The Renaissance Process
Before the actual process begins, several discussions are held with the client regarding their overall situation and general expectations. Shortly thereafter, we would be in a position to propose a compensation arrangement which would result in an engagement agreement.
A. Business Diagnosis and Inventory of Needs
The first step involves information gathering and should touch upon all aspects of the client's business. Similar to undertaking "due diligence" in an acquisition, there will be a need to review books and records, accounting practices, corporate procedures and the like. Interviews will be held with senior management and other members of the client's staff. The objective of this stage is to identify problems and inefficiencies and place a value on the client's business and assets.
B. Recommendations for Value Enhancement
After we have taken an inventory of the client's needs, we will prepare a brief report on our findings coupled with a set of specific recommendations. Unlike many management consulting reports that collect dust on a bookshelf, the sole aim of this report is to serve as a discussion tool for further action.
C. Establish Course of Action
The next step in the process entails a series of meetings with the client's management and other stakeholders to arrive at a planned course of action. This stage is extremely interactive and designed to build a consensus among the participants. The outcome should result in a series of assignments shared between the Renaissance Energy Group and the client's staff.
D. Implementation
The final stage involves putting the plan into action. Depending on the desired outcome, this could be as simple as adopting proposed internal changes to as complex as a sale of the client's stock or a spin-off of a non-core business line. Functioning as a "partner" in the client's business, we expect to be actively involved in the preparation of offering memoranda and the negotiation of any transactions. Our job during this stage is to also locate potential buyers and secure any working capital the client may need until the plan is carried out. It is in this stage where the Renaissance Energy Group brings the most value and has the capabilities to direct the flow of events toward the desired conclusion.
