Mark Powers Quoted in “Secrets of a ‘turnaround guy’” in American Banker

May 6, 2024

As part of most loan agreements, banks can require borrowers to engage a consultant if they violate a covenant or show some other sign of difficulty managing their organization’s debt. Known as turnaround consultants, these individuals play a critical role helping distressed businesses resolve troubled loan relationships by re-establishing frazzled lines of communication and providing a clear-eyed view that is sometimes missing inside struggling companies. Mark Powers spoke with the American Banker about the benefit turnaround consultants offer distressed businesses.

“I think sometimes with [distressed] small or family-owned businesses, it’s good to get a very smart, disinterested financial person in place,” Mark said. “Sometimes you see with smaller or midsize businesses, maybe it’s a family owned business — whether it’s first generation, second generation or third generation — it’s like a separate member of the family. Whoever is managing things may not be looking at the company’s prospects objectively.”

 Continue reading “Secrets of a ‘turnaround guy’” on the American Banker website (subscription required).