Restructuring is a term that triggers fear and unease. It is associated with mass redundancies and the threat of insolvency. Many people only deal with it when there is no other option. Yet restructuring is not just a parachute that can catch a company, but rather the change that makes a company truly viable – and often even saves jobs! The prerequisite: don’t wait until external circumstances force you to act, but act as proactively as possible at the first signs!

“There are often no alternatives to the whether of restructuring. However, the how can be shaped together if you manage to take action at an early stage and thus remain in the driver’s seat.”

Angélique Thranberend

In this article we discuss:

1. Restructuring – what does that mean?
2. How does restructuring work?
3. What happens after the restructuring?

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The crisis does not stop

Wiesbaden, Monday morning

Anna, 46, enters the production hall. It smells of oil and metal as always. Packaging machines have been built here for over 50 years, first by her father, now by her. Vema GmbH has 140 employees and customers all over Europe. The company has grown solidly over decades, but in recent years Vema has been on shaky ground. One problem followed another – corona, the war in Ukraine, energy prices, the economic situation. The consequences: Major customers have postponed investments in machines, there are few orders, but material costs and energy costs have risen. Vema has made losses in the last two quarters, which it has been able to cushion, but there is no positive change in sight.

Anna is desperate. She can’t go on like this. The employees in the production hall nod at her and she nods back with a cramped smile. It’s no secret that the company is in a bad way; the mood is depressed.

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1. restructuring – what does that mean?

Definition of restructuring

Restructuring is a targeted, systematic process by which a company changes its internal structure, processes, strategies and financing basis to make it stable and fit for the future again.

Description Restructuring

The restructuring of a company describes coordinated changes in organization, processes, cost structure, financing, strategy and corporate culture in order to make the company more efficient. It is not just about finances, but also about how people work together in the company.

Restructuring is – similar to change management – a transformation process that must focus on both the hard side (figures, costs, organization) and the soft side (communication, culture, motivation). This means that in a restructuring process, the people in the organization are empowered to take new paths together. This requires transparency, participation and a shared understanding of the challenges.

This is typical for restructurings,

• that they take place under great time pressure,
• with limited financial scope for action,
• and are closely monitored by banks, shareholders and other stakeholders.

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Liquidity at risk

As Anna walks through the assembly department, Mehmet, who has worked at Vema for twelve years, approaches her: “We’ll probably be on short-time working next month, won’t we?” he asks cautiously. Anna swallows. “Not yet. But we’ll have to see how we get through the next few months.” She hates having to give answers like that. They sound evasive and that’s what they are. Everyone can see that there’s not much going on.

Markus, the commercial manager, is already waiting in the office. The updated liquidity plan lights up on the screen. Red figures, gray bars, too little air. “If this continues, we’ll be at the end of our credit lines in eight or nine months,” he says with raised eyebrows. Anna stares at the figures. “And what if we still get orders in?” Markus hesitates. “Well, that would be great, because then we’d gain time. But the basic problem remains.”

Basic problem. This word haunts them.

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What are the reasons for restructuring?

In which economic situations does restructuring become necessary? Restructuring becomes necessary when a company can no longer hold its own in the current market, when the previous way of working together and doing business no longer leads to success and when operational adjustments alone are no longer sufficient. Fundamental change is needed here!

Typical triggers are

• Loss of competitiveness (e.g. due to cheaper providers, digitalization)
• Market changes and declining demand (e.g. due to changing customer requirements, obsolete products)
• Rising fixed costs while productivity remains the same (e.g. due to higher energy costs)
• Persistent earnings or liquidity problems (negative EBIT over several periods)
• Increasing financing requirements
• Mismatch between strategy and actual employee behavior
• Costs for structures that are not (or no longer) sustainable (e.g. for personnel, locations, IT systems and processes)
• High complexity, i.e. products or processes are not (or no longer) efficient.

This shows that restructuring becomes an issue when figures, but also human routines and values, no longer match the necessary direction – and the company is seriously jeopardized as a result. The need for restructuring almost always arises not from a single event, but from several persistent, parallel factors, so that operational weaknesses and external influences ultimately lead to financial bottlenecks.

Crisis levels

1. Strategic crisisThestrategic crisis usually begins gradually: the company’s own products are no longer in demand, the competition is more innovative, perhaps the company has missed out on a technological change. On the surface, everything still looks reasonably good. But: the business model is crumbling.
2. Earnings crisisThecrisis is reflected in the figures: Turnover and profits are collapsing, costs are spiraling out of control. Perhaps an important customer is pulling out. This is when the alarm bells start ringing.
3. Liquidity crisis

An emergency has arisen here: the company can no longer pay its bills; insolvency is knocking at the door.

