As professionals in the turnaround industry, each of us faces disruption on a daily basis, either with our clients or with our own businesses. Change is constant, and responding to disruption, whether proactively or reactively, is woven into our fabric.

When I became a member of TMA in 2001, I joined for two reasons: to be part of a vibrant chapter community of local restructuring professionals with regional and global networking opportunities, and to meet other members who could refer business or deals. Today, I remain an active member of TMA because I value TMA’s role in those...

A broad-based group of TMA members gathered in Chicago last month to kick off a process that will help determine the future course of TMA. In the face of ever-changing market dynamics, the group is charged with developing a strategic plan that will ensure TMA continues to be relevant and a valuable resource for all of us involved in the turnaround and restructuring industry.

Those invited to participate represented a cross-section of our membership and included former TMA Global chairs; current TMA leaders; representatives from NextGen, TMA NOW, and North American and international...

Jean-Baptiste Alphonse Karr, a French critic, journalist, and novelist, wrote "plus ça change, plus c'est la même chose," which has been roughly translated to “the more things change, the more they stay the same" (Les Guêpes, January 1849). 

When I was growing up, my elders used that phrase to illustrate that although much appears to change in life, the underlying human condition and human interaction remain unaltered. This phrase may seem out of step with the accelerated and aggressive nature of change today. The world is shrinking, and we are being asked to think of just about...

I’ve just returned from the TMA Eastern European Conference held at the Czech National Bank in Prague. In its third year, this conference continues to grow by attracting individuals engaged in or interested in turnaround, restructuring, insolvency, and corporate renewal in the Central East European (CEE) region.

It’s no surprise that this conference grows year over year. In the past three years, new TMA chapters have opened across the region to help companies deal with fallout from the Great Recession, the maturing of the post-communist economies, and the impact of economic...

My last Reflections column in the Journal of Corporate Renewal was titled “Corporate Restructuring: Will the Force Awaken?” I’m here to tell you now that it has and we’re in the early stages of the new cycle.

I write this having just returned from TMA’s biggest and best Distressed Investing Conference ever. Over 700 of the top professionals in the restructuring industry attended the annual event in Las Vegas in February. The quality of the educational panels was excellent, and the two keynote speakers were widely regarded as the most outstanding we have had.

First up...

TMA Chicago/Midwest: Operational Excellence (Mega Chapter)

A Student Internship Competition was created in 2016 and was offered to interns at companies who are annual sponsors. The competition promotes young professionals exploring careers in corporate restructuring and enhances TMA’s visibility in the industry. 

In addition to this new initiative, the chapter has an annual budget/strategy meeting to determine its operating plan for the upcoming year. Definitive goals are set and leadership is informed. An onboarding process for outgoing and incoming leadership maximizes...

Chaos is described as a state of complete disorder and confusion.

After 28 years in the turnaround and restructuring business, one develops a taste for it. I am reflecting on what it is that distinguishes the subject matter of the turnaround industry from the healthy business world. At the risk of oversimplifying, I would suggest that professionals operating in the turnaround industry—all of us—are consistently distinguished from professionals outside of our industry by our appetite for chaos and our aptitude for bringing order where there is none.

Wrestling disorder into...

As our political, economic, technological, and social foundations are being disrupted in ways and at speeds never before imagined, we are continuously challenged in how we conduct both our personal and professional lives: how we interact and connect with one another, how we work and conduct business, and, as turnaround professionals, how we turn around businesses. We are on the cusp of the so-called Fourth Industrial Revolution that will usher in a new era that will transform our lives in unprecedented scope, complexity, and speed, outpacing all prior industrial revolutions. No aspect of...

TMA is a global community of professionals who work with companies to improve performance, manage disruption, restructure, work through insolvency, preserve equity, and drive significantly improved results. Each year, TMA members work to protect thousands of jobs, preserve hard-earned equity, and give companies a second chance. One benefit of being the TMA CEO is that I get to see the incredibly positive impact of the TMA membership in a broad perspective. There is no doubt in my mind that without the efforts of the TMA membership, our world would suffer. 

TMA members are renowned...

The lifeblood of any industry association such as TMA is an engaged membership community. Engagement has many facets, but a key element of TMA’s plan for success is predicated on attracting and retaining the next generation of turnaround industry professionals as members.

More than six years ago, I was tasked as vice president of membership at TMA Global with finding ways to grow membership in the face of an external community that was rationalizing and changing. The Northern California, Chicago, New York, and Toronto Chapters at the time all had evolving programs targeted at...