Navigating The Minefield: transaction disputes, debt restructuring & loan covenant defaults

As a senior manager in the firm’s forensic and valuation services group, I consider myself a “jack-of-all-trades" when it comes to working with my clients on accounting, data anomaly, and transaction-related issues. Whether the matter involves a forensic investigation into allegations of accounting fraud, a legal dispute over accounting-related issues, or a post-close purchase price adjustment dispute, I work closely with all my clients to understand their needs and develop a custom response.

I’m proud of the collective expertise and experience possessed within our firm’s forensic team, which allows us to assist clients of all types, sizes, and industries with accounting fraud and any related disputes they face.

Accounting fraud and dispute-related issues can be a stressful and upsetting experience for our clients dealing with the event fallout. I consider it a privilege to be able to partner with our clients and use my experiences in this area to successfully work through and resolve their ordeals. 

I have a M.A. accounting degree from the University of Wisconsin-Madison.

Fun fact: In between raising my three sons with my wife Molly, I’m an avid sports fan, who enjoys supporting the Green Bay Packers and any University of Wisconsin Badger athletic team.

Jake Steslicki is a Vice President at PMCF's Chicago office and is a member of the firm’s Consumer, Food & Retail team. He has more than six years of investment banking experience advising clients buy side and sell side M&A advisory, shareholder recapitalizations, leveraged and management buyouts, and the private placement of senior and subordinated debt. Jake’s clients include domestic and international privately-held businesses, publicly-listed companies, and private equity groups. Prior to joining PMCF, Jake worked as an Analyst at J.P. Morgan Chase & Co., where he focused on the business and technology sector. He is currently on the board of an early-stage tech startup, serving as a business consultant and financial advisor. Jake earned a BBA from the Stephen M. Ross School of Business at the University of Michigan and an MBA with a major in finance from the Kellogg School of Management at Northwestern University. Jake is a licensed securities representative holding his Series 82 and 63 registrations.

As the leader of the Chicago restructuring and transformation practice, I help lighten the burdens of stakeholders who are facing difficult business decisions. My client base spans all sectors within the middle market. No matter the organization’s industry focus, I guide its decision-makers toward better times using a practical, results-driven approach. I specialize in restructuring, cash flow projections and liquidity management, profitability improvement, and insolvency.

My clients appreciate the fact that I know just how much a company’s distress can affect its stakeholders. I strive to outperform expectations, and I always bring both a professional and a compassionate mindset to an engagement.

I believe that a career in restructuring finds you. I previously worked for a large startup technology company that filed for bankruptcy in 2001, and I was retained by the trustee to assist with the liquidation. I found the process fascinating — and the rest, as they say, is history.

I belong to the AICPA, the Illinois CPA Society, the Turnaround Management Association, the Association for Corporate Growth, and the Association of Insolvency & Restructuring Advisors. I graduated from The University of Texas at Austin and also attended Northwestern University, where I focused my studies on accounting.

A good day for me begins with a six-mile (or longer) run. I also love to travel and follow my favorite sports teams, including the Dallas Cowboys. I spend most of my free time with my wife; our three children; and Marley, our six-pound Shih Tzu.

Fun fact: I love to travel, and on my last trip to South Africa, where I was born, I went cage diving with Great White sharks.  I have always been fascinated by Great Whites and to finally see them up close and in person was a dream come true for me.

Change is something many companies fear — and I help them turn that fear into progress. I offer enterprise risk management and finance function optimization services to organizations that are experiencing major transitions. I specialize in stabilizing and optimizing the accounting and finance functions of manufacturers and consumer goods companies in the middle market. My background encompasses controllership responsibilities, internal and external auditing, internal controls and risk management, transaction advisory services, and restructurings. I’ve helped clients address a broad range of technical accounting, financial reporting, process optimization, and systems and data integration issues.

Organizations undergoing significant change — whether it’s due to rapid growth, mergers and acquisitions, or other factors — look to me and my team for support so that the organization’s owners can concentrate on what they do best: running the business and making it succeed.

My clients appreciate the fact that I can turn a vague idea into a concrete series of action steps. They also appreciate that I’ve worked as both a company executive and an external consultant. Being able to shift my perspective means that I can help organizations find practical solutions to complex problems. It also means that I’ll never stop learning — not that I’d want to! I value the opportunity to work with a wide variety of companies and industries.

I’m active in my profession and my community. In 2019, I was named one of Crain’s Chicago Business’s “notable minorities in accounting, consulting and law.” I belong to the AICPA and the Illinois CPA Society. I’m also a member of the Minority Advisory Board for the College of Business at Southern Illinois University — Carbondale, which is where I earned my B.S. in accounting.

In my free time, I enjoy traveling, watching my children compete in baseball, track, and swimming, and scrapbooking our family’s adventures. I like reading suspense novels, too.

Fun fact: I’m afraid of heights, but I’m a roller coaster enthusiast, and I’ve also gone parasailing and ziplining. I will not let fear stop me!