a company end up at Special Management?

"The success of a company hinges on external and internal environmental factors. For various reasons, companies can run into financial difficulties. Increasing competition or sudden drop in demand, all these factors can lead to a shortage of liquidity and mounting losses. In this era of Covid-19, the problems usually arise from external factors.

The first measure is usually to generate cash for the short term, and then prune to create a base to get the business thriving again."

How do you deal with the interests of the bank and the client? Isn't that an impossible split?

"I can give a very clear answer to that. We always put the interests of the company first. Of course we have a good relationship with the banks. The goal is always the continuity of the business. Our independent role in this is unique."

When you guys are done with restructuring, then what?

"Usually the company can continue under its own steam, if not, a temporary CEO, CFO a CRO (Chief Restructuring Officer) can take a fresh look at the company and make necessary changes within a year.

JBR Interim Executives has a permanent team with seasoned interim directors. They support each other through shadow management and knowledge sharing. An interim director helps to implement changes in order to secure continuity. He or she brings clarity, calm and stability. He or she determines priorities and mobilizes all forces to get the company back on track.

The JBR Interim Executive can always consult with JBR 's consultants on industry knowledge, trends or on financial issues. There is always opportunity and experience at JBR to think along."

All's well that ends well?

"The comparison to a trauma physician is somewhat morbid, they work passionately and committedly under difficult circumstances. They do everything they can to make sure the patient survives. If the doctor grabs a textbook first, then you can doubt their skill! This also applies to our team. We have a great deal of experience which enables us to oversee the situation quickly and intervene. The goal is the continuity of the company."

 

 

More information and contact details

Wondering what JBR can do as a partner in business restructuring? Then please contact us.

RESTRUCTURING COMPANY: ACTIVITIES EN CORE VALUE

 

Ronald van Rijn

+31 (0) 6 533 409 75
r.vanrijn@jbr.nl

Frank Steenhuisen

+31 (0)6 229 863 85
f.steenhuisen@jbr.nl