What are the symptoms of a crisis?

A looming crisis can be recognized well before the red figures.

• Has the market changed – are there new customer needs or new competitors?
• Are your sales declining?
• Are your budgets or other resources often overloaded?
• Are your decision-making processes getting longer and longer?
• Are you losing good people?
• Do you lack brilliant ideas to survive on the market?

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Rejection of change

“Basic problem…” mumbles Anna as she sits in her office “…I wish we only had one.” Vema produces very specialized products. Up to now, marketing only meant being present at the relevant trade fairs and cultivating the existing customer base. They had known each other for years. But the customers are also stumbling at the moment.

What’s more, the competition from China is so much cheaper. And if a customer is in trouble themselves, then it is the price and not the quality that determines what they buy. And the price is tough, because not only energy costs have risen, but also material costs. The company’s own fleet of equipment has not been up to date for a long time – new machines would have to be purchased. But: completely unthinkable! “Hopefully nothing will break in the near future,” Anna worries.

Anna and her staff would actually prefer everything to stay the same. Everything has been the same for decades. Sure, there have been a few new employees in recent years who wanted to change everything and bombarded everyone with their ideas. – But that met with little approval. Nobody at Vema has any intention of changing anything.

But now so much has changed on the outside that Vema cannot stand still.

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Do you have any questions? – Get in touch with us!

What is the difference between reorganization, restructuring and turnaround?

The three terms are often used interchangeably, but have different focuses. A reorganization is the final lifeline when insolvency is imminent or has already occurred. Restructuring realigns in order to stabilize. Ideally, it takes place much earlier, i.e. before the crisis occurs. A turnaround ensures growth.

Comparison: Restructuring vs. reorganization vs. turnaround

Aspect	Restructuring	Refurbishment	Turnaround
Focus	Adaptation of structures, processes, financing and strategy	Securing livelihoods and avoiding insolvency	Return to growth and profitability after the crisis phase
Goal	Restoring sustainable competitiveness	Restoration of solvency and positive going concern forecast	Strategic realignment and expansion
Typical situation	Economically strained, but still able to act	Acute economic crisis, insolvency often imminent	Stabilization achieved, now reconstruction phase
Character of the measures	Combination of operational, financial and strategic interventions	Strongly legal and financing-driven	More market- and growth-driven
Legal framework	Often out of court, possibly preventive proceedings (e.g. StaRUG)	Often in or shortly before insolvency proceedings	Generally without insolvency law framework

What types of restructuring are there?

Restructuring can be divided into four dimensions, which are combined with each other. Ostensibly, the initial aim is to create efficiency and balance finances, but ultimately a realignment always requires a change in corporate culture .

Operational restructuring

Operational restructuring improves efficiency, productivity and cost structure in day-to-day business and reduces unnecessary complexity.

In practical terms, this means: together with your employees, you analyze where and how your collaboration can run better. Which operational costs can we reduce? Which processes are too slow, error-prone or unnecessarily complex? Which (product) variants are time-consuming but do not add any value? Where can throughput times be shortened? Which tasks can be standardized or automated? Where are clear responsibilities lacking?

Financial restructuring

Financial restructuring ensures liquidity and stability of financing.

You may have to adjust payment targets and renegotiate credit lines. Very important here: trust and transparency towards your financial partners.

Ask yourselves: How long will our liquidity last? Which payments are critical? Which credit lines need to be adjusted? How can inventories and receivables be reduced? Which assets can be liquidated? How do we secure the trust of banks and investors?

Strategic restructuring

Strategic restructuring gears your business model towards future viability.

You adapt your business model to the market reality and identify future fields that are viable so that you remain competitive in the long term. This often requires a change in values so that the corporate culture can support the new direction, e.g. in terms of management understanding, values and priorities.

This is about: Which products and markets are profitable? Where are we losing competitiveness? What really differentiates us? Which business areas are tying up resources without prospects? Which trends are changing our business? What skills will we need in the future? But also: Which cultural patterns hinder quick decisions and innovation? What do leadership and collaboration need to look like in order to implement the new strategy on a day-to-day basis?

Structural restructuring

The structural reorganization creates clear structures and faster decisions.

