Posted by Andre Mazerolle on Fri, Jan 27, 2012 @ 08:49 AM
Trustees Melanie Wengle, Jane Woo, Andy Fisher & CFO Alex Fiore Named to Partnership
January 27, 2012 – Farber Financial Group, one of Canada’s largest independent financial advisory services firms, is pleased to announce the promotion of three licensed Trustees in Bankruptcy – Melanie Wengle, Jane Woo and Andy Fisher – along with the firm’s CFO Alex Fiore to the role of Partner. The Trustees practice primarily in the firm’s Consumer & Small Business division. Farber Financial Group offers a range of services through its two divisions: Corporate and Consumer & Small Business.
“This announcement recognizes the contributions of Melanie, Jane, Andy and Alex to the ongoing growth of our firm,” said Alan Farber, Joint Managing Partner and founder of Farber Financial Group. “They have each demonstrated the leadership and provided the practical client solutions that are cornerstones of Partners in our firm.” The firm now has 12 Partners and more than 120 staff across Ontario providing financial advice and solutions to both corporate and consumer clients.
Melanie Wengle, BA, LL.B., CIRP, was called to the Ontario Bar in 1995 and became a Trustee in Bankruptcy in 1999. Melanie joined Farber Financial Group in 2000. Melanie is active in management of the firm’s Consumer & Small Business division, supervising staff in over 30 offices. Melanie is responsible for streamlining acquired insolvency practices into the Consumer & Small Business division. Melanie also serves as the division’s lead on technical insolvency and legal issues.
Jane Woo, B. Comm., CIRP, first joined Farber Financial Group in 2004. Previously, Jane spent more than 20 years at global accounting and consulting firms. She became a Trustee in Bankruptcy in 1988. Her practice focuses on owner-managed and small businesses along with personal insolvency and restructuring. She also leads the firm’s efforts helping businesses, families and individuals in the Chinese-Canadian community.
Andy Fisher, B. Comm., CIRP, merged his firm, Alan Lawson Fisher Inc., one of the Durham Region’s leading insolvency firms, with Farber Financial Group in 2009. Andy became a Trustee in Bankruptcy in 1998 and has spent the last 18 years helping businesses, families and individuals in financial distress. Andy is known for his outstanding client service, respectful approach and practical, cost effective solutions.
“Jane, Melanie and Andy exemplify client focus, leadership, and team spirit,” said Jeremy Kroll, Senior Partner, Consumer & Small Business division. “They lead with client-centric solutions, excellence, initiative and perseverance.”
Alex Fiore, CMA, is the firm’s Chief Financial Officer. Alex joined Farber Financial Group in 2001. As the most senior financial executive in the firm, Alex is responsible for overseeing the firm’s Finance, Administration, IT and Facilities Management Departments. Alex has proven to be remarkably adept at staying abreast of the changing needs of a fast growing professional firm. “Alex is one of our most trusted internal advisors and his passion, dedication and drive for excellence have helped to place us amongst the top financial advisory services firms in Canada,” said Gary Lifman, Joint Managing Partner.
About Farber Financial Group
Since 1979, Farber Financial Group has provided a range of specialized financial advisory services including insolvency and restructuring, forensic accounting, fraud investigations, asset recovery, corporate finance, M&A, divestitures, succession planning and exit strategies, business valuations, distressed financial advisory services, and, business performance optimization™: which includes interim CEO, COO, CRO and CFO management, strategic and operational effectiveness and turnaround management. A more complete description of our services for companies may be found on our website at www.farberfinancial.com and our services for families and individuals at www.afarber.com or www.rplan.ca.
Posted by Andre Mazerolle on Wed, Dec 21, 2011 @ 12:59 PM
Kids Help Phone is a community-based national organization that relies almost exclusively on the support of individuals, communities, foundations and corporations to ensure that every child that takes the courageous step of reaching out for help receives the meaningful support they seek and deserve.
Posted by Andre Mazerolle on Thu, Dec 01, 2011 @ 01:18 PM
Farber Financial Group recognizes that people have limited time to read our Issues & Insight Blog. To help you at your office or on your iPhone or Android phone, we've installed Vocalyze, a mobile audio news and entertainment service that allows you to listen to our blog.
