Looking Ahead: Lessons From 2024 and Plans for a Bright Future

By Ted Gavin, CTP, NCPM, Managing Director & Founding Partner

As we settle into the new year, it is a natural time to reflect on the lessons we learned and the challenges we faced in 2024, as well as the opportunities of 2025. Uncertainty was a recurring theme last year, and the coming year promises no less in that regard. While it can be unsettling, it also serves as a powerful catalyst for growth. Uncertainty challenges us to think creatively, adapt quickly, and remain focused on what truly matters. Instead of fearing the unknown, we approach it with curiosity and determination, knowing that every uncertainty holds the potential for new beginnings. Here are a few things I’ve learned from uncertainty:

Be Open to Change

Change is inevitable, and our ability to embrace it often defines our success. Whether it’s adapting to new market conditions, exploring innovative strategies, or simply navigating the unexpected twists and turns of life, openness to change allows us to remain resilient and forward-thinking. Instability has a way of disciplining your focus on the things that actually matter, and learning to filter out the noise. We leaned into change in 2024 – welcoming new ideas, challenging old habits, and finding ways to grow both personally and professionally. While change can be daunting, it’s also a gateway to discovering opportunities we might never have considered. And in doing so, we get the chance to learn what works, what resonates – and what doesn’t.

Be Alert for Positive Opportunities

Opportunities often come disguised as challenges. They invite us to stay alert, curious, and ready to act when the right moment arises, but only if we’re tuned-in enough to recognize the invitation for what it is. In our professional lives, we see how asking more questions than seeking definitive answers can open doors to creative solutions. By staying curious and refusing to settle for the status quo, we position ourselves to seize opportunities even in uncertain times. As our friend and firm co-founder Joe Solmonese quipped when introducing me the night I became American Bankruptcy Institute president, “while a group is debating the merits of option A or option B, be the person who can lay a path to option C.”

Watch for Problems Along the Way

Being in the restructuring business, we know every journey comes with its share of obstacles. Problems pop up, and being proactive and watchful allows us to address issues before they become insurmountable. The difference between a successful turnaround and a liquidation is often time. The past year reinforced the importance of staying vigilant – of being prepared – not only to weather storms, but to learn from them. Living near the ocean and checking lobster pots with my neighbors every few mornings, I learned a valuable lesson: never let being caught in weather go to waste. Each challenge we faced offered valuable insights, helped us grow stronger and more capable.

Questions Are Powerful

One of the most powerful lessons of the year was the value of asking questions. Instead of rushing to conclusions, we embraced inquiry – to seek understanding, challenge assumptions, and explore new perspectives. Asking more questions than we have answers keeps us open to learning and fosters collaboration within our teams. It’s a reminder that sometimes, the journey of discovery is just as important as the destination.

The Thing I’m Most Grateful For 

In times of uncertainty, the strength of our professional community has been a beacon of stability. We saw countless examples of collaboration, mentorship, and solidarity, proving that together, we’re stronger than the sum of our parts. Perhaps the most important takeaway is the value of surrounding ourselves with good people – like you! In both good times and bad, the company we keep profoundly impacts our journey. We’ve been fortunate to work alongside colleagues, partners, and friends who inspire us, challenge us, and stand by us. These are the people who remind us why we do what we do and who make every challenge worthwhile – the people who trust us, and who we trust. Thank you for being part of our community.

As we welcome a new year, let’s carry these lessons with us. Let’s remain open to change, alert to opportunities, and watchful for the challenges that may come our way. Let’s continue asking questions, strengthening our community, and embracing uncertainty with confidence. Most importantly, make sure to surround yourself with the kind of people you want by your side when the going gets tough.

The future is always uncertain, but we’re in this together. Thank you for being part of this journey. Here’s to a new year filled with possibility, purpose, and partnership.

Wishing you all a successful year ahead.