30-31-corporate-restruct.qxp 22/4/09 15:50 Page 31
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customers when it comes to
collecting cash. It sounds obvious
but I can give you numerous
instances where people have failed
to invoice the correct name of the
business. If you decide to take
action to recover debt, and you
have the wrong name, or they were
trading under a different name, you
will struggle to put a case together.
You have to make sure you have a
firm grip on the administrative
processes, and that all the
paperwork is in order, so if you
want to take action, you’re in a
position to do so. Although this
doesn’t tend to happen in larger
companies, I still see it a lot in
family businesses.
10 LOOKING AFTER STAFF
available in order to be in a position much harder to secure funding and
Management
When things are going well,
to squeeze working capital. approval for essential investments.
teams face
it is tempting to ignore staff issues.
tough decisions
It is also really important to be as However when you’re asking
close to your funders as possible. In the 7 CONTINGENCY people to work harder, with no
past, it was worth looking at the PLANNING increase in pay, and good members
marketplace for alternative financing, It’s important to challenge of the team have to take the
but frankly if you have a good assumptions and always have an strain for those that aren’t
relationship with your bank, you’d be alternative plan for every eventuality. performing, this may lead to
well advised to stick with them because I would recommend that anyone with tension. Managers have to take
lenders are hard to come by. In fact, a business should write down different tough decisions in relation to staff,
competition for lending is probably at scenarios. On a practical level, while also ensuring they minimise
its lowest level in my working career. rehearse all the difficult conversations discord by communicating with
Although the base rate has gone down, you might have with customers, staff properly. ■
and LIBOR has dropped, bank fees and suppliers and employees. These
margins are higher and margins are conversations will come up and it is
more difficult, so the net cost to a better to be prepared.
TOM MACLENNAN’S CV
business of taking on debt is higher.
EDUCATION: CAREER:
8 HIT THOSE TARGETS
MacLennan qualified as Providing corporate
6 IT’S GOOD TO TALK It’s all very well identifying problems an accountant in 1984, recovery services across
At the best of times, forecasting is and forecasting for the future, but
having begun his career in a range of industries,
difficult, and it’s even harder now. you also need to put in place agreed
1981 training with Touche MacLennan is based in
Ross in Aberdeen and Edinburgh as head of
For example, a housebuilder may milestones and make sure they are
Glasgow. He obtained his Tenon Recovery in
reasonably expect to sell units with a properly monitored. If these are not
insolvency qualification Scotland. He is also a
30 per cent reduction in value, but it actively managed, strategies will drift, in 1989. member of Tenon’s
may be very hard to know how many which may be costly. It also makes
Leadership Group, the
BACKGROUND:
units he will sell. It is therefore crucial sense because there may be steps in
senior management team
MacLennan joined Scott
for the top ten
that the stakeholders understand the the process that no one can control, Oswald, a legacy firm
accountancy firm.
assumptions you are making about and if they aren’t properly thought
of Tenon Group in 1991
the market, so there are no unwelcome through, it can all go badly wrong.
and formed the firm’s OUTSIDE OF WORK:
corporate recovery MacLennan is a trustee
surprises. Even when things are going
department. He joined of a further education
well, it is important to communicate 9 ADMINISTRATIVE
Tenon in 2001, following college in the Isle of Skye.
with stakeholders, especially lenders, HURDLES Scott Oswald’ s His hobbies include golf,
about investment plans and overall It’s important to have proper terms
acquisition. football and reading.
strategy. Otherwise, it may be that and conditions in place with
Mergers & Acquisitions 31
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