EY-Parthenon Can someone explain to me the difference between: turnaround and restructuring, performance improvement, and M&A/transaction strategy in terms of who the big players are, compensation, WLB, exit opportunities. EY-Parthenon AlixPartners Alvarez & Marsal Strategy& Deloitte EY Accenture PwC

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My understanding below with a highly generalized view. Some may disagree with plenty of overlap between all:

T&R: helping companies get a handle on cash flows, pulling levers based on financials to avoid insolvency and/or exit bankruptcy. A lot of times brought in as a result of debt issues
(A&M, Alix - debtor side advisory; FTI - creditor side advisory; others - many boutiques, BRG, B Riley). Pay structure in many cases geared towards large bonuses where you keep a portion of Billings once you hit a threshold so low wlb when you’re busy if you want to make $.

PI: Recommending/executing/implementing a strategy such as rev growth, cost cutting, or other operational improvements (MBB and tier 2, Accenture) know less here but generally high pay lower wlb

M&A: transaction diligence or project management to ensure the companies merge or diverge smoothly (Big 4). All decent but not astronomical pay and wlb dependent on group/service line and firm but can be better in some cases

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This is the answer I was looking for. Thank you.

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There’s some overlap, basically the way I think about it is Restructuring commonly involves distressed companies, may include some level of bankruptcy, turnaround is a company careening towards that scenario and performance improvement relates to company’s who aren’t distressed but can be better. M&A is buying, JVs or carveouts.. hopefully that’s helpful

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Best restructuring firms are A&M, and Alix Partners. FTI is also good. Check out Petition, a chapter 11 blog, too learn more

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