1 Identify the scope and objectives

The first step in building a restructuring team is to define the scope and objectives of the restructuring project. What are the main problems or opportunities that you want to address? What are the expected outcomes and benefits of the restructuring? How will you measure and monitor the progress and performance of the restructuring? By answering these questions, you will have a clear vision and direction for your team and the restructuring process.

2 Assess the skills and resources

The next step is to assess the skills and resources that you need to execute the restructuring project. Depending on the scope and objectives, you may need different types of expertise and capabilities, such as financial analysis, legal advice, operational improvement, change management, communication, and stakeholder engagement. You also need to consider the availability and cost of the resources, as well as the potential conflicts of interest or ethical issues that may arise. By doing this, you will have a realistic and comprehensive picture of the skills and resources that you need to build your team.

3 Select the team members and roles

The third step is to select the team members and roles that will form your restructuring team. You may choose to have a core team that oversees and coordinates the restructuring project, and a sub-team that focuses on specific aspects or tasks of the restructuring. You may also decide to involve external advisors or consultants that can provide specialized or independent advice or support. You should select the team members based on their skills, experience, availability, and fit with the team culture and dynamics. You should also assign clear roles and responsibilities to each team member, as well as the reporting and decision-making structures.

4 Communicate the vision and expectations

The fourth step is to communicate the vision and expectations to your restructuring team. You should explain the rationale and objectives of the restructuring project, as well as the scope and timeline of the activities and deliverables. You should also communicate the expectations and standards that you have for your team, such as the quality of work, the level of collaboration, the frequency of communication, and the feedback mechanisms. By doing this, you will ensure that your team is aligned and motivated to achieve the restructuring goals.

5 Manage the team performance and dynamics

The fifth step is to manage the team performance and dynamics throughout the restructuring project. You should monitor and evaluate the progress and results of your team, as well as provide constructive feedback and recognition. You should also address any issues or challenges that may arise, such as conflicts, misunderstandings, or resistance. You should also foster a positive and supportive team culture, where team members trust and respect each other, share ideas and information, and learn from each other. By doing this, you will enhance the efficiency and effectiveness of your team and the restructuring process.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?