In the column on the right, you will see the Vocalyze logo of a bird and the words, "Listen to blog articles." If you click either the words or the logo, Vocalyze will read out our blog to you.
Vocalyze has made it easy for businesses to make their content more accessible by enabling website visitors to listen to audio on a variety of platforms instead of reading onscreen.
No synchronization or downloading by the user is required for the web.
If you'd like to download Vocalyze to your iPhone or Android phone, please click a logo below.
Please let us know if you enjoy this new feature. We are constantly looking for ways to improve your experience on our website.
Posted by Andre Mazerolle on Fri, Nov 18, 2011 @ 09:35 AM
In the first part of this four-part article, we discussed that the first step in the triage of a distressed company preparing for a turnaround is to ensure there is sufficient cash available to fund short-term needs and to fund the restructuring process.
In part two, we’ll look at how by focusing on your management team, you can stabilize the overall situation of a distressed business.
"As we all know, ineffective management can cripple a company…or can paralyze a crippled company," says Paul Denton, Vice President in the Insolvency & Restructuring practice of Farber Financial Group, the author of this four-part article detailing key actions and priorities necessary to stabilize a distressed business. "If a company is in distress, leadership is required to assess, mobilize and motivate, and move forward with talented and tough individuals who are committed to righting the ship."
Please click here to read the second installment in Paul’s series. The next two parts will be circulated over the next few weeks.
Posted by Andre Mazerolle on Mon, Nov 14, 2011 @ 01:23 PM
On Tuesday, November 15th, Eric Klein, the Leader of the Corporate Finance practice will be a panelist during the 3 p.m. session "Operational and Financial Risk Management in the Current Economic Environment" at the 2011 ACG Toronto Capital Connection.
It is Breakout Session Number 2, Room 714 at 3 pm
Farber Financial Group is proud to be a significant sponsor of the 2011 ACG Toronto Capital Connection, Canada's pre-eminent Private Equity Showcase on Tuesday, November 15th at the Metro Toronto Convention Centre, South Building.
Farber will also be an exhibitor at the Capital Connection. The first 100 people who give us their business card while visiting the Farber Booth during one of the Breakout Sessions get a $5.00 Starbucks Gift Card.
Posted by Andre Mazerolle on Tue, Nov 01, 2011 @ 01:23 PM
Yes, End-of-Year Planning & Forecasting for 2012 is Underway
As we head toward the end of the calendar year, things tend to heat up in the finance department.
Ian Brenner, leader of the CFO Resource group notes, "The pressure is on to provide not only timely and accurate budgeting and forecasting, but robust strategic business planning with a view to raising the bar and driving the organization forward in the years to come."
Our CFO Resource group works with the leadership and management of a company to provide additional resources – strategic or tactical – to ensure that end-of-year planning, budgeting and forecasting is a collaborative, comprehensive and cohesive process.
"All too often forecasts are prepared in a vacuum, with no link to strategy, no transparency provided to other functions of the business and the forecasts are devoid of accountability for implementation," comments Ian.
If you would like to speak to Ian Brenner, leader of CFO Resources, about your end-of-year planning and forecasting, please click here.
Our CFO Resource group is not a recruiter looking to replace a resource. We are driven to supplement a company's resources with an experienced and talented interim resource to achieve a specific goal or assist in completing a project at short notice.
Farber affects change. We provide a noticeable return on investment. Our expertise, objectivity and effectiveness get the job done.
Posted by Andre Mazerolle on Thu, Oct 27, 2011 @ 01:02 PM
In our October 27th News Update it was announced that Farber Financial Group is a Proud Sponsor of the ACG Toronto Capital Connection. The Association for Corporate Growth (ACG) is Offering Friends of Farber almost $200 Discount Off Conference Fees
Farber Financial Group is proud to be a significant sponsor of the 2011 ACG Toronto Capital Connection, Canada's pre-eminent Private Equity Showcase on Tuesday, November 15th at the Metro Toronto Convention Centre, South Building.
