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Turnaround

Nothing beats experience. But only if you share it.

  • Books

    Leadership competence. From our best sides.

    Discover our standard works with practical added value on business model redesign, restructuring and turnaround management, digitized services and much more.
  • Publications

    Facts, studies, expertise and tips.

    Concrete, practical, subject-specific and valuable.
  • SMP LeaderTalks

    Structure Management Partner in expert dialog.

    Interviews, podcasts and much more. Watch or listen now.
  • Zurück

We are the good guys. Even for bad times.

  • Turnaround expertise
  • IBR and Planning Plausibility Check

    Complex planning - we can do it easily.

    Planning means "trial and error". This is why "forward planning" and "backward planning" are part of any promising planning process.
  • Restructuring Report IDW S6 / BGH

    Crisis? Overcomeable! Turnaround? Financeable! Future? Realizable!

    Find out more about IDW S6. With our guide and our restructuring consultants.
  • Preventive Restructuring (STARUG)

    Crisis recognized, crisis averted.

    Early crisis detection and a new preventive restructuring framework. What does it need, what are its benefits and how can it be used cleverly?
  • Stakeholder Management

    Radical realism and extraordinary acceptance.

    Take the entrepreneur self-test for professional financial communication and benefit from the experience of our experts in corporate finance and sophisticated stakeholder management.
  • Evaluation according to IDW S11

    The standard that makes the difference.

    The Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) has drawn up IDW S11 for the assessment of insolvency maturity.
  • Securing Financing

    Time is money, trust is more money.

    Critical financing situations are not mastered somehow. But with liquidity planning, financial restructuring experts and the SMP financing network.
  • Corporate Finance Management

    Trust is your capital.

    And we are experts in confidence-building measures.
  • Zurück

Stronger than ever. And right now.

  • Resilience expertise
  • Business Model Redesign

    There is a better tomorrow in every today.

    Identify and improve your company's value generators and eliminate your value destroyers. With the help of our "Value Loop®".
  • Up to here and always further.
    Take the performance check and discover our performance programs for successful value enhancement.
  • Resilience for Family Businesses

    Attack instead of becoming vulnerable.

    Take the family stress test and discover the benefits of the E3 resilience formula for family businesses.
  • Value Benchmarker

    Having potential is good.

    Being able to validate it is better. Start your best performance diagnosis now. In just five days, we will determine your achievable benchmark targets and the indicative measures to achieve them.
  • Value-adding Sustainability

    It is time for a sustainable alignment of business models.

    And time to set up your own corporate performance and resilience for the future with a targeted sustainability strategy.
  • Zurück

Digitalisierung, die sich rechnet.

Whenever it is serious or meant seriously.

Your company. Our focus.

  • Industries

    No hot air, but solid advice:

    Our industry experts come from the field themselves and therefore not only know what they are talking about, but also what you are talking about.
  • Private Equity

    Countable return on partnership.

    We help you to analyze potential in the shortest possible time, bring the right people together and ensure that investments pay off in the short and long term.
  • Family Business & Networking

    When several generations are sitting at the same table, we are at their side.

    With management systems and consulting solutions, especially for family businesses.
  • Zurück

Countably successful. Decidedly better.

  • Mindset

    We are not doing anything out of the ordinary.

    Only the right thing. But exceptionally well. And you can read how we do that here.
  • People

    Our first business rule:

    Taking everything personally. That's why we look forward to meeting you in person.
  • Reputation

    You can quickly make a name for yourself.

    Making a name for yourself, on the other hand, requires more. Especially if you like to recommend it as much as we do.
  • Zurück

Evaluation according to IDW S11

Standard for the evaluation of insolvency
IDW S11

Download IDW S6 guidelines

Why? Because it must be established at the beginning of a restructuring report in accordance with IDW S6 whether the company in crisis is subject to (imminent) illiquidity and/or over-indebtedness. The most important foundations for this are a) financial status and b) financial planning derived from a meaningful business concept.

First:

The establishment of a “financial status” and – in the case of a negative financial status – the drawing up of a financial plan (over at least four weeks) to assess solvency.

Secondly:

The calculation of the liquidity requirement for (at least) the current and coming business year that must be covered with overwhelming probability (= positive going concern forecast) and – in the case of a negative going concern forecast – the preparation of an asset status to allow evaluation of over-indebtedness.

What is the main issue here?

First:

Insolvency under §17 InsO must be excluded. This is the case when due payment obligations cannot (or can no longer) be fulfilled. 

Secondly:

There must be no over-indebtedness pursuant to §19 InsO [German insolvency legislation]. This is the case if the company has a negative going concern prognosis and the net assets are negative under the assumption of liquidation values.

Furthermore, the stipulations of the Federal Supreme Court (Bundesgerichtshof) in earlier case law must also be observed. In short, the prognosis for the feasibility of the restructuring must be made by an unbiased and qualified third party.

Important note on the difference between “insolvency” and “payment stagnation”.

Caution! What follows is legalese:
“A mere payment stagnation is to be accepted in principle if the period of time a creditworthy person needs to borrow the required funds (financial gap) is not exceeded. For this it seems that three weeks are necessary, but also sufficient.”

If the insolvency grounds can be ruled out after the establishment of the company’s financial status, the drawing up of the required financial plan and the determination of a positive ongoing business prognosis, the task of actually restructuring begins with the drawing up of the restructuring concept .

Indications of insolvency (suspension of payments)

Our turnaround experts will be delighted to explain to you in more detail how well we understand companies in crisis, the associated problems, and how we can usually solve them. Our success rate of over 90% and recommendation rate of 98% speak for themselves.

Ansprechpartner

[Translate to English:]

Georgiy Michailov Managing Partner Diploma in Economics, B.M. (TSUoE)

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[Translate to English:]

Dietmar Buchfink Managing Partner Technical Diploma in Business Studies

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