Insights
This video is the sixth installment in a series examining the multifaceted impacts of tariff and trade policies. By delving into the nuances of these policies, we aim to provide valuable insights and perspectives that will inform strategic business decision-making and foster resilience in an increasingly volatile global market. Future pieces in this series will explore the specific implications for key sectors, offering targeted analysis and recommendations to help businesses navigate and thrive amidst evolving trade landscapes.
Publication Date: May 13, 2025
Companies around the world are facing increasing uncertainty brought on by the unpredictable and rapid shifts in tariff policies. As a result, corporate leaders are seeking ways to adapt and respond to the sudden and unprecedented changes in the international trade landscape.
In the video linked below, Brian Gleason, John Peiserich, James E. Malackowski, and Livia Paggi – experts in turnaround, supply chain, intellectual property, and political risk – discuss key strategies for senior management teams to address evolving tariff policies, including:
Dori Marlin: So right now these are unprecedented times that we are facing with these potential tariffs and what's happening around the world. Brian, what do you do in unprecedented times like these? How do we think about these circumstances if you're in senior management?
Brian Gleason: These are in fact unprecedented times. There is nothing that anybody who is currently managing a company has done that looks like this. But when we look at crises and distress and stress in general, we see that there are common themes and that this time is no different.
And those common themes are…
One, your forecast is wrong.
Whatever forecast you produced before these tariffs came into place is almost certainly wrong. Whether it's first order impact or second order impact, you need to be thinking about that. So when we are in this situation, when a company is feeling stress in times of uncertainty, know your liquidity -- the single most important thing. Know where your cash position is and where your availability from your lenders and your investors is. You cannot run out of cash during times of uncertainty. Companies go out of business.
Second, overly communicate.
Know that you need to be in conversations with your investors, with your lenders, with your vendors and customers and with your employees. People are feeling uncertain. It's not just you and your management team, but your customers and the vendors, and everybody's trying to figure out what to do. Those that lead during times of stress come out stronger.
And update your forecasts -- very important.
Really understand what's in your forecast, what you know and what you don't know. Identify the assumptions that you're making and communicate to those people who use your forecasts so that when we have differences, we have explainable deviations, we’re not just saying, “oh well, things happen differently during times of stress.” People who provide companies capital really want to know that the management team is in control.
And then the final thing is - get your team together.
Whoever that team is, and that team can be your senior management. Oftentimes, not everybody in senior management has the skills to add value during these times. Look deeper in your organization for your A+ players that think strategically and get your outside advisors in line now so that you can pressure test ideas and changes and things you are thinking about doing because tariffs are changing.
So those are the things, whether it's this crisis or any other crisis, we always start with.
Dori: Great advice right there.
Jim - I want to turn to you now and let's talk about IP and what are you telling companies and clients you know to optimize their IP value at this moment in time and try to mitigate the risk?
James Malackowski: So intellectual property is very much a global asset, so this is a topic that is coming up quite frequently. The way we consult with clients is to look first at immediate or short-term things that should be considered and then longer term considerations. In the short term, the first thing is royalty income or royalty payments are one of the few expenses that can be quickly adjusted to offset the expense of tariff.
You can't necessarily reduce the cost or payments to labor or to material, but royalties can be told in order to help mitigate the tariff effect.
Second, focus on counterfeit good auditing. The increased cost due to tariff creates incentives for counterfeiters to try to send out generic merchandise generally and for your authentic suppliers to look at the back door more than the front door, because the gray market becomes much more active because of the need to sustain the manufacturing process and do something with those goods that are being produced.
Looking at the longer term, more shovel-ready opportunities if you're going to move your manufacturing. First of all, consider the IP laws of the country you might go to. It may be more tariff friendly, but there may be patents or other hurdles that you have to overcome, so make sure those are considered.
And then lastly, when you're picking a supplier within that alternative country, be sure that they understand the importance of trade secret protection and what you're bringing to them is not just an assignment to manufacture but an assignment to protect your own intellectual property.
Dori: Thanks, Jim. Shifting gears here, planning, permitting, talking about capital projects, you know, that becomes hugely challenging in times like these. John, are there unique risks that are brought about as a result on that side?
John Peiserich: Yeah, Dori, there are, there are the classic risks of uncertainty, right? You've got the issue of not knowing the timeline that you can get these accomplished in. You don't know how it's going to be received by the various administration personnel, the changes that we've seen there and also the fact that we have these tariffs that now are significantly impactful on the items that are predominantly made overseas, and so we have to plan for these things.