The world around your company will continue to change and you will have to react quickly. You should therefore restructure your organizational structure, decision-making logic and responsibilities in such a way that you are always able to act without long bureaucratic safeguards across many hierarchical levels.

The central questions are: How many hierarchical levels do we need? Where are decisions delayed? Which roles and interfaces are unclear? How do we promote cross-departmental cooperation? Which decisions can be decentralized? Which meetings/committees generate little added value? How do we achieve a culture of responsibility, transparency and results orientation?

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Restructuring as the last option

A few days later, Anna is sitting at her bank. The advisor is friendly but matter-of-fact. “Ms. Weber, we take a critical view of your situation. We don’t have a reliable concept for how you want to improve your earnings situation in the long term.” “We’re working on it,” says Anna. “Good, then we need structure, measures and timetables,” he says. “Without a restructuring concept, we can’t simply extend the lines like this.”

Restructuring. The word sounds like decisions that can no longer be reversed.

Everything feels heavy on the way back. She thinks of her father, who always said: “As long as the machines are running, we don’t need consultants.” But the machines aren’t running right now. Did she react too late? Should she have seen the warning signs earlier? Did she hope too much that the market would recover?

No matter. You can’t hold out any longer. What is there to wait for? If she doesn’t act now, someone else will decide for her at some point – the bank, the insolvency code, the market. And then it’s over…

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What are the goals of restructuring?

Restructuring is a strategic instrument and not just an emergency plan. It is about strengthening a company’s potential for success so that the business model remains viable in the long term. Restructuring therefore pursues several levels of objectives, which differ in terms of time and build on each other.

Short-term goals: Defuse the crisis & create stability

First of all, we need to avert the worst in order to remain capable of acting:

• Securing liquidity
• Reduce fixed costs
• Avoidance of insolvency
• Safeguarding trust with banks and suppliers
• Stabilization of the operating business

Medium-term goals: Improve performance

Now it’s all about generating profits again:

• Optimization of products, organization and costs
• Define clear roles, responsibilities and decision-making paths
• Improving productivity and efficiency
• Restoration of profitability

Long-term goals: Establish future viability

To avoid finding itself in a similar situation at the next opportunity, the company must prepare itself to be able to adapt quickly to future changes:

• Sharpening strategic focus
• Securing competitiveness
• Adaptation of the business model
• Strengthening innovative capacity
• Develop culture and collaboration to facilitate change

Restructuring always means empowering people not only to implement rules, but also to anchor new behavior in everyday life – a key issue in change management!

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Where to start?

Anna remembers that her former neighbor Miriam had to restructure her company two years ago. She decides to ask Miriam about her experiences. Miriam manages a clothing retail chain that had 12 stores until the restructuring.

Over a glass of wine, Miriam sighs: “I understand you. I couldn’t sleep for nights on end either. All the stress. The responsibility for my people! I knew that the husband of a store manager had just become a nursing case. Or that Sergej, who always took on the extra shifts when deliveries were late, had four small children. I had such a guilty conscience.”
“And now what? Is the cow off the ice?” asks Anna. Miriam nods: “It was hard, but we’re back on track. – We’ve completely realigned ourselves. And I’m telling you – we should have done that a long time ago!” “Why? What do you mean?” “Well, the stores didn’t just start dying with corona. Even before that, people were ordering online rather than coming into our store. But things were going reasonably well for us.” “Did you have to let a lot of people go?” Miriam takes a deep breath: “We had to close half of the stores. But – thanks to online shipping, we were able to keep many people on. We switched to the designer segment, which is going quite well.” “Would you do anything differently now?” Miriam laughs: “Of course! Don’t let it go and hope, but take it into your own hands. The earlier you start, the more time and money you have to shape the future.” “How did you manage that?” asks Anna. “I had really good help. I’ll give you the contact.”

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Do you have any questions? – Get in touch with us!

Restructuring: crisis reaction or opportunity?

In most cases, restructuring is the answer to negative developments and economic emergencies. However, a purely reactive restructuring that only focuses on reducing costs (such as staff cuts) has no prospects. Sustainable success can only be achieved if there is a simultaneous realignment (processes, structures, business model, etc.) so that new customer needs and market opportunities can be exploited in the future.

You can think of restructuring as the basic renovation of an old house. A crisis response would be to patch up the leaking roof. And shaping the future would mean taking the opportunity to modernize the entire room layout and optimize the insulation for the future. Only in the second case would the house still be habitable and valuable in many years’ time.

