30 Years of Restructuring and M&A, with Christophe Callet (RSM)
How Entrepreneurs Can Navigate Restructuring and Turn Business Crises Into Opportunities
Entrepreneurs can turn crises into opportunities by acting early, seeking support, understanding restructuring options, communicating transparently, and using turnaround situations to stabilize, acquire, or reinvent businesses under pressure.
Understanding What Restructuring Really Means
Restructuring is not a single scenario but a set of legal and strategic tools. Terms like ad hoc mandate, conciliation, safeguard proceedings, liquidation, or restructuring each correspond to different levels of difficulty and response options.
Recognizing the Red Zone Early
One of the biggest mistakes entrepreneurs make is waiting too long. Entering the red zone requires fast diagnosis, clear-headed decision-making, and immediate action to preserve options and value.
Why Turnarounds Resemble Startups
Turnarounds move fast, demand adaptability, and require emotional resilience—much like startups. Limited resources, high pressure, and constant uncertainty force leaders to prioritize, decide, and execute quickly.
Using Crisis as an Entry Point to Entrepreneurship
Business distress can also create opportunities. Court-led processes allow entrepreneurs and startups to acquire companies in difficulty, offering a different path into entrepreneurship with existing assets, teams, or markets.
Three Golden Rules for Navigating a Crisis
Successful restructuring consistently follows three principles:
- Talk about it: break isolation and seek external perspectives
- Act early: time is the most critical variable
- Be well supported: legal, financial, and human support make the difference









