Jenna Birkhold

Jenna is a Senior Director in Accordion’s Turnaround & Restructuring practice with over a decade of experience helping companies address immediate and long-term underperformance. She focuses on working capital and liquidity management and uses detailed financial and operational analyses to guide clients through in court and out of court restructurings while protecting value for lenders, sponsors and other stakeholders.

At Accordion, Jenna has worked hand-in-hand with management teams to improve liquidity, forecast 13-week cash flows, institute KPI dashboards, create right size studies, monetize assets, vet business plans and execute other mission-critical analyses. Jenna has supported clients in sectors including Industrials / Materials (furniture assembly, plastics transformation, metal fabrication, appliance parts and equipment distribution), Consumer (home services, frozen food production, automobile and consumer financing, grocery retail and wholesale, veterinary practices), Communications / IT (commercial printing, technology consulting, electronics refurbishing), Healthcare (temp staffing, clinical studies) and Not-For-Profit / Municipal.  Jenna’s recent representative experience includes the following:

• Leading the interim management team for and as financial advisor to AFH Air Pros, LLC (an HVAC and home services provider operating across eight states). Six separate asset purchase agreements were negotiated and closed, resulting in maximized recoveries for the senior lender and a 2025 M&A Advisor §363 sale transaction award;
• Serving on the CRO and financial advisor team for OSG Holdings, Inc., a leading provider of outsourced print and mail service in the US and UK. The Company was successfully reorganized, emerging from Chapter 11 with a strong balance sheet and new ownership group, positioning OSG for growth in its core US operations. The Chicago/Midwest TMA chapter honored the Accordion team with the 2024 Large Turnaround of the Year award;
• Participating on the CRO team to a franchisee of 15 flagship large-format group fitness locations in major metropolitan areas. After stabilizing cash, negotiations with the public franchisor resulted in the franchisor taking over all locations while resolving all secured 3rd party indebtedness and mitigating any future landlord or other financial obligations. This out-of-court resolution funded the residual entity for 3 years, preserving the optionality of collecting $125M of future stock for the benefit of original investors;
• Developing a cash flow model for a PE-backed nationwide veterinary practice that provided insight into the significant cash required for hospital ramp ups and initial cap ex outlays that were otherwise disguised in intercompany balance sheet accounts; and
• Preparing cash flow forecasts for a frozen food manufacturer and correcting accounts receivable practices that artificially inflated the Company’s collateral base that were unknown to management and the lender. Also identified overtime and machine capacity constraints that would frustrate achieving sales and EBITDA forecasts.

Prior to joining Accordion/Mackinac, Jenna worked at Phoenix Management Services, a boutique turnaround management and restructuring financial advisory firm and at KDFA, a Boston-based risk advisory and services consultancy. Jenna earned an M.B.A. from Babson College and a B.S. in Political Science from Arizona State University. She is a Certified Turnaround Analyst and a Certified Risk Manager. She is active in the Turnaround Management Association, serving on the national certification committee and as President Elect on the Northeast chapter’s Board of Directors. She guest authored several issues of the Journal of Corporate Renewal magazine, and is a member of the Association for Corporate Growth and Secured Finance Network. She is the recipient of a CVA and a Tenny award.