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Operators & Parasites: Building an effective turnaround team
Restructures are supported by a mix of operators and opportunists. I’ve worked with the very best across insolvency, investment, roll-ups, legal, and advisory. The worst are just circling for a fee.
I’ll connect you to the right people—and help you avoid the wrong ones for free.
1. Insolvency Practitioners
1. Insolvency Practitioners
1. Insolvency Practitioners
The good ones help you navigate complex situations efficiently, keeping all stakeholders aligned while maximising the outcome. The bad ones run a formulaic process with no interest in the long-term viability of the business. I’ve worked with both.
2. Investors
1. Insolvency Practitioners
1. Insolvency Practitioners
From secondary investors to structured recap funds, these firms inject capital into distressed businesses or help restructure debt. Some are true long-term partners, others are looking for an opportunistic asset grab. Knowing which is which can save you significant time and equity.
3. Turnaround Operators
1. Insolvency Practitioners
3. Turnaround Operators
The best turnaround leaders don’t just cut costs—they know how to stabilise, reposition, and rebuild a business under pressure. Some are truly transformational, while others rely on PowerPoint and clichés. If you’re looking for someone to take the wheel, I can help find the right fit.
4. M&A Advisors
6. Roll-up/ Aggregators
3. Turnaround Operators
A good advisor will be realistic and candid about your future, and be able to back up their hypotheses with data before structuring your options clearly, and running a great process. The rest will spray, pray and delay in the hope they can invoice you for a warm intro one day.
5. Specialist Lawyers
6. Roll-up/ Aggregators
6. Roll-up/ Aggregators
Restructuring and turnaround deals require lawyers who understand the nuances—this isn’t standard M&A. The right lawyer will navigate risk and structure deals creatively. The wrong one will bill you for every phone call while adding little strategic insight. I know the difference.
6. Roll-up/ Aggregators
6. Roll-up/ Aggregators
6. Roll-up/ Aggregators
The landscape of roll-ups varies dramatically, from well-funded, disciplined operators to chaotic projects with no real long-term plan. Many acquire for minimal cash and structure deals around potential future upside. Others simply hope for arbitrage with no operational expertise. I know who’s worth your time.