"This is a difficult situation. Is it open to the public yet?" I asked Mr. Kranz. It was already after 8:00 pm. His lawyer had sent him to me in the hope that I could help him in what was definitely a bit of a mess. Mr. Kranz was already well over fifty. His light grey hair now looked almost white. He looked tired and weary. He was dressed very correctly, as befitted a managing director of his generation, i.e. pinstripes, dark red tie; his cufflinks peeked out of his suit sleeve at just the right distance, his rimless varifocals sat correctly on his narrow nose, and his gray-blue eyes eyed me uneasily. For many years he had been the sole managing director of a medium-sized company with over 500 employees. Many years had been successful. Lately, competition from the Far East had been increasingly hard on them, but he had always found ways to secure sales and earnings, even if profits were falling. Now they were posting their second year of losses, and it was clear that they would not make it without serious action. He was convinced that he would overcome this challenge, too, until today. "I didn't think it would come to this. I had not expected this development. Even in the run-up to the shareholders' meeting, I received the signal that my restructuring concept was very well constructed and had good chances. The necessary capital increase also seemed to be a done deal. I don't know why the shareholders ultimately decided to go the other way." "You mean insolvency?" asked I. "Yes, that's what I mean". "And what's so bad about that? Companies go out of business every day". "Of course, but I'm 54 now, I've been running this company for 15 years, and then something like this? It's also clear that I'm being sent to the desert. Who do I have a chance with with this flaw?" "You've already discussed this with your lawyer, haven't you?" "The next steps that need to be taken first have been sorted out. I don't think there will be a problem financially either. It's more about my future. I have two children in college, both abroad, the house isn't quite paid off yet either. So, like it or not, I still have to work". "Good, then let's strategize on how you can best manage this situation and turn it to your advantage?" "Did I hear you right?" he asked incredulously. "Yes, you heard correctly. There are always opportunities, you just have to see them." "And where do you see them in my situation? All I see is a CEO who will file for bankruptcy and be sent packing. But until then I can still handle everything dutifully with the insolvency administrator. Where are the chances of that?" "At the moment you think so. I understand that, too. But believe me, the opportunities are there, and we'll figure them out together. First, it means doing crisis communications. How much time do you have?" "Until I have to file for bankruptcy?" "Yes, that's what I meant". "Since the capital increase was rejected, liquidity won't be there for too much longer. And I do, after all, have the official mandate from the shareholders to file for insolvency in time. I have already taken the head of accounting into my confidence. He's compiling all the relevant figures right now." "Good. Then our first measure will be to organize internal and external communication. Do you have to coordinate these with the shareholders?" "No, normally not. In that case it is certainly better." "I would recommend that too. And of course the works council as well". "The shareholders already know that". We got straight to work in that meeting and formulated a press release that made it clear how much the company was under competitive pressure, so the shareholders had no choice but to close the company. Of course, everything would be handled properly with a social plan. And he, the managing director, would personally ensure that the closure would be associated with as few disadvantages for the employees as possible. In addition, an employment company would be set up and experienced professionals would be brought on board to help the employees find new jobs. That's what happened when the time came. Of course, this did not get him out of the firing line, but we had defused the situation as a first step. After the insolvency, a lawyer was appointed as insolvency administrator. We developed a concept for dealing with him. And it soon turned out that he was happy to have an expert in Mr. Kranz to help him deal with his tasks. Mr. Kranz showed him his restructuring concept, from which it emerged that it was quite possible to bring the company back into good waters. He showed that a sale could be possible if an investor could be found who would be prepared to take the risk. The insolvency administrator supported this plan and helped to convince the shareholders. And since they saw that their losses would be significantly reduced as a result, and that there might even be something left over, they agreed, with the proviso that a buyer had to be found within a year. Mr. Kranz kept the operating business going. But it was extremely difficult to find an investor. We met at regular intervals, each time to discuss and agree on the next steps. It was eight weeks before the deadline when he called me and asked for a quick appointment. I sensed the tension and the importance, so we met that same evening. "It looked so hopeful," he said with disappointment in his voice, "but the investor cancelled." "And why is that? They were almost in agreement, weren't they?" "Yes, but one of the shareholders wanted more partout and in the end didn't agree to the deal. All that work for nothing". "I don't think so. If it comes to insolvency now, you can't be blamed for it. We will be able to argue that". "I am very anxious about that. For me, in any case, it will now be over in eight weeks". "Good", I said, "then we can concentrate on your future". He smiled and said only: "You are an incorrigible optimist." Eight weeks later, we launched into the market with meaningful documentation. And to his surprise, many companies were interested in him. His experience counted. Everyone understood what he had done and why. Today, he's back in office and we see each other twice a year. And he pays much more attention to change than he used to, especially when it might affect him. There are always opportunities, you just have to see them.