Rami Cassis on

Business turnaround

Stabilising an underperforming business, the first 100 days after an acquisition, and the move from recovery to growth.

2 newsletters, 3 videos, 5 in the media. Updated 28 Oct 2026

Rami's approach

What I do

I take controlling stakes in lower mid-market and mid-market businesses through Parabellum Investments, my own family office, and I run what I buy. The capital is mine, so there is no committee between a decision and acting on it. The order is always the same. Cash first, then an honest reading of the business, then leadership settled, then strategy. My first acquisition, in 2007, was a corporate disposal. It was back in growth inside twelve months and became a leader in its BPO segment. I have since done this across technology, pharma and life sciences, oil and gas, mining and financial services.

How I work

A business turnaround expert is judged on the first 30 days, not the first six months, and that is where I do the decisive work. I start with a short-term cash forecast built from actual receipts and payments rather than from the management accounts. Then I talk to customers, past customers, staff at both junior and senior level, and suppliers, because the financials only tell you a fraction of what decides whether growth is possible. Culture, workflows and product-market fit tell you the rest. Stabilise before strategy. I have published the method as The First 30 Days.

When to bring me in

A business turnaround expert is worth bringing in when growth has stalled and nobody can say plainly why, when cash is tight, when there is no credible plan beyond the budget, or when a new owner needs to steady a business immediately after an acquisition. Carve-outs and non-core assets separating from a parent fall into the same category. I work alongside the chief executive rather than handing over autonomy and waiting for reports, which means I expect access to customers, to the management team and to the numbers from day one. Without that access the first 30 days are wasted.

Questions about business turnaround

What does Rami Cassis actually do on business turnaround?
Rami Cassis takes controlling stakes in underperforming lower mid-market and mid-market businesses and works inside them himself, rather than funding a turnaround and waiting on reports. He invests solely his own capital, across technology, pharma and life sciences, oil and gas, mining and financial services. The work covers clients, past clients, culture, workflows, talent and product-market fit alongside the financials, with the chief executive in the room throughout.
How quickly does Rami's turnaround work start showing anything?
The decisive work falls in the first 30 days after acquisition, and Rami Cassis has codified what happens in that month in a newsletter called The First 30 Days: getting to know the business, overhauling culture, and laying the foundations for growth. The conventional six to twelve months spent designing a plan is, in his view, time the business does not have. His first deal, a cash-haemorrhaging corporate disposal bought in 2007, was back in growth within a year.
How does Rami know whether a turnaround has actually worked?
Returning a loss-making business to growth is the test Rami Cassis applies, and he measures it against what he found in the first 30 days rather than against the financials alone. Clients retained, past clients recoverable, junior and senior talent kept, culture changed and workflows unblocked are the signals that decide whether growth holds. The 2007 corporate carve-out he bought while it was haemorrhaging cash returned to growth inside twelve months and became a leader in its BPO segment.
How is Rami's approach different from a private equity firm backing a new chief executive?
Backing a great chief executive and getting out of the way is the model Rami Cassis rejects. A detached financial sponsor misses the operational signals that decide whether a business grows or stalls, so Rami Cassis monitors the chief executive closely rather than granting total autonomy. That is not micromanagement. It means being present on clients, culture, talent and workflows alongside the chief executive, and it is why mid-market businesses, with thinner talent and less mature processes than corporates, need more intervention from an investor, not less.
When should someone bring Rami into an underperforming business, and when is he the wrong call?
Corporate carve-outs, non-core assets and loss-making mid-market businesses with high potential are where Rami Cassis buys, and the moment to approach him is before a disposal process has hardened around a long design phase. Because he invests only his own capital, he moves without LP committee drag. An owner who wants a passive cheque and full autonomy for the incumbent chief executive is looking for a different kind of investor.

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