Understanding The Role of a Turnaround Specialist

A certified public accountant, James Castille is the owner of LUMA Capital, LLC in Lafayette, Louisiana. Throughout his career, James Castille has gained experienced as an insurance and business consultant as well as a turnaround specialist in Louisiana.

A turnaround specialist is a professional that works with a company for a brief amount of time, to help them resolve any problems. Typically, a company that hires a turnaround specialist when facing an extreme challenge that needs an outside perspective. A turnaround specialist will usually either replace the CEO as an interim chief executive while a company begins reorganization or will simply consult on a specific project for the short-term. Although a turnaround specialist is technically capable of working in both of these two roles, they typically prefer to stick to one role professionally.

Turnaround specialists can be needed in instances where internal issues are affecting the business, such as neglected human resources, autocratic management, declining business, and mismanaged growth. External factors, such as declining economy, market decline, litigation, labor unrest or increased labor costs, and unfavorable legislation, can also prompt the need to hire turnaround specialists.

Businesses may begin to identify symptoms of potential trouble in the business in a loss of profit, employee dissatisfaction, and loss of members from the Board of Directors. However, it is important to remember that treating the symptoms will not resolve the problem permanently. Turnaround specialists help identify the issues and make real changes to revive failing companies.

What Is a Turnaround Specialist?

A certified public accountant based in Lafayette, Louisiana, James Castille has more than 25 years of business leadership experience. He serves as a CPA at LUMA Capital, LLC and chief financial officer at Empire Group, Inc. Throughout his career in Louisiana, James Castille has gained knowledge and skills in all aspects of corporate finance. He has also developed expertise as a turnaround specialist.

When a business is facing financial distress that threatens its survival, senior leadership and stakeholders may bring in a turnaround specialist to guide the enterprise back to financial viability. Rather than lending their industry expertise to a company, these professionals use their knowledge of corporate finance, management, and operations to improve the company’s bottom line. The role of a turnaround specialist can vary depending on the specific situation and the preferences of the turnaround professional.

In some cases, a turnaround specialist will serve as an interim manager who temporarily takes over management and decision-making at the distressed company. In other situations, he or she may take on the role of a management consultant who will offer suggestions to existing management without taking over control. Although a turnaround specialist may be willing to take on either of these roles, most have a preference for one or the other.

Bringing on a turnaround professional can be highly beneficial to a troubled company. In addition to providing a fresh eye and objectivity, the most effective of these specialists are highly adept at crisis management, including making critical decisions to halt a business’s decline. Turnaround specialists must also show diplomacy and determination in making those critical decisions while communicating the process to senior management, investors, and other company stakeholders.

The LCPA 2019 Estate and Financial Planning Workshop

An accomplished certified public accountant (CPA) who holds a bachelor of arts in accounting from the University of Louisiana at Lafayette, James Castille has owned and operated Lafayette’s LUMA Capital for more than 15 years. To augment his professional endeavors, James Castille belongs to the Society of Louisiana CPAs (LCPA).

Since its establishment in 1911, the LCPA has grown to represent approximately 6,000 practicing CPAs and more than 1,100 individuals in pursuit of the CPA designation. The company supports its membership base through a range of advocacy, networking, and educational initiatives.

One of the LCPA’s recent educational events was the 2019 Estate & Financial Planning Workshop. It took place at the Hilton Garden Inn and the Homewood Suites Garden Event Center in Bossier City, Louisiana, in August 2019.

The overarching purpose of the 2019 Estate & Financial Planning Workshop was to help attendees develop financial strategies that take advantage of the latest changes in public policy and market conditions. Specific presentations at the workshop included Tax Planning After the 2017 Act by Gerard H Schreiber, Jr., and Long-Term Care: What Are Your Options Today? by Anne Oestriecher.

Becoming a Certified Public Accountant

Certified Public Accountant
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James Castille, a graduate of the University of Southwestern Louisiana, has been working in the finance and business consulting sectors for more than two decades. As the CFO of Empire Group, Inc., he is responsible for overseeing the finances of six corporations and assisting the owner with strategic business planning. Beyond that, James Castille is the owner of Lafayette, Louisiana’s LUMA Capital, LLC, where he also serves as a certified public accountant (CPA).

The first step to becoming a CPA is meeting the educational requirements for your state. Typically, this includes having at least 24 college credit hours in accounting, auditing, and taxation, along with 30 credit hours of business-related courses. On top of that, you must usually possess a bachelor’s prior to sitting for the CPA exam. Many states require you to complete 120 credit hours toward an accounting degree.

Some states, like Louisiana, have a requirement of 150 credit hours to sit for the CPA examination. You must also have a bachelor’s from a college that is recognized by the State Board of CPAs of Louisiana and accredited by one of six regional accreditation organizations, such as the Northwest Commission on Colleges and Universities.

Once you meet educational requirements, you can register and apply for the Uniform CPA Exam. When applying, you must submit several documents to prove your eligibility, such as official college transcripts and course descriptions, and pay a $100 application fee. After you pass the exam, you must earn one year of qualifying experience prior to earning your CPA license. This experience must use accounting, financial advisory, consulting, tax, or management advisory skills.