This still unfolding case is a study in how turnaround management (TM) consulting firms can use niche strategic consulting services to help win and then extend engagements into long term, highly profitable implementation cases.
In this case, the client was requested by its lender to work with a TM firm because it had tripped a covenant on its loan and had lost the lenders confidence. While this is a classic turnaround situation, this client had lost its way due in large part to marketing, sales and top-line issues. The client interviewed several prominent and highly qualified TM firms that were provided to it by its lender.
The TM firm involved in this case was on the lenders list because of the long and trusted relationship that the firm had built with the premiere lender in the case. This perennially recognized as “Finest” TM firm had earned its reputation over decades of value added work for hundreds of clients and lenders.
Yet, even with such impeccable credentials, the TM firm that eventually won the case found itself initially in a protracted and intense bid process with at least one other well-known TM consultancy.
The winning TM firm ultimately won this case because of the services that Michael Roth Advisors (MRA) brought to this case. This case needed specialized marketing, sales and top-line generation advisory and only the TM firm that partnered with MRA had it.
Winning a plumb assessment case in the tough turnaround market is by itself a major win for any TM firm. But what happened next turned the major win into a huge home run for the TM firm. Based upon the quality insights and trust generated by the TM firm and by MRA’s marketing and sales advisory, the TM firm and MRA were awarded many more months of implementation work at the client. The total billings that are still being generated on this case turned it from a modest sized case into one of the firms’ largest ongoing cases.
This is not the first time that the partnership with MRA has turned into a huge project for this particular TM firm. Among several similar cases, one ultimately blossomed from a short term assessment project into a multi-year project that at one point involved 10 full time TM consultants.
MRA is seeking to partner in similar ways with other TM firms. While MRA does not find clients, it helps TM partner firms to close on cases and to on occasion create long term planning, management and implementation cases. This case shows how TM firms can be just one of many winners in an MRA partnership.
For more details on this case and on how MRA generates results for multiple constituencies, please Contact Us via our website or contact Michael Roth Advisors at 973-452-2584.