Michele Michaelis

CPA, CIRA, CTP, CFF, Managing Director, BDO Consulting

Biography:

Michele Michaelis is a managing director in the New York office of BDO Consulting. She has over 20 years of experience in matters relating to bankruptcy and insolvency, crisis management, turnaround planning, business disputes, and forensic investigations. Michele has worked with troubled and insolvent companies involving turnarounds, reorganizations, and out-of-court workouts representing debtors, secured lenders, and  unsecured creditors. She has routinely evaluated liquidity issues, including the formulation, review and analysis of short-term cash flow projections, as well as assessed the viability of business operations of troubled businesses by conducting detailed liquidation analyses, leading to rapid stabilization with sustainable results.

Michele has significant experience serving clients in a wide range of industries including retail, apparel, manufacturing, healthcare, mortgage, media, jewelry, finance, telecommunications and energy. She is knowledgeable in conducting investigations with regard to substantive consolidation issues and fraudulent conveyances, has prepared expert reports on solvency issues, has testified in bankruptcy proceedings, and has extensive experience in pre-planned and pre-negotiated bankruptcies.

What advice would you offer to women just starting out in the industry?

The most important would be to recognize your strengths, as well as your potential weaknesses, and not simply try to be someone else. What works for another person, man or woman, in the industry will not necessarily work for you. Although you should follow the example of others who meet your definition of successful, regardless of their gender, you need to remain true to yourself.  In this regard, you may discover that solutions to challenges evolve over the course of your career as both you and the industry change and grow. Therefore, when faced with obstacles, those who have gone before you can be an invaluable resource to evaluate your approach to dealing with and overcoming challenges.

What do you know now that you wish you knew in the beginning of your career?

How truly important professional organizations are to your development.  I, like many people that went into finance as a career, did so, in part, because I wanted to be a producer rather than a salesperson. Little did I realize but, as you advance through your career, you inevitably become “The Salesperson”. Therefore, getting involved in industry organizations, such as the SFNET, is one of the best ways to develop your skillsets, stay on top of the issues arising in your chosen field, and build a network of contacts.

What kind of role has mentoring and/or sponsorship played in your career?

Someone once told me that “a true mentor is someone who measures their own success on the success of those they helped develop along the way”, and I deeply believe that.  Over the course of my career, I’ve seen the finance industry become more diversified and the role of women in leadership expand.  I realize that a key factor for success is the mentoring and “in your corner” support that we provide each other, combined with professional development initiatives by both male and female colleagues. These mentors exhibit the ability, and willingness, to recognize your individuality while pointing out where you need to develop, and providing you the resources to get there.  In fact, some of my mentors were, likely, not even aware that I regarded them as such. Nor have they all approached guidance in the same manner; all of have been a bit different in terms of what they taught me—be it how to handle tough “on the ground” issues in turnarounds, how to structure refinancings, or how to develop new business.

What do you think the industry could do to attract and retain the best and the brightest today?

In today’s finance industry, the market can be a rollercoaster.  The shifting sands of the economy, both domestic and foreign, the regulatory environment, and the evolution of how we do business as a whole, all make for an exciting, albeit sometimes stressful, time. Gone are the days when our industry was seen as nothing more than the review of spreadsheets and number-crunching. As a restructuring consultant, my challenge is to come up with solutions that reimburse the secured lender at a profitable return while maximizing results for all stakeholders to ensure their support. Therefore, the industry demands innovative solutions to issues.  Today’s young professionals want to be a part of the creative process of the companies for which they work.  Industry leaders must recognize, and appreciate, the value of these new perspectives and encourage junior staff to take part in the brainstorming, and ultimately, decision- making process.   Together, the industry can then deliver a better, more comprehensive, financial product for customers and make the asset-based lending industry a more desirable place to thrive professionally.