As at January 2017, Raymond O'Hanlon is the only European Certified Turnaround Professional in Ireland on the register of the European Turnaround Management Association. The Business Turnaround service is a speciality niche within which Preferred Results has exceptional experience and expertise. Unlike Performance Improvement projects where companies have the luxury of time to undertake detailed analysis and build perfect business models for future gains, a Turnaround situation is, almost without exception, a highly stressful condition in which a company find itself as it struggles with severe cash flow issues and concerned creditors. Turnaround assignments require a deep understanding of Operations and Finance across "ALL" of the functional areas of the business and an ability to "think outside the box" in order to rapidly restructure, reorganise and generate creative solutions to avoid more serious outcomes such as the Company being placed into Examinership, Receivership or Liquidation.
Sometimes rather than being engaged as Consultants, in the case of a Business Turnaround, Preferred Results Ltd. takes over the running of the business for a specified period. The purpose of taking over the running of the business is to deliver changes of a magnitude and at a rate which would be unthinkable under the existing management regime. Once the turnaround has been delivered, Preferred Results Ltd. transitions out to a permanent management team which is put in place as part of the process.
The appointment of Preferred Results Ltd. can occur in a number of ways. For example:
- The Board of a company appoints Preferred Results Ltd. as its Turnaround Service Provider after a significant creditor loses confidence in the MD/CEO and all or part of the Management Team
- After acquiring a business the new owners decide to replace some or all of the former management team