Ask a group of 12-year olds what they want to be when they grow up, and it’s a safe bet that none of them will say “a turnaround professional.”
Snatching success from the jaws of failure is a job
that finds you, says William Snyder, a veteran in the
field and co-founder of CR3 Partners, a new turnaround
firm that reunites professionals Snyder has worked with
over the past 20 years.
It’s no secret, we live in turbulent economic
times. For weeks, the stock market soared. Then the
Dow dropped to a low the market hadn’t seen since
September 2016. For investors, borrowers and lenders,
uncertainty creates anxiety. It may seem like an odd
time to start a new business, but for turnaround professionals, all the stars are aligning. Snyder points out that
even a child can see this.
“I have 14-year old twins,” says the father of six.
“I pay them in silver for their work at the farm. They
get the silver coins every Sunday night, and they learn
the importance of volatility. They learn to track other
commodities to know the value of the silver. So on elec-
tion night, I’m in Chicago, and my 14-year-old son is
watching the election. Trump wins Ohio, and my son
texted me. He said, ‘This is awesome. Silver is shooting
up. The Dow just dropped 600 points. Mexico is falling
apart. You are going to make so much money.’
“So my 14-year old nailed it. Volatility is good for the
CR3 is starting with a staff of 50 with offices in
New York, Boston, Dallas, Charlotte, Chicago and Los
Angeles. “This thing has really taken off,” he points out.
“It took CRG 10 years to get to be 60 people, and it only
took us about six months to get to 50.”
Sucked In By Tragedy
“Most people get into this business because something
New Turnaround Firm CR3 Partners
went wrong, and they are sucked in because of tragedy,”
says Snyder. “That’s what happened to me.”
After college, Snyder took a job running a Coca-Cola
bottling company. “I did really well,” he recalls. “And by
the time I was 27, I was a millionaire.”
He used his salary from Coke to buy nine different
companies, but in his exuberance, he overextended
himself. “By the time I was 29, I was broke,” he says.
“I ended up taking half of those businesses through
bankruptcy. And that’s how I got into the [turnaround]
business — just through personal tragedy — and I never
got out of it.”
To capitalize on his newfound turnaround expertise,
Snyder took a job with Buccno and Associates, which,
he says, was the first large boutique to do turnaround.
After four years with the company, he struck out on
his own as in independent contractor. Then he joined
seven other principals and started Crossroads Capital
Partners in 1997.
Finds Turbulent Times Are Good for Business
BY NADINE BONNER
William Snyder got into the turnaround business by taking his own companies through bankruptcy. The
veteran restructuring pro just reunited with 19 former colleagues to form CR3 Partners, a restructuring firm
concentrating on middle-market businesses in distress. The current political winds are good for business.
WILLIAM SN YDER
Co-Founder, CR3 Partners
ABFJ EXCLUSIVE: NEW ON THE SCENE
“In 30 years, I have never had a company call me and say they need help and can’t figure it out. By the time we’re
forced into the situation, it’s usually late in the game.”
— William Snyder, Co-Founder, CR3 Partners