Given our strong and supportive relationship with ACG Toronto, we have arranged a substantial discount off conference fees available to friends of Farber Financial Group. Simply click here to visit the Registration page -- and use the discount code "CE EXT".
At present, ACG Non-Member pricing is $480.25 (tax included). Use "CE EXT" and as you'll pay only $282.50 -- that's a $197.50 discount. (Note: ACG pricing changes after October 31)
Farber will also be an exhibitor at the Capital Connection. Look for our booth. Geoff Morphy, a member of the ACG Toronto Capital Connection Organizing Committee and a Senior Vice President in the Corporate Finance, Transactions, Succession Planning & Business Valuation practice is pleased to announce that the first 100 people who give us their business card while visiting the Farber Booth during one of the Breakout Sessions get a $5.00 Starbucks Gift Card.
Posted by Andre Mazerolle on Tue, Oct 11, 2011 @ 02:16 PM
Jonathan Cooperman, HBA, CA•CIRP, CSAR, Leader of the Fraud, Forensic & Asset Recovery practice at Farber Financial Group will be a panelist at the Third Annual IAAR (International Association of Asset Recovery) Conference on November 17, 2011 in Las Vegas.
How Trustees, Receivers and Monitors Use Their Special Powers and Tools to Trace and Recover Assets Worldwide
Most countries, including the United States, United Kingdom, Canada, others in Europe, Latin America and elsewhere authorize the appointment of receivers, trustees, monitors and other officeholders to pick up the pieces after a fraud collapses or company goes bankrupt or the government takes over a company controlled by criminals. They sift through the wreckage and embark on the mission of recovering assets for victims, the bankrupt estate, the government and others. These fiduciaries usually have extraordinary powers. Recent marquee cases show success and failure in their difficult ventures. What do they do? How do they get appointed? How do they pick their team members? What happens when they clash with prosecutors? How is their pay determined? Who pays? How do they take and preserve assets? In this panel, top experts who have operated in the public and private sectors answer these and other vital questions.
Besides Jonathan, the other panelists are James Earp, a Partner in the Recovery and Reorganisation Practice at Grant Thornton UK LLP; Kathy Bazoian Phelps, a Partner at Danning, Gill, Diamond & Kollitz, LLP, Los Angeles; and, Felicity Toube, QC, an English barrister at 3-4 South Square.
Farber Financial Group is pleased to offer, on behalf of IAAR, a $150 off the conference fee. Use courtesy code COOPERMAN when registering. There are four ways to register:
Click here to register, email memberservices@iaaronline.org, call 305-854-2345, or fax 786-316-0006. Mention the COOPERMAN code for a $150 discount.
About Jonathan Cooperman
Jonathan Cooperman, HBA, CA•CIRP, CSAR, is a Partner with Farber Financial Group. He is the leader of the Fraud, Forensic & Asset Recovery practice.
Jonathan focuses on uncovering and recovering assets for victims of fraud around the world, and helps resolve complex fraud schemes involving Canadian funds and assets. For example, he led the receivership team for a $100 million “tooth whitening” Ponzi scheme with activities in Costa Rica, Jamaica, Belize, California and Switzerland. With almost 30 years of insolvency, investigations and asset recovery experience, Jonathan is unique in that, unlike many other anti-fraud specialists, he is a licensed Trustee in Bankruptcy in Canada and often acts as a Court-Appointed Receiver with extensive powers in Canada and around the world as an officer of the Court. He can be called into a case by a law firm or another fraud investigator – such as a matrimonial or shareholder dispute, or a Ponzi scheme – where it is necessary to seize the assets of one of the parties and investigate the fraud.
Recently, Jonathan was the only Trustee in Bankruptcy quoted in an article called, “The Perils of Ponzis,” in the Forensics & Criminal Law Legal Report section of Canadian Lawyer magazine. Jonathan holds an Honours Business Administration degree from the Richard Ivey School of Business, University of Western Ontario. He is also a Chartered Accountant and a Chartered Insolvency and Restructuring Professional. Jonathan was the first Canadian to become certified by the IAAR as a Certified Specialist in Asset Recovery (CSAR).
