Corporate Restructuring
EPS Investing provides corporate restructuring advisory focused on improving cash flow, financial structure, capital efficiency and business performance. We work with business owners to identify priority issues, develop practical solutions and support implementation within the resources available.
Improving Cash Flow, Capital Efficiency and Business Performance
Revenue can grow while cash remains tight. Slow collections, excess inventory, rising costs and increasing debt repayments can all put pressure on a business. Even profitable companies can face liquidity constraints and declining efficiency when they expand too quickly.
These challenges often reflect both financial issues and the way the business operates, including sales terms, purchasing, inventory management, resource allocation and the quality of management information. Addressing individual symptoms may not lead to lasting improvements.
EPS typically begins with financial restructuring, cash flow management and capital efficiency, then considers related changes to organization, processes and management systems where needed. Each engagement is defined by the actual issues, without assuming that the entire business requires restructuring.
The starting point is to understand where cash is tied up, which resources are being used inefficiently, what operational factors contribute to the problems and which actions can deliver measurable results.
EPS works directly with business owners and management to set priorities, develop feasible solutions and monitor results in cash flow, costs, profitability and operating performance.
Scope of Corporate Restructuring Advisory
Depending on the business’s challenges and objectives, EPS can begin with a focused financial assignment or extend the scope to related operational and management improvements:
- Financial restructuring and capital structure: review funding sources, borrowings, payment obligations and debt-servicing capacity; develop plans to balance equity and debt, strengthen financial planning and restructure debt where appropriate.
- Cash flow and working capital management: improve cash forecasting, receivables, payables, inventory management and the cash conversion cycle; release capital tied up in day-to-day operations.
- Operating performance and cost control: assess costs and margins by product, customer or business activity; improve processes and resource allocation to strengthen productivity and profitability.
- Organization and governance: clarify authority, accountability and coordination across functions; strengthen management, controls and execution of financial and operating decisions.
- Business activities and asset portfolio: assess the performance of business lines, investments and assets; recommend ways to direct capital toward value-creating activities and address underperforming resources.
- Management reporting, processes and controls: improve budgeting, cash flow reporting, performance reporting and internal controls. Where appropriate, use automation and AI to implement redesigned management and operating processes.
- Implementation support: translate recommendations into actions, performance indicators, responsibilities and review milestones; work with the business’s teams to resolve issues as changes are implemented.
Each engagement should support specific management decisions and measurable indicators, such as cash flow, working capital turnover, costs, profit margins or processing time.
From Diagnosing Problems to Implementing Solutions
EPS works with management to identify root causes, quantify financial impacts and prioritize changes that are realistic within existing resources. Implementation can proceed in stages, addressing the most pressing problems before expanding the scope.
- Review the current situation: analyze financial statements, cash flow, receivables, payables, inventory, cost structure and cross-functional processes to identify factors affecting business performance.
- Set priorities: identify issues with a material impact on liquidity, working capital, profitability and growth capacity; agree on measures of success with management.
- Develop the plan: recommend appropriate financial, operational and management solutions; define resources, responsibilities, timelines and expected results.
- Implement with the team: work together to revise policies, processes, reporting and control mechanisms; support teams in adopting changes in their day-to-day work and resolving implementation challenges.
- Monitor and adjust: assess cash flow, receivables, inventory, costs, margins and agreed operating indicators; revise the plan based on actual results.
The objective is to support businesses in achieving stronger financial health, more efficient use of capital, better cost control and management capabilities that sustain long-term development.
From Financial Information to Management Action
Improving cash flow and business performance requires timely information and clear execution processes. In suitable engagements, EPS supports the restructuring of management and operating processes, using data, automation and AI to reduce manual work and strengthen control.
- Identify the indicators that matter: select essential information on cash flow, overdue receivables, inventory, costs, margins and progress on priority actions.
- Improve information flows and reporting: connect data across functions, reduce reporting preparation time and automate repetitive steps using the platforms the business already operates, where appropriate.
