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Business turnaround expert saves companies, changes lives, and helps America
Patrick Rettig CEO and Dad (Photos by Jimmy Steinfeldt)
by Lori Wilk, Small Business Examiner
In the High Desert of Southern California, riding a motorcycle to the nearest U.S. Bankruptcy Court, is one of America’s best business turnaround experts, corporate restructuring experts and CEOs: Patrick Rettig.
His track record for small business turnarounds over the last 20+ years as CEO of The Rettig Corporation includes saving more than 800 small businesses -most of which are located in the western states with annual revenues below $20 million.
The legal team at The Rettig Corporation has not lost a case in the U.S. Bankruptcy Court in the last 20+ years either..
When asked how he found the “turnaround niche” Rettig candidly admitted,” I was a single dad with a 4yr.old daughter to support and I needed a job.”
He continued,” Everywhere I looked, companies weren’t doing that well .I knew if I worked for them I probably wouldn’t get paid,. so I started talking to business owners about their problems.”
When asked what happened from talking to business owners about their problems Patrick said,” I started helping these business owners solve their problems. Soon after, I began talking to their creditors and that launched my corporate restructuring business. That was 25 years ago.”
To describe how Patrick finds his clients he declared,” People come to me. I don’t have any competition.The company owners who find me are usually the owners of businesses that other experts have “Left for Dead” and I am there for them when “they have no other options.”
The beginning phase of a turnaround is emotionally charged and Patrick explained,” One of the most important first things I do with my clients is to calm everyone down. so they can come together.Once that happens, we can develop a turnaround plan and move forward with the solutions they need to keep their businesses alive and ultimately helping them be profitable.
Rettig is clear, “.These businesses need a plan , a solid restructuring strategy. The truth is not everyone likes all of the things required to turn the company around.”
With such a long track record of success in restructuring corporations, why isn’t Patrick Rettig known everywhere in America? The simple answer seems to be his strict adherence to client privacy. .
If asked for his resume by the courts, Rettig states he has 25yrs.of experience in corporate restructuring without divulging names of his previous clients.
Most executives envy of his results, and want to know how he achieved them..
When asked about his company mission Patrick said,” While maintaining the letter of the law, our mission is to do whatever it takes to overcome insolvency, save your business and build profitably.”
To get to the core of Patrick’s talent with turnarounds he’ll tell you, ” I look at Balance Sheets and use them as a roadmap of where businesses are and where they have been. I get to know people and understand their problems..”
To explain his process further Patrick said,”When I understand where they have gone wrong, I can help them make changes and find the necessary solutions to keep their business. I don’t want to own their business or to take a piece of their company. ”
What seems to make Patrick stand out from others is the way he conducts his business efforts. ” I believe in family first and business first and am always supportive, yet slightly detached.”
He continued.” I am on everyone’s side, not just one side or the other. I know I am doing this with the best intentions of helping all of the parties succeed.”
When asked if he ever gives up on people Patrick emphatically said,” No. I never give up on people. If they don’t want to work with me, they can fire me and I’ll go.I am and have been fighting to save America’s businesses. I am here to stop that downward spiral that takes everything away that people have built ”
He continued,” I work to help people with second chances. I also let the business owners know that they shouldn’t ruin the second chances they receive.”
Patrick shared his insights about emotionally brutal situations become when people are having money troubles and how we treats clients.”I help save people’s dignity and self-esteem.”
The strategies he uses to restructure companies are not always what his clients might expect and he says,”Some of the steps needed to save a company are hard.Nobody knows for certain what will happen .I operate with faith and trust. As I take business owners through the turnaround process , I ask my clients to simply hold me accountable just one day at a time.”
When asked if he has any rules for his clients he said,”Yes, my rule is : They must pay me for my work. I set the rate on a case-by-case basis and they will know what that fee is going to be. When I take them on as my client, the first two weeks I work for free. After that , I expect to be paid.”
Although his Rettig Corporation has not lost a case in court, they have ended some client relationships which according to Rettig has happened by his uncovering the truth about where they are spending their money.”
He clarified by stating,” When I find out where the money is going, sometimes clients don’t like my discovery of the truth. If that’s the case we probably won’t be working together much longer.”
It’s not very often that you hear this sort of offer and so I asked him to explain .”I tell people if you need my services : call me. I will discuss the “Hounds” snapping at your heels, the ghosts that haunt your every thought. Together, with clear directives, we will dig out of the big black hole of financial hopelessness. If you do call, we will share a quiet , confidential conversation, possibly the most important exchange of your life.”
To speak with Patrick Rettig is to understand how serious and how laser- focused he is on helping people to save their companies. He says,” I work with people every day who are the people who keep America going. These are the people who have employees and people who are supporting their families and spending money in our economy.”
Patrick is candid about what it’s like to work with companies that need to be turned around,” My clients come to me when things are terribly wrong. One of the first things I have to do is calm down things emotionally.”
Patrick Rettig is passionate about working with entrepreneurs and says,” Entrepreneurs are nutty people who have little or no fear because they went into business without knowing they couldn’t do what they have already accomplished.”
As a business restructuring guru, Patrick proceeds daily on his mission to turn around as many small businesses as he can with a heart-felt conviction and unstoppable energy . He knows that his work of turning around small businesses is saving companies, helping to rebuild relationships and helping protect our American dreams of owning profitable businesses.
Patrick Rettig and his team at The Rettig Corporation take a heart-felt approach to restructuring companies and rebuilding lives along with finances.