What we do for healthy and for distressed companies! Give us a call or drop us a line ~ Ed

1. www. ironwood advisory .com TRANSITION MANAGEMENT Change is the only constant

2. Who & How We Serve DISTRESSED COMPANIES Turnaround, Restructuring & Crisis Management Debt or Equity Financing, Sales & Acquisitions Corporate Finance HEALTHY COMPANIES Interim-Supplemental, Early or Later Stage & Growth Management

6. Options Often Narrow… Flat Lining or Underperforming ~ Many Options Early Crisis Fewer Options Late Crisis (Bankruptcy) Liquidation Flat-Lining or Underperforming Customers Defect to Competitors Cash Running Short Concrete Actions & Results Controlled Transition Early Intervention  Options   Time  Symptoms: Actions:

7. Flat Lining/Underperforming Flat Lining or Underperforming ~ Many Options  Options   Time  Market Share Diminishing Complaints Increasing A/R A/P Slowing Financial Ratios Deteriorating Listen to Customers Revamp Strategic and Operating Plans Cut Variable Costs + Fixed Overhead Modify Reporting and Accounting Systems Confront Situation Symptoms: Actions: Reduce Cycle Time

10. Early Crisis – Fewer Options Early Crisis Fewer Options Notable Revenue and Earnings Decline Ratios Off & Bank Covenant Violations Quality Problems and Returns Credit Line Maxed Out Assert Control Create a Plan Restructure Debt Change Management Sell Fixed Assets Sell Company  Options   Time  Significant Liquidity Problems Acute Production Problems Symptoms: Actions:

12. Late Crisis (Bankruptcy) Late Crisis (Bankruptcy) No Cash/Loans in Default All Financial Ratios Negative Customers Defecting to Competitors No Raw Materials Employees Rushing for Door Lawyers Taking Over Chapter 11: Some Flexibility Rehab Business with New Financing Reorganize without Court Protection Sell Company  Options   Time  Symptoms: Actions:

14. Liquidation & Wind Down Liquidation  Options   Time 

16. Actions to Conserve Options Flat Lining or Underperforming ~ Many Options Early Crisis Fewer Options Late Crisis (Bankruptcy) Liquidation Flat-Lining or Underperforming Customers Defect to Competitors Cash Running Short Concrete Actions & Results Controlled Transition Early Intervention  Options   Time  Symptoms: Actions:

19. Transition Management DISTRESSED COMPANIES Turnaround, Restructuring & Crisis Management Debt or Equity Financing, Sales & Acquisitions Corporate Finance HEALTHY COMPANIES Interim-Supplemental Early or Late Stage & Growth Management