Written by John Klehm

Richard Gorges, Richard Gorges & Associates

Richard "Dick" Gorges has been an important member of the Michigan restructuring industry for over 30 years. He was the founding member of TMA Michigan and our first Chapter President. After working to get the Chapter started, Dick turned his attention to building his consulting practice, along the way learning something new almost every day.

Like many turnaround and restructuring professionals, Dick's educational background is in accounting. He has a Bachelors of Science in Business Administration from the University of Detroit-Mercy. After graduating, he worked in several private company accounting roles. In 1986, Dick joined a company which started his career in restructuring advisory.

The company was a small precision machining firm in Fraser, Michigan, CBS Boring, which was going through a difficult time. Dick was brought in by their CPA to be their new Chief Financial Officer. Over the next two years, Dick worked to get the company's cost structure properly aligned as well as helping grow sales. After the company was stabilized and on a growth track, Dick wondered if he could do similar work "as a career" This was 1989, and he formed his own firm, Richard Gorges & Associates.

At this time, the restructuring industry was new and the TMA was even newer. As Dick looked to grow his consulting engagements, he sought out networking opportunities and immediately saw the value in the TMA. While the TMA didn't yet have a chapter in Michigan, they wanted one and Dick volunteered to be the first President of TMA Michigan. His term lasted two years and the first year was particularly interesting; he started the Chapter with 3 members and at the end of year one had 10 members.

As his practice developed, much of his consulting work ended up being with companies located out-state or even in the Upper Peninsula. As Dick indicated, future clients are driven by success of current and past clients. He had some northern Michigan engagements early on and that's where many of his referral relationships developed.

When the University of Detroit-Mercy was interested in developing MBA coursework around restructuring, Dick took the lead. He, alongside former AlixPartners' Robert Koval, developed and taught classes for five years.

Currently, Dick is leading the restructure of a retail firearms business. Sales in this industry ramped incredibly 5-6 years ago as gun owners feared restrictive legislation. More recently, sales have contracted and the company is looking for ways to replace lost firearm and ammunition revenue. Dick came up with an innovative solution for his client. The company purchased and is installing unique firearm simulators that allow use of LIVE ammunition in various hunting or combat scenarios. The company expects these simulators to shift their business from that of a straight retailer to a regional destination for firearm enthusiasts.

In chatting with Dick about why he chose work in the restructuring industry, he said "You are always learning something new. You never know what you are walking into. Your day, week or month can change with a phone call". Dick does what he loves and wouldn't have it any other way.

For Dick, life is good. His adult children have remained local, including his son who hosts "The Craftsman's Legacy", a TV show produced locally and broadcast nationwide on PBS and he has free time to spend with his grandchildren. Dick works in a business he has passion for and looks forward to helping many more clients through challenging circumstances.