Over the past several months we have experienced an unprecedented, albeit not unexpected, increased level of activity in the turnaround and restructuring space. With Chapter 11 filings occurring in an ever-increasing wave, and business liquidity challenges mounting, uncertainty and flexibility have become the so-called “new normal.”With this backdrop, the vital advice and services we provide as restructuring professionals is in high demand and can make the difference between the survival and failure of a business. The ripple effects of a business failure in the current fragile economic climate cannot be overstated.
One not so surprising development is that it seems as if many of our professional colleagues from other disciplines want to hold themselves out as restructuring experts. Not only that, but many of the firms and organizations that we work for have placed an increased emphasis on restructuring practices in the hope that this activity will help offset the downturn in other areas of business activity. I, for one, have authored and edited an unprecedented number of restructuring-related client alerts over the past several months and participated in numerous webinars.
With this ever-increasing level of restructuring activity and practice support of our work from our respective firms and organizations, it is important to remember that we, as members of TMA, have a distinct backdrop and advantage. We are all part of a professionally diverse community of turnaround and restructuring professionals with a unique level of connectivity, professional education, support, and common experience. This, along with the numerous educational and networking offerings offered by TMA, provides us with the necessary tools and professional relationships to assist effectively businesses that are facing financial challenges.
While we, as TMA members, certainly have broad experiences and skillsets, that does not mean that our need for practical and timely professional education and restructuring community networking is diminished in the current environment. To the contrary, the need for education and discussing restructuring issues of current import with our fellow TMA members is more vital today than ever.
As a long-standing TMA member and current TMA Global Chair, I am proud of the timely and flexible educational and networking offerings being developed and made available in real time not only by TMA Global but by our TMA chapters throughout the world as well. I encourage each of you to take advantage of these excellent educational offerings and to use the varied virtual networking opportunities to connect with fellow TMA members.
To our professional colleagues who desire to join the so-called restructuring wave, I invite and encourage you to join us as a TMA member. The recently developed TMA Boot Camp program is an excellent way to learn about the restructuring industry from seasoned and welcoming professionals. TMA membership is invaluable for those in the restructuring industry, and our TMA community provides a strong network of business-generating opportunities.
I hope to see you soon in an environment other than the virtual world we continue to find ourselves in at the moment. Until then, be safe and healthy.