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Optimize opportunities

Anna calls her circle of shareholders together – her mother, her uncle and two external advisors. The discussion is emotional. “We can’t just rebuild everything,” says her uncle. “But we can’t wait for the banks to cut us off either,” replies Rolf, one of the advisory board members. “We have to do something – we can’t avoid it,” Anna interjects. “Yes, well, I think we all realize that,” confirms her mother, “but where do we start? – It has to have a solid foundation!” No one has any really helpful, constructive ideas. “We can’t do it on our own. We know how to be really good under certain conditions. – But the conditions are different now. And we have no idea, otherwise it would work,” states Rolf. Anna’s mother puts it in a nutshell: “Let’s not kid ourselves: We only have one trial. We can’t do any experiments. It has to work. We need someone who knows the ropes.” With a heavy heart, they decide to get external support.

Anna gets in touch with us.

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2. how does a restructuration work?

“Planning, planning, planning; without that, there is little sustainable action.”

Angélique Thranberend

The phases of restructuring

1. Analysis and planning
   1. Take stock quickly and ruthlessly: What are the problems? What are the causes, not just the symptoms?
   2. Define targets e.g. increase market share in area x by 15%!
   3. Create a roadmap with concrete milestones!
2. Team formationThemost critical step is often underestimated: the formation of your management team. Restructuring a company is not a solo project for the management. You need the expertise of very different specialist areas: HR, legal department, internal communications, works council. If this team doesn’t work, your restructuring will be on extremely shaky ground. That’s why special care is required here!
3. Communication and change managementAcomprehensive change of course is a huge effort for everyone involved, which can only succeed if you all pull together. It is essential to get the entire workforce on board. In other words, be honest from the outset and explain the current situation. Be enthusiastic about your vision so that everyone knows what goal they are working towards. During the change, you need to keep communicating, listening and addressing concerns so that everyone stays on board.
4. Implementation of the measuresNowyou all implement the planned (operational, financial, strategic, structural) measures together.
5. Controlling and optimizationOf course,it is essential to keep checking whether you are still on the path you have taken and whether further events or findings make it necessary to make adjustments.

The phases of a restructuring merge into one another and often run in parallel. For example, urgently needed measures can be implemented immediately. Other measures are only planned once the management team is in place, as their expertise is required. And: change management should accompany the entire process.

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Restructuring advice

Wiesbaden, two weeks later.

Restructuring advice in the conference room. Our restructuring consultants Angelique and Lukas have joined Vema’s management team.

The mood of the management team is depressed. Project manager Angelique intercepts this by asking questions calmly and clearly: “We need to understand where exactly you are losing money,” she says. “In which products, in which processes, at which points in the organization.” Everyone has something to say about this and a rough picture emerges that needs to be refined.

And of course the team also has a lot of questions, especially regarding legal matters, communication and the time frame:

• What is the process like?
• What are the legal requirements?
• Who needs to be involved?
• How quickly can we implement this?
• What should we say to the people affected?
• What should you tell the workforce, and what is better not to say?

You can sense the relief in the management team once the issues have been clarified.

Markus, the commercial manager, asks quietly: “Why change management? It’s just additional costs. And we all know that we could use the money elsewhere. Wouldn’t it be better to save it?”

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Does restructuring require change management?

The answer is: Yes, definitely! Restructuring is a far-reaching change, the success of which depends on how well it is managed.

Because, as I said, restructuring is by no means just about figures and finances. The human side is at least as important. A major change is an immense uncertainty for the people in the company: many fear for their future, valued colleagues may leave the company, new things are demanded of employees. The corporate culture almost always has to adapt to new circumstances. And that doesn’t happen by itself. On the contrary: the greater the uncertainty, the more people tend to cling to what they know, because that’s what they know, that’s what gives them security. Even if the current situation is perceived as threatening and highly unpleasant, most people prefer to carry on as before instead of suddenly doing things differently. But this is exactly what restructuring is all about: changing course as quickly as possible and at full speed, because the resources still available are usually limited.

https://www.berlinerteam.de/blog/change-management-beratung/

We all know that: A company is only as good as its employees. So if employees do not actively support the new direction or perhaps even slow it down, then the chances of success are reduced.
This means that the people in the company must be supported during the change – that is the central task of change management. It’s not just about who communicates what and when, but in particular about how employees are motivated to give their best in such a vulnerable moment instead of resisting or going into shock. And thinking further: how can motivation, participation and commitment be sustainably anchored?

Do you have any questions? – Get in touch with us!

