Corporate restructuring, whether due to financial distress, legal complications, or strategic reorientation, is a complex and often daunting task. As such, hiring professionals, more specifically, Restructuring Consultants, to navigate this labyrinth of reformation often feels like a necessity. However, before embarking on this journey, there are certain facets about these consultants that I wish I had been aware of. Let me share with you 12 things you should know about Restructuring Consultants:

• Multidisciplinary Approach: Restructuring Consultants often hail from an array of backgrounds, including finance, law, and economics. This multidisciplinary perspective enables them to tackle complex restructuring cases holistically, striving for the most effective solution. Having a broad understanding of the dynamics of business, they can highlight potential areas of improvement that may be overlooked by those with a specialized focus.
• Role of a Diagnostician: At their core, Restructuring Consultants are diagnosticians. They delve into your company's historical performances, current standing, and the environment it operates within to identify the root causes of distress. Applying the principles of forensic accounting, they decipher the fiscal health of your company and prescribe measures to improve it. Thus, understanding their role as diagnosticians is pivotal in setting realistic expectations.
• Value of Experience: The value of experience in evaluating Restructuring Consultants is indispensable. Their prior engagements provide them with a repository of knowledge and tactics to handle unique, often unforeseen scenarios. An experienced consultant is likely to effectively anticipate the collateral effects of restructuring and devise strategies to mitigate them.
• Importance of Communication Skills: The restructuring process has far-reaching implications affecting not just the company but also its stakeholders. Therefore, the ability of Restructuring Consultants to simplify and convey complex financial jargon to all stakeholders is crucial.
• Cost Vs. Value: Hiring Restructuring Consultants is not inexpensive, but it should be viewed as an investment rather than an expenditure. By optimizing company operations, improving cash flows, and enabling a strategic focus, they can deliver long-term value that significantly surpasses their fee.
• Customized Solutions: Every organization is unique, and so are its problems and solutions. Beware of consultants who offer one-size-fits-all solutions. The best ones will tailor their approach as per your specific situation, industry, and goals.
• Confidentiality: Given the sensitive nature of the information involved, confidentiality is a non-negotiable aspect. Make sure your consultant has stringent confidentiality protocols in place.
• Change Management: Post-restructuring, the challenge lies in maintaining the momentum gained. Consultants should be adept at change management, helping foster a culture of continuous improvement within the organization.
• Ethical Considerations: Consultants should uphold the highest ethical standards. This is especially relevant in restructuring scenarios where actions such as layoffs may be necessary. An ethically minded consultant will ensure any such actions are carried out with fairness and transparency.
• Collaborative Approach: Restructuring is not a process to be dictated but collaborated on. The consultant should work closely with the management team, engaging them in the decision-making process. This ensures the team’s buy-in and successful implementation of the changes.
• Technological Integration: In this digital age, leveraging technology for data analysis and process streamlining is an integral part of restructuring. The consultant should have a strong grasp of relevant technological tools and how to apply them in your context.
• Aftercare: The relationship with the consultant should not end at the implementation of the restructuring plan. They should provide ongoing support and periodic reviews to ensure the changes are sustained and yielding the intended results.

In conclusion, hiring Restructuring Consultants is a significant decision that demands careful consideration. But equipped with this knowledge, you would be able to make an informed choice. Remember, the goal is not to merely survive the restructuring process, but to emerge from it stronger, leaner, and more competitive.