Reorganization Proposal - PLEASE Help

We beleivve if our company does not become more profitable very soon we will all get laid off. