Newark, New Jersey (PRESS RELEASE – March 7, 2011) – The New Jersey Chapter of the Turnaround Management Association (NJTMA) today announced that it has formed a strategic alliance with the New Jersey Small Business Development Centers (NJSBDC) network to provide critical management consulting services to businesses facing financial or operational challenges.
Participating companies will receive an initial pro bono evaluation from a team of three NJTMA members. Based on that evaluation, prospect companies will receive operational recommendations, business plan analysis and ongoing mentoring through the services offered by the 200-plus members of the NJTMA. Companies interested in learning more about the program can contact their local NJSBDC office.
“The NJSBDC and NJTMA’s collaboration offers an array of technical assistance and services geared towards established businesses that want to restructure operations for further operational growth and renewal,” noted Brenda Hopper, NJSBDC network Chief Executive Officer/State Director. “This is a win-win for all parties including small businesses as both organizations are nationally renowned — gearing their operations on the basis of best practices.”
Charlie Snyder, NJTMA Board Member and Managing Partner of the Montare Finance Group, stressed the focus is on restoring or improving the corporate value of participating companies, and in doing so, create and retain jobs in New Jersey.
“We are excited about our alliance with the New Jersey Small Business Development Centers,” said Snyder. “The economy continues to present challenges for business owners who may be unaware of professional services available to them. We believe that our alliance with NJSBDC will provide necessary services to both troubled and growth companies.”
Deborah Smarth, NJSBDC network Chief Operating Officer/Associate State Director, reinforced the critical value of the collaboration.
“This strategic alliance between both our organizations with all of its intellectual capital and know-how will generate great growth potential for New Jersey firms,” Smarth added. “Business retention, expansion, and job generation are our guiding posts.”
The NJTMA is an association of turnaround and corporate renewal professionals who share a common interest in strengthening the economy through the restoration of corporate value. Members include turnaround practitioners, interim corporate managers, financial advisors, accountants, lenders, attorneys, investors, investment bankers, appraisers, auctioneers, academics and judges.
The NJSBDC is a non-profit entity that assists emerging or established high impact and growth-oriented businesses as well as pre-venture and start-ups. NJSBDC is an accredited member of the national Association of Small Business Development Centers. There are 11 centers throughout the state of New Jersey which are staffed by a high-caliber roster of private sector experts and consultants who are former business owners and executives
In 2009, NJSBDC experts worked with 6,135 clients, providing 17,214 pro-bono hours of counseling. The NJSBDC also provided affordable training via 832 events for 14,392 small business owners and helped to facilitate $30.4 Million in financing for its clients. Additionally, the NJSBDC helped its clients to create and retain 24,657 jobs in 2008 and 2009.
About the Turnaround Management Association
Chicago-headquartered TMA, www.turnaround.org, has more than 9,000 members in 47 chapters worldwide and includes turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. The New Jersey Chapter was founded in 1992 and has over 200 members across the state.
The New Jersey Small Business Development Centers network provides comprehensive services and programs for small business in New Jersey, helping businesses expand their operations, manage their growth, or start new ventures. Expert staff and practicing business consultants help established small business owners and aspiring entrepreneurs to develop business plans, find financing, identify new markets, and expand their operations. Its specialty programs include procurement, technology commercialization, e-commerce, and international trade. This non-profit network is a federal-state-educational partnership, leveraging public and private funding sources, and further maximizing resources for the small business community. The network leverages funding from the Small Business Administration (SBA), New Jersey State Government, and the educational institutions that host the 11 centers as well as other private funding and grants. The NJSBDC network’s head office and its Center at Rutgers-Newark are headquartered at the Rutgers Business School in Newark NJ. The national Association of Small Business Development Centers (ASBDC) consists of SBDC networks across the country including in the American territories with more than 1,200 centers and satellite offices serving small business.