Becoming a Turnaround Consultant: Professional Networks and Associations

Are you looking to become or work as a turnaround consultant? Learn more about how joining TMA and obtaining CTP designation can help you break into this field.

Becoming a Turnaround Consultant: Professional Networks and Associations

Are you looking to become or work as a turnaround consultant? If so, the Turnaround Management Association (TMA) is the ideal place to start. It is the only international non-profit organization dedicated to corporate renewal and restructuring management. To be successful in this field, it is essential to have qualified professionals with the experience and knowledge necessary to apply sound restructuring management practices to bankrupt companies. An MBA degree or CPA designation may be beneficial, but a proven track record is even more important. A restructuring specialist can take charge of a company's decision-making processes to bring it to stability, or become an active advisor to the board of directors of a struggling company.

Restructuring and restructuring services are offered through BDO Consulting Group, LLC, an independent legal entity. Once the main problems have been identified, the professional in charge of restructuring draws up a strategic plan with specific objectives and detailed functional actions. Membership in the TMA is tangible proof of the degree of professionalism, experience, and integrity of a professional dedicated to transformation. The last stage is when most companies hire restructuring professionals, unless they are forced to do so first by a lender, equity sponsor, or bankruptcy court. A restructuring manager can play a key role in identifying potential buyers, managing the information disclosure process, and negotiating the successful sale of the company at a price that maximizes the capital available for distribution to current financial claimants.

Restructuring managers do not have a political agenda or other obligations that could bias the decision-making process. A company considering hiring a restructuring professional should check the candidate's reputation with leading bankers, lawyers, accountants, financial advisors, financial agents, and commercial creditors. TMA also encourages professionals to obtain the designation of Certified Renewal Professional (CTP) as further proof of their experience and commitment to the corporate renewal industry. If you are looking for an opportunity to become a turnaround consultant, then joining TMA is an excellent way to get started. With its network of experienced professionals and resources available for members, it is an invaluable resource for anyone looking to break into this field. Additionally, obtaining the CTP designation will demonstrate your commitment and expertise in corporate renewal and restructuring management.