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Inventory

Over the next few days, they analyze, calculate and observe. Angelique and Lukas talk to managers and employees, walk through the halls and stand at machines. For many colleagues in production, this feels threatening. “They’re just looking for reasons to cut jobs,” says someone during the break. Anna hears sentences like this and doesn’t know how to refute them without making promises she might not be able to keep.

Mehmet speaks to her directly one day. “My wife is pregnant. I need to know if I still have a job here.” Anna sighs. “I’m doing everything I can to secure jobs. But I can’t guarantee you anything at the moment.” He nods, you can tell he would have liked a different answer. The pressure Anna feels is enormous.

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Restructuring with staff reductions

Now we come to the topic that always causes the most concern in connection with restructuring: Downsizing.

No matter how you look at it, downsizing is difficult for everyone involved. Ultimately, people lose their jobs and therefore their income, security, environment and colleagues and, of course, the feeling of no longer being needed is devastating. Having to give notice is extremely emotionally challenging for managers because they are aware of the consequences for those affected and also have to cushion their disappointment, anger or sadness. What’s more, these are people with whom they have often worked well for years. So it’s no wonder that managers dread these conversations.

The HR department is no different: responsibility for employees, legal circumstances and economic necessities have to be weighed up. The HR department has a central role to play in a restructuring: it communicates in all directions, supports employees who are leaving the company, negotiates redundancy plans together with the works council, ensures that key talent remains in the company and prepares the future personnel structure.

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Diagnosis and treatment plan

New findings are available in Wiesbaden.

The results are clear and painful: too many variants in production, set-up times too long. A product segment that barely generates a margin. Fixed costs that are too high for the current order volume. Angélique and Lukas propose a plan of action to focus on core products. The sales department is to be reorganized. A small assembly area is to be closed. A total of around 25 jobs will have to be cut.

Anna reads the plan several times. Lay off 25 colleagues? That’s tough. She sees the faces of her employees in front of her. She has a guilty conscience.

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Staff reduction process

It has been decided: the restructuring requires certain jobs to be cut. What needs to be done now?

1. Planning

Downsizing is a process that requires thorough planning:

• Who is responsible for process control?
• How long will the process take?
• Who has which role?
• When is the works council informed?
• Is there a social plan or a reconciliation of interests?
• Planning communication: How to communicate to managers, stakeholders and employees?
• Define milestones.
• Plan meetings: When, who takes part, in what constellation? Managers, HR department?
• Strengthening and empowering the performers.
• Clarify the legal background.
• Identify support options.

2. Fair Exit Talks

A restructuring process involving redundancies is emotionally and legally complex. Details and pitfalls are often unforeseeable, as most companies rarely have restructuring experience.

So how do you make the involuntary farewell as respectful as possible?

Empathy is needed here! Some people identify with their job or have been with the company for many years; for some, work is one of the most important factors. And it’s not just about letting go of their previous job, there are also fears about the future and their livelihood, and sometimes there are currently difficult personal situations.

Decency, clarity and transparency should be the compass; the HOW is decisive.

• Prepare termination interviews well!
• Avoid small talk, get to the point quickly.
• Give clear and objective reasons for the termination.
• Thank you for the work you have done.
• Give the employee time to process this first.
• Listen, show understanding, but don’t argue.
• Remain calm and objective when reacting emotionally.
• Point out support options.

3. Post-processing

If the dismissed employees have sought legal advice, they often receive feedback from their legal representatives. The best thing is to find joint solutions to avoid legal action and lawsuits.

Unfair Exit

Yes, of course you could take shortcuts: concealment, getting people out, secrecy, unfair dodges and so on. And it would probably save some money in the short term or be quicker. But apart from the fact that this would be highly indecent, you should be aware that sooner or later this will fall on your feet: legal consequences, a tarnished image, a suboptimal corporate culture and demotivated employees are the consequences. Because the employees who have to leave will talk about how they were treated in this situation and so will the people who stay with the company. No one can afford a bad reputation. And even worse: if colleagues are treated unfairly, this has an extremely negative impact on the motivation of the remaining employees.

“Indecent behavior always has consequences!”

Angélique Thranberend

Do you have any questions? – Get in touch with us!

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Communicating change

Wiesbaden, staff meeting

Anna, her uncle and Markus explain the situation to the staff and the approach they want to take. They have spent a long time preparing how best to get the message across.

