Rapid diagnosis in two weeks
Crisis stage, root causes, liquidity position and options. A clear view on whether and how the company can be turned around.
Service 02 · Operational Restructuring
Restructuring and turnaround that actually lands in the business.
A restructuring plan is quickly written. The impact comes from implementation. We develop the measures with management, take responsibility for delivery and measure success by earnings and cash, not by slides.
In short
Operational restructuring is the sustainable restoration of a company's earning power through measures on costs, processes, sites, products and organisation. In Germany it is usually based on a restructuring plan under the IDW S 6 standard (Sanierungskonzept), which sets out the causes of the crisis, the target picture and the measures, and demonstrates that the company can be turned around. Tactical develops the plan and implements it together with management, with interim management and capital if required.
Companies with solid substance rarely get into difficulty because of their product. More often it is a cost base that no longer matches revenue, loss-making sites or product lines, dependence on a few customers, or an organisation that decides too slowly in a crisis.
Our work begins with an honest diagnosis and ends only when the measures are visible in the P&L. In between, we work inside the company, with named owners, milestones and weekly implementation tracking.
Updated: September 2026 · Responsible: Dr. Raphael Nagel (LL.M.), Founding Partner
Typical situations
When operational restructuring is needed.
- EBITDA has been declining or negative for several quarters.
- The bank requires an independent restructuring opinion as a condition for further financing.
- Individual sites, plants or product lines are consistently burning cash.
- Material, energy or labour costs are rising faster than prices can be passed on.
- A major customer or end market falls away, for example in automotive or construction.
- Management is tied up in day-to-day business and needs implementation capacity.
What we actually do
What we actually deliver.
Restructuring plan under IDW S 6
Integrated financial plan, target picture of the restructured company, action plan. In cooperation with auditors where a certified opinion is required.
Costs and procurement
Material costs, supplier portfolio, overheads and workforce structure. Every measure with a euro value, an owner and a deadline.
Sites and portfolio
Plant relocations, consolidation, closure or sale of loss-making units. Where appropriate, as a carve-out.
Sales and pricing
Customer profitability, price enforcement, renegotiation of contracts with key accounts, focus on high-margin segments.
Implementation tracking
A programme office with weekly reporting to management, the advisory board and the banks. Deviations become visible immediately and are dealt with.
Restructuring plan
What a robust restructuring plan contains.
In a crisis, German banks, credit insurers and courts expect a plan that meets the IDW S 6 standard of the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer). It answers two questions: can the company continue as a going concern, and will it be competitive and profitable again once the planned measures are implemented?
We prepare plans that meet these requirements and can be implemented in the business. The difference lies in the detail: every measure has an owner in management, a deadline and an effect in the financial plan.
- Description of the crisis stage and its causes
- Target picture of the restructured company
- Measures to overcome the crisis, with quantified effects
- Integrated plan covering P&L, balance sheet and liquidity
- Conclusion on going-concern status and restructuring capability
Comparison
Restructuring consultancy and Tactical compared.
| Traditional restructuring consultancy | Tactical Management | |
|---|---|---|
| Diagnosis and plan | Yes | Yes |
| Implementation | Optional, mostly advisory | Core of the work, with accountability |
| Interim roles (CRO, CFO) | Partly | Yes |
| Capital and equity investment | No | Yes, where it makes sense |
| Fallback if the turnaround fails | None | Acquisition or carve-out by Tactical possible |
Process
From diagnosis to impact.
Weeks 1 to 2
Diagnosis
Root causes, liquidity, turnaround capability. First immediate measures.
Weeks 3 to 8
Plan
Restructuring plan, integrated financial plan, alignment with banks and shareholders.
Months 2 to 12
Implementation
Programme office, interim roles, weekly tracking. Measures become measurable.
After that
Repositioning
Growth, digitalisation, financing or a change of ownership. The next step is decided together.
More than advisory
We take responsibility for the result.
We do not work alongside management, we work with it. If required, our people take on interim roles, for example as Chief Restructuring Officer or interim CFO. And we can do what an advisory firm cannot: provide capital or take an equity stake when the turnaround needs fresh equity. If the shareholders themselves are no longer willing to continue, Tactical is ready as a buyer who already knows the business.
FAQ
Frequently asked questions.
What is the difference between restructuring and turnaround?
The terms are often used interchangeably. Restructuring describes the reorganisation of costs, processes, organisation or financing, often before an acute crisis. A turnaround (in German, Sanierung) means overcoming an existing crisis, with the aim of restoring liquidity and earning power permanently.
What is an IDW S 6 opinion?
A restructuring plan prepared under the IDW S 6 standard of the Institute of Public Auditors in Germany. It assesses whether a company is capable of continuing as a going concern and of being turned around, and describes the measures required. Banks frequently require it as a precondition for restructuring loans or standstill agreements.
How long does an operational restructuring take?
The diagnosis takes about two weeks, the plan four to six weeks. Implementation typically runs over six to eighteen months, depending on the size of the company and the depth of the measures. First earnings effects should be visible within three months.
Does a restructuring require formal proceedings?
No. Most restructurings are carried out out of court. A StaRUG procedure or self-administration makes sense when individual creditors block a solution, contracts need to be terminated or financing cannot be achieved without court support. More under Proceedings & StaRUG.
What does restructuring advisory cost?
That depends on scope and duration. After the initial assessment, we agree a fixed framework with clearly defined deliverables. Where it makes sense, we combine fees with success components or replace them with an equity stake.
Related services
One thing usually leads to another.
Service 01
Liquidity & stabilisation
Buy time first, then restructure.
More →Service 03
Proceedings & StaRUG
When it cannot be done without the court.
More →Interim
Interim CRO and CFO
Implementation capacity for a defined period.
More →Plan
IDW S 6 restructuring plan
Content, variants, costs (in German).
More →Confidential first call
Let us talk before your options narrow.
Three lines are enough. The founding partner replies personally, confidentially and with a concrete assessment.