Crisis and Turnaround Management

Most companies, whether new or established, encounter difficulties at some time in their development. Weak demand, failure to adapt to change, late payments from customers, and bad debts are just some of the problems they face. However, in many cases, companies can overcome these crises, survive, and retain staff if they take appropriate countermeasures and seek professional assistance.

The Hamburg Chamber of Commerce, the Hamburg Chamber of Skilled Crafts and Small Business, and the Kreditanstalt für Wiederaufbau have launched a crisis management service for companies unable to solve their problems on their own but nonetheless with good prospects for the future.

How does our crisis management service work?

• Companies that are having financial difficulties can turn to the Chamber's advisors for confidential assistance and advice. The advisors will hold an initial consultation with the company's management team in order to gain a general understanding of the business and identify the main problem areas. In many cases, this initial consultation will suffice to create an action plan.
• If the business is still salvageable but requires a more in-depth analysis, the Chamber can appoint a management consultant as a mentor for the company. The mentor examines the business situation in greater detail and prepares a status report. This can then be used as the basis for deciding whether other, wider-ranging measures are necessary. These might include a meeting, moderated by the Chamber, of the company's creditors and debtors. The aim of the whole process is to develop a workable solution for stabilising the company's financial situation and preventing job cuts.

Costs:

No professional fees are charged for using the crisis management service. We merely ask that companies pay their mentor's travel expenses. Once the process is complete, a company may wish to retain its mentor to help it implement the action plan. In such cases, the mentor does charge professional fees.