The advice that I would give is two things and it's a little bit of an echo you're going to hear --execute the items that you can control and, you know, get to that shovel-ready position, but don't start digging until you have that certainty.
Dori: I want to take a step back and really look at this from the macro perspective here.
Livia, how do you manage geopolitical volatility right now if you are a corporate executive?
Livia Paggi: I think the first and most important thing to realize now is that the rules of the game have changed entirely. Before we used to be in an era where institutions, the rule of law, international institutions, ultimately set the tone and the rules and the regulations for how international businesses could operate around the world. Now we are in a totally different era, where that is no longer the case.
Now we're in an era where one-on-one deals are made between a business and a state. Or perhaps a country can come in and help you sign a deal, like you know, what we're seeing with the minerals deal in DRC or the minerals deal in Ukraine. So an entirely different set of rules now are here for businesses to learn about.
So it's really working out on the ground how things are going to be happening, who you should be dealing with, who are the new stakeholders? And know that you shouldn't necessarily rely on the types of institutions and backings that you used to before.
Dori: Such great perspectives from all different angles here, thank you. And we will be continuing to provide insights on what is happening at jsheld.com/insights.
Brian Gleason, CTP, is a Senior Managing Director at Phoenix Management, a part of J.S. Held. He joined the company in October of 2023 as part of J.S. Held's acquisition of Phoenix Management Services. As a Certified Turnaround Professional (CTP), Brian has managed or participated in excess of 250 turnaround engagements over the past 28 years using his executive, operational, financial, and negotiating skills. He has significant experience in interim management roles, including CRO, CEO, COO, and CFO of sponsor-backed, privately held, and publicly reporting entities. He has been a board member in many companies including private and public companies and is often engaged in these roles when there is significant disruption in the company, or at the board level. In certain circumstances, he represents capital providers directly to advise on operational and restructuring matters for their portfolio companies.
Brian can be reached at [email protected] or +1 610 659 8118.
John Peiserich is an Executive Vice President and Practice Lead in J.S. Held’s Environmental, Health & Safety practice. With over 30 years of experience, John provides consulting and expert services for heavy industry and law firms throughout the country with a focus on Oil & Gas, Energy, and Public Utilities, including serving as an expert witness in arbitration proceedings and in state and federal courts. He has extensive experience evaluating risk associated with potential and ongoing compliance obligations, developing strategies around those obligations, and working to implement a client-focused compliance strategy. He has appointments as an Independent Monitor through EPA’s Suspension and Debarment Program. John routinely supports clients in a forward-facing role for rulemaking and legislative issues involving energy, environmental, Oil & Gas, and related issues.
John can be reached at [email protected] or +1 504 360 8373.
James E. Malackowski is a Senior Managing Director of Ocean Tomo, a part of J.S. Held. Ocean Tomo provides Financial Expert, Management Consulting, and Advisory services related to intellectual property (IP) and other intangible assets; corporate accounting investigations; regulatory and reporting obligations; solvency and restructuring; and contractual or competition disputes. Practice offerings address economic damage calculations and testimony; accounting investigations and financial forensics; technology and intangible asset valuation; strategy and risk management consulting; mergers and acquisitions; debt and equity private placement; and IP brokerage. Subsidiaries of Ocean Tomo include Ocean Tomo Investments Group, LLC, a registered broker dealer. With more than 100 offices globally, J.S. Held assists clients – corporations, insurers, law firms, governments, and institutional investors – on complex technical, scientific, and financial matters across all assets and value at risk.
James can be reached at [email protected] or +1 312 327 4410.
Livia Paggi is a Managing Director in J.S. Held’s Global Investigations practice. joined J.S. Held in May of 2022 as part of J.S. Held's acquisition of GPW. Livia advises multinational clients on doing business successfully in some of the world’s most challenging markets. Over the past decade, Livia has developed expertise in Russia and the wider Eurasia region. Livia is a sought-after speaker and regularly provides commentary on global political trends for the media, including for the BBC, Bloomberg TV, CNN, and the Financial Times.
Livia can be reached at [email protected] or +44 20 8706 1924.
This communication may contain forward-looking statements. These statements are based on J.S. Held’s current expectations and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This material is for informational purposes only and is provided ‘as is’ without any warranties and J.S. Held assumes no liability for errors, omissions, or any actions taken based on this material.
This article offers solutions for energy companies navigating the impact of changing global tariff policies on their projects. ...
The impacts of tariffs specifically on agricultural operations and related markets, and strategies for mitigating potential risks....
This article delves in the effect that US and retaliatory tariffs may have on the construction industry and its insurance claims....