It is quiet in the staff meeting. Some stare at the floor, others look directly at her as if they want to hear if she is lying. “I know that these decisions are tough,” says Anna. “But if we don’t make them, we’ll end up putting everyone’s jobs at risk.” No one applauds. But no one disagrees either.

There will be a few more meetings. But this one was definitely the most difficult.

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Restructuring video

In the video, Susanne and Angelique talk about their experiences with restructuring (23:21 min).

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3. what happens after the restructuring?

When restructuring, companies often focus on cost-cutting measures, attracting investors and redundancies. They postpone the question of how to proceed afterwards. However, this is exactly what needs to be addressed early on if real change is to take place. Many questions need to be clarified in order to put new processes, structures and a changed corporate culture in place. Who works in which position? Who needs further training; who will be transferred? Who leads where? How do we adapt our corporate culture?

What about the employees who stay?

The most important thing is usually overlooked: the employees who stay with the company. How do people fare after restructuring? They have lost colleagues, experienced great uncertainty, everything has changed. How do employees stay motivated despite all the effort? People often fall back into old patterns after an exceptional situation. In order for the changes to become permanent, employees need support even after the restructuring.

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Months in a state of emergency

The next few months are difficult. Anna concentrates on the light at the end of the tunnel. The implementation feels like a permanent crisis: redundancy talks, redeployment, new shift plans, negotiations with suppliers, talks with banks, employees with long faces. Some leave the company bitterly. Others stay and seem exhausted.

As Anna consults with consultant Angélique in the evening, HR manager Sabine comes into the office. “The mood is bad, but people are going along with it,” she says, “because they can see that you’re not ducking away.” Anna doesn’t know what to say and is pleased that Sabine is about to leave for the day. Angélique nods sympathetically: “Yes, it’s not easy. Restructuring is not a project you do on the side. It’s a feat of strength for everyone in the company.” Anna sighs.

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What are the success factors of a restructuring?

What are the do’s and don’ts of restructuring?

What problems often arise during restructuring processes?

Restructurings are as varied as the companies that have to go through them. However, some difficulties occur more frequently:

• Delays can arise due to works constitution issues, for example if the works council does not cooperate.
• Different stakeholders have different needs and this often leads to an increased need for coordination.
• Sometimes different views on HOW on the part of the company’s decision-makers slow down rapid implementation.
• If there are a lot of unfair dismissal claims, then there needs to be much more internal coordination.
• There are often misunderstandings in communication.

What are restructuring mistakes?

• Acting rashly Goals and strategy must be clearly formulated. All situations should be thought through in the short, medium and long term and alternatives considered. For example: Does it have to be a dismissal or would further training also be an option?
• Not getting employees on board. Employees are left out if communication is poor, for example if it is not clearly explained why the restructuring is absolutely necessary or if the vision is not communicated. Inadequate support from change management or a lack of employee involvement can also lead to rumors, uncertainty and resistance.
• Financial focus: simply saving money without looking at people and corporate culture.
• If things are to run better, the employees’ perspective should not be missing, as they can provide valuable information. In this way, delays, legal disputes, loss of trust and escalation can be avoided.

In a nutshell: How to make your restructuring successful?

Here we briefly summarize what is critical to success:

1. Planning, planning, planning.
   1. Honest analysis
   2. Consider all perspectives and alternatives
   3. Long-term vision & strategy
2. Restrukturierung gelingt nur mit den Menschen! 
   1. Set up a restructuring team
   2. Empower performers
   3. Involving employees
3. The how decides
   1. Clear communication
   2. Decency
   3. React flexibly to deviations

Do you have any questions? – Get in touch with us!

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A cautious look ahead

After one year, Vema’s figures are stabilizing. At last! There is less turnover, but better margins. The first new inquiries come in. The bank extends the credit lines. The company is smaller, but it still exists! Machines are running again in the hall. Not all of them. But enough to give us hope.

There’s a knock on the office door. Mehmet comes over. He shows photos of his baby: “I’m so glad the cow is off the ice.” He puts a bag of cookies on Anna’s desk. “Here. My wife baked them. They’re really good. She said to say hello.” Anna smiles and thanks him. It’s not jubilation, more silent relief.

The hardest moments for her were not the endless meetings and tough decisions, but walking through the production hall every morning.

But everything just worked out. Thank goodness.

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Reading on restructuring

Our articles on restructuring and related topics

https://www.berlinerteam.de/blog/change-management-beratung/

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https://www.personalwirtschaft.de/news/hr-organisation/restrukturierung-hr-spricht-selten-strategisch-mit-199084