Quick Service Franchise Operation
The company was a $120MM quick service franchise operation that breached its covenant due to declining sales and hired CR3 Partners to assess its business plan.
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Sugi Hadiwijaya has more than 15 years of combined experience in financial services and turnaround management, assisting companies with tasks such as cash management, securing of financing, business plan assessment, M&A activities, and financial modeling in multiple industries.
Sugi previously served as a Senior Vice President for the turnaround group at Deloitte (Deloitte CRG) where he led engagement teams and managed daily client interactions and negotiations with stakeholders. He authored Cash is King, Deloitte CRG's training program on cash flow forecast and liquidity management. He has published numerous articles, been interviewed and spoken on panels on liquidity management and turnaround matters. In addition, Sugi leads university relations outreach for Turnaround Management Association (TMA), where he cultivates relationships and develops educational workshops with local universities. Sugi is fluent in Indonesian and proficient in Chinese.
Representative Experience
- Financial advisor to Ruby Tuesday, Inc. Negotiated financing and executed successful restructuring through Plan of Reorganization in a Chapter 11 proceeding.
- Financial advisor to 200-unit fast casual sandwich chain. Developed strategic assessment and negotiated forbearance during COVID, providing runway to execute operational turnaround and refinancing.
- Financial advisor to a privately-owned regional restaurant chain. Secured bridge financing, introduced company to restaurant-centric key performance trackers, and developed budget framework.
- Interim Chief Financial Officer of Garden Fresh Restaurants LLC, a 98 location CA-based restaurant chain.
- Acting VP Finance/Controller of $500MM general merchandise retailer. Led finance team and managed liquidity/working capital.
Sugi Hadiwijaya's Insights & Articles
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Due Diligence in Restaurant Space
Dallas-based Partner Sugi Hadiwijaya recently teamed up with Dalton Potts at NRD Capital on a podcast highlighting topics of due diligence in the restaurant space. Listen to the full podcast brought to you by AICPA's Forensic and Valuation Services Section.
Article
Managing the Insource/Outsource Mix within a Restaurant Environment
Ensuring every detail throughout the customer experience, as well as the back office, is executed according to a specific vision can lead to success, but it often means taking on functions internally that the business is not well-positioned to execute, or outsourcing functions that are best performed in-house.
Article
Why Restaurant Data Analytics are a Necessary Tool for Success
Partner, Sugi Hadiwijaya and OverlayAnalytics' Founder and CEO, Bryan Shupe, discuss how similar to challenges around kitchen management, data challenges are multi-faceted, from data compilation and interpretation, to conversion and utilization, and cultural integration with Nation's Restaurant News.
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Value Creation Based on Two Factors: EBITDA/Cash Flow and Capital Structure
Dallas-based Partner Sugi Hadiwijaya and Vin Batra discuss the value creation for private companies in respect to two factors: EBITDA/cash flow and capital structure.
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Learn How Fraud and Valuation Matters are Handled During Bankruptcy
Dallas-based Partner Sugi Hadiwijaya recently teamed up with Jermaine Watson at Bonds Ellis on a podcast highlighting basic aspects of how fraud-related matters are managed in a bankruptcy context. Listen to the full podcast brought to you by AICPA's Forensic and Valuation Services Section.
Article
Lenders as Accidental Restaurant Owners: Four Success Factors of Temporary Restaurant Ownership
During COVID-19, a significant amount of restaurant bankruptcies saw the lenders taking over the assets when no qualified buyers came to the table. Now that these lenders have become temporary restaurateurs.
Project Work
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Ruby Tuesday
The company was a $300MM private equity-owned casual dining restaurant that experienced sales declines due to industry trends and the COVID-19 pandemic, forcing the company to file for Chapter 11 bankruptcy to reorganize.
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JCPenney
JCPenney is a publicly traded company with 846 corporate locations and 12B in annual revenue that elected to file Chapter 11 bankruptcy due to COVID-19 shutdowns, C-suite turnover, and changes to the business and merchandising plans.
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