BDO Consulting, a division of US firm BDO Seidman, launched a
new practice last month to expand its restructuring services.
Offerings at BDO Consulting Corporate Advisors now include interim
management, strategic and operational improvement, financial
advisory and chief restructuring officer services.

Bill Lenhart, who heads the new practice, said the consulting
service will allow the mid-tier firm to take on inter-management
roles. “This is something we didn’t do in the past. Before we were
advisers and we’d go in, recommend and so on and so forth but now
we have people that can implement,” Lenhart said.

BDO Consulting Corporate Advisors has several offices across the
US, with 40 staff in restructuring and 150 in consulting. Lenhart
and managing directors Tony Wolf and Bob Starzyk have, between
them, 64 years of relevant experience and they hope to help the
practice grow further.

“We are looking to be more middle market-orientated, going after
the companies probably in the range of $150 million to $1 billion,
and I think there are going to be a lot of opportunities in that
area. It’s good timing, it’s a great platform for the firm both
domestically and internationally and I’m really looking to Tony and
Bob to get out there and grow this thing,” Lenhart said.

Wolf joins BDO from consultants Glass & Associates, where he
was a principal. He is a certified turnaround professional and his
experience includes serving as a chief executive, interim chief
executive and interim chief financial officer of various private
companies, as well as serving as a financial adviser to numerous
middle market companies across various industries including
aerospace, telecommunications and oil and gas.

Starzyk was recruited by BDO from turnaround business Morris
Anderson & Associates. He also served in executive levels of
management in both privately held and publicly traded companies and
is a certified turnaround professional with experience in
industries such as manufacturing, distribution, high technology,
transportation and service.

Lenhart said that with the recent credit crunch and the effect it
is having on US companies, the new BDO Seidman practice will stand
to benefit from the current growth in the restructuring market. In
2007, the default rate was the lowest it had been in 25 years and
in the first quarter of 2008, the entire 2007 period was surpassed,
Lenhart said.

BDO Seidman has singled out a number of organisations that it
expects will be its main competitors. These include Alex Partners,
Alvarez & Marsal, CRG, Getzler Heinrich, Executive Sounding
Board and FFTI.

The practice has aligned itself with its foreign affiliate, UK firm
BDO Stoy Hayward, which has been offering similar services for many
years and also has an international platform. Lenhart said the two
firms complement each other. “The world is a global economy and the
ability to offer these services both in the US and in other parts
of the world is really important,” he said.

Nicola Maher