- Analyze changes to support decisions: identify drivers of changes in revenue, profitability, working capital and cash flow. AI may assist with information synthesis and analysis, while material conclusions are validated with the responsible teams.
- Track improvement actions: assign each measure to a responsible person, deadline and performance indicator so management can monitor progress and address bottlenecks promptly.
For example, when revenue rises but cash collection slows, possible causes include sales terms, collection processes or the customer mix. EPS works with the business to examine the underlying factors, adjust relevant processes and establish indicators to evaluate the results after implementation.
How an Advisory Engagement Can Begin
A business can start with a specific challenge, such as cash shortages, working capital tied up in operations, rising costs or performance below expectations. EPS agrees on a clearly defined scope with the business owner before considering whether a broader restructuring program is warranted.
Financial, Cash Flow and Operating Review
Review capital structure, cash flow, receivables, inventory, profitability and related business processes. The assessment identifies underlying causes, their impact and the most promising opportunities for improvement.
Develop a Targeted Restructuring Plan
Recommend measures to improve cash flow, financial structure, costs or operating performance, based on the findings. Agree on objectives, scope, responsibilities, timelines and performance indicators.
Implementation Support and Results Measurement
Work with the business owner and responsible teams to implement agreed changes. The work may begin with one issue or function, measure actual outcomes and expand when results and business needs justify it.
When Should a Business Consider Restructuring?
Restructuring can create value for growing businesses as well as those facing financial or operational pressure. Common situations include:
- Revenue is growing, but operating cash flow is not keeping pace, leaving the business regularly short of funding to fulfil orders.
- Debt repayments, interest costs or other payment obligations are limiting financial flexibility.
- Profit margins are declining, costs are rising or profitability is not keeping pace with revenue.
- Receivables are overdue, inventory levels are high or working capital is tied up in operations.
- The business holds multiple activities, investments or assets without clear visibility into their returns on capital.
- The business owner wants to realign the capital structure and financial plan to support controlled expansion.
- Financial information and management reports are not timely, while teams still spend considerable effort on manual tasks.
- Operations depend heavily on the owner, while delegation, coordination and internal controls have not kept pace with growth.
- The business is preparing to raise capital, bring in a strategic partner or undertake M&A and needs to strengthen its financial and management foundations.
- The business needs to realign its organization, processes and management systems following expansion or changes in strategy or ownership.
When a business needs to raise capital or change its ownership structure, EPS can also provide Capital Raising & M&A Advisory. The two advisory areas can be engaged independently or combined when the circumstances call for it.
Lead Advisor
Le Trung Nam
CEO, EPS Investing
Le Trung Nam has more than 25 years of experience in corporate finance, investment, management and restructuring. At the State Capital Investment Corporation (SCIC), he participated in the management and restructuring of portfolio companies, including Giày Sài Gòn and In Nông nghiệp. He subsequently held senior positions as Chief Financial Officer, Chief Executive Officer and Chairman at joint ventures and listed companies.
At Steel Builder, he was involved in financial and organizational restructuring, management process improvements and ERP implementation. During that period, the company’s revenue doubled and it raised capital from a Thai investor. At Construction Joint Stock Company 47 (C47), he led restructuring and was directly involved in corporate governance, finance and capital raising, including a convertible bond issuance. C47’s profit increased approximately sevenfold between 2019 and 2021. These executive experiences underpin his approach to financial challenges in the context of business operations and practical implementation.
He holds a Bachelor’s degree in Corporate Finance and Accounting and a Master’s degree in Economics from the University of Economics Ho Chi Minh City (UEH), completed the Fulbright Economics Teaching Program (FETP), a program developed through cooperation between Harvard University and UEH, and received training in innovation and business management in Finland and Germany.
Discuss Your Business’s Cash Flow and Operating Performance
Tell us about the challenges your business faces in cash flow, capital structure, costs or operations. EPS can discuss a suitable advisory scope with you, from a focused review of a specific issue to a broader restructuring program where warranted.