• Turnaround

    When Buddies turn Bastards

Ask experienced founders: Very few companies grow according to plan. Pivots happen. Teams change. Conflicts arise. Things break, and sometimes they break badly. Investors know this. It’s part of the journey.

But when a company reaches a dead end, the real work begins. This is where we step in.

We look at your situation from the outside — with clarity, distance, and experience. We analyse where the company truly stands and develop a concrete path to turn it around.

And let’s be honest: Turnarounds are rarely smooth. Hard decisions must be made. Sometimes, whether we like it or not, we shift from being the Buddies to being the Bastards — because that is what the situation demands.

Four questions matter more than anything:

  1. What is the core asset worth saving?
  2. What is the financial reality? How much cash is left and what is the burn rate?
  3. What turnaround strategy gives the company a real chance?
  4. How much time is truly available to act?

Often, the window is painfully small — days and weeks, not months. Decisions must be fast, focused, and grounded in reality.

We are ready to take on that responsibility — even stepping in as interim managers when needed.

Here’s an example of what this can look like in practice.

Module I
Turnaround Assessment

Before we decide how to turn a company around, we first need to understand whether a turnaround is possible at all. Our process is structured, fast, and focused on the essentials:

1. The story so far

  • Where does the company come from?
  • Why was it founded in the first place?
  • What has been achieved — and what hasn’t?

2. The current reality

We take a hard, honest look at the present:

  • Product development
  • Product-market fit, KPIs and traction
  • Team situation
  • Shareholder structure and cap table

3. The financial situation

  • How much cash is left? What is the run-rate?
  • Are existing investors willing to support a turnaround?
  • Is there realistic access to new funding?

4. The intention of the founders and management

  • If you could choose freely — what do you want?
  • Do you want to continue?
  • Do you prefer to step back?

5. The Turnaround Strategy

Only once we understand the situation from all angles do we craft a strategy:

  • What would a viable turnaround look like?
  • What must change? What must stay?
  • And what is the fastest path to stabilising and rebuilding the company?

Module II
Turnaround Strategy:
Development & Execution

Once we understand the real situation of the company, we develop a detailed turnaround strategy. And if needed, we don’t just advise — we help execute it. Our approach follows four clear steps:

1. Strategy development – operations

A turnaround is not about shrinking. It’s about resetting. Imagine you were starting the company today — with all the insights you now have and the resources still available. The goal is simple: focus, focus, focus.

We work through the key questions:

  • What is the core asset worth building on?
  • Which market segment should you focus on? Who is your ideal customer?
  • Where is your value proposition and product-market-fit the strongest?
  • What is truly needed to win in this segment — and what isn’t?

This step defines the strategic backbone of the turnaround.

2. Strategy development – financing & shareholder structure

Every turnaround needs a financial foundation. We rebuild it from the ground up:

  • Financial plan: How much capital is required to execute the strategy and reach break-even?
  • Financing options: Where can this capital realistically come from?
  • Shareholder structure: Does the cap table support the strategy — or does it need repair?

This creates the financial roadmap and governance structure needed for the turnaround.

3. Execution – operations

Here, strategy becomes action. We help you implement the operational changes:

  • Refocusing product development on what truly matters
  • Sharpening your positioning, sales, and go-to-market
  • Reducing the team to a strong, committed core

Execution requires speed, clarity, and discipline.

4. Execution – financing

Finally, we align investors and secure the financial runway:

  • Current investors: Who are they? What are their interests? Are these interests aligned — or do we have “troublemakers”?
  • New investors: Which new investors would support the company after a successful reset?
  • Other funding sources: Which non-equity financing options could support the turnaround?