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...

As we prepare to host the TMA Network of Women (NOW) Summit in Chicago on May 16, I thought it was appropriate to reflect on the TMA NOW initiative. Established in 2013, TMA NOW fosters female leadership by creating the premier business development and networking group for women in the turnaround community. It does so by providing substantive education and networking opportunities to promote career growth to assist women in breaking through the glass ceiling.

I was one of the original members of the TMA NOW Committee, which was spearheaded by the inimitable Teresa Kohl of SSG...

In February, TMA Global Chair David Cohen and I attended the fourth annual TMA Eastern European Conference hosted by Erste Bank in Vienna, Austria. Bringing together nearly 150 turnaround professionals, lawyers, capital providers, and others, this meeting represented a who’s who of the profession from across the Continent and, indeed, the globe.

The conference’s programmatic theme centered on non-performing loans (NPL) with a panel dedicated to current NPL balances across the Eastern European region and an effort by the European Central Bank to establish NPL guidelines. One high-...

In November 2016 the TMA Executive Board reaffirmed that one of its core values is to “attract, represent, and develop industry experts through certification and professional development.” Acting on that core value, in December 2016 we launched revamped Certified Turnaround Professional (CTP) and Certified Turnaround Analyst (CTA) programs and designations.

CTPs are our seasoned veteran practitioners who possess the demonstrated experience, seniority, and knowledge essential to be considered industry leaders. The CTA designation is targeted toward more junior practitioners who are...

It is a time of year filled with both reflection on accomplishments achieved and anticipation of new opportunities that lie ahead. As your 2017 TMA Global president, I am honored with the confidence that TMA has expressed in me and am mindful of both the challenges and opportunities that lie ahead for our organization and for the turnaround industry more generally. Our political, economic, technological, and social foundations continue to shift in ways and at a speed never before imagined, changing the way we conduct business and transforming how we turn around businesses as a result. In...

Since the Great Recession, the turnaround, restructuring, and insolvency profession/industry has experienced significant disruption and change. As its membership has adopted new business tactics and strategies, so has TMA. As an organization, we needed to identify what we would be in future and not simply rely upon what led to our successful past.

As part of this effort, in early November the TMA Executive Board approved an updated set of guiding documents for the organization, including new statements of our mission, vision, value proposition, and set of core values, as well as who...

As we celebrate TMA’s 28th anniversary at The Annual in Orlando, we should proudly reflect on the global brand that TMA has become. TMA serves approximately 8,300 members in 55 chapters around the globe, including 23 outside of North America. TMA’s premier certification program includes nearly 800 CTPs and CTAs throughout Australia, Europe, Japan, and North America. Worldwide, TMA is the most-recognized brand and the key resource for professionals engaged in the restructuring industry.

It has been a privilege to serve as TMA’s 2016 chairman and 2015 president, and I have had the...