Posted by Andre Mazerolle on Fri, Jun 24, 2011 @ 10:21 AM
By Stuart Mitchell, CA CIRP
On May 31st, the Toronto Chapter of the Turnaround Management Association (TMA) held a Spring Gala and Silent Auction honouring Women in Restructuring & Benefiting Interval House, the first centre for abused women and children in Canada, that raised $55,000.
At the event, the Toronto Chapter of the TMA presented a Lifetime Achievement Award to Madam Justice Sarah Pepall and the Women in Restructuring Mentorship Award to Pamela Huff of Blakes in front of approximately 200 corporate lawyers, trustees in bankruptcy and financial advisors.
On behalf of my partners and everyone at Farber Financial Group, we'd like to thank Rose Reisman, the founder of Personal Gourmet for her contribution to our joint donation to the Silent Auction (a $1000 gift certificate to Personal Gourmet, a daily food service for people who want to eat healthy, great-tasting food) which was purchased that evening.
Posted by Andre Mazerolle on Tue, Jun 21, 2011 @ 02:30 PM
By Paul Denton, CA (NZ) CIRP
When a business is in distress, it is imperative that a leader stabilize and get control of the situation to afford time to implement a turnaround plan. In effect, perform triage on the ailing company – prioritizing actions to gain control and stability.
In this last installment of a four-part article, we discussed suggestions to stabilize the overall situation of a distressed business. Namely, in order to preserve and maximize the resources needed to survive in the short term and be able to implement a successful turnaround, it is imperative to establish controls over all cash and assets.
We’ve discussed three triage actions to prepare for a turnaround:
- Ensuring that sufficient cash is available to fund short-term needs and to fund the restructuring process.
- Ensuring management buy-in and to establish a core team that is committed to the success of the project.
- Ensuring that assets are safeguarded and preserved to maximize resources available for turnaround.
As we mentioned earlier, every situation is different and there isn’t a magic bullet. We recommended, begin by establishing a cash-conservation program, because in our belief, cash is king. Cash is the lifeblood of a company, and if it ceases, so does the business.
In the final part of our series, we will look to understand the key operating and financial issues as necessary step to rally short term support from stakeholders.
Understand Key Operating and Financial Issues – Rally Short Term Support
- Revisit high level financial diagnostic including leverage of “quick hit” opportunities (See Part 1)
- Complete assessment of liabilities and commitments
- Review status of priority claims and Director and Officer liabilities;
- Review secured creditor positions and current exposure including any loan covenant breaches and risks of realization;
- Assess status of legal, regulatory and other formal reporting requirements, including any deficiencies, breaches or pending litigation;
- Consult with the company’s legal counsel to assess ongoing reporting obligations, legal, regulatory and other issues or threats;
- Identify and assess any impediments to restructuring and turnaround options; and,
- Evaluate company’s legal counsel, ensure appropriate restructuring background in skill set, and assess need for independent counsel.
- Determine support required from stakeholders and negotiate agreements to re-establish expectations and ground rules to move forward, such as:
- Management/employees – retention plan
- Secured creditors – temporary over-advance, waivers, forbearance agreements
- Creditors – deferrals, COD, extended terms, volume rebates
- Landlords – deferrals, abatements, waivers
- Shareholders – dilution, equity infusion
- Involve legal counsel in drafting agreements
- Establish short-term communications plan for key stakeholders
- Arrange short-term financing (leveraging free assets, or from postponements, etc.)
Organizations that are in distress are usually juggling many issues at once. Timely intervention can be key in righting the ship, stabilizing it and getting control in advance of a turnaround situation. Triage is abrupt and jarring – often it’s quite messy too. A change in mindset from denial to leadership can turn things around. It’s never too late to be a leader and do the right thing. If that means calling in an restructuring advisor to manage the triage, then do it. If it means, that you’ve got the ship stabilized but the company requires outside help, investigate turnaround specialists such as interim CEOs. Whatever you do, don’t wait for the walls to close in – gain control and begin on the road to recovery.
Paul Denton, CA (NZ), CIRP is a Vice President with Farber Financial Group. His practice focuses on corporate reorganization and insolvency. Paul can be reached in Toronto at 416-496-3773 or pdenton@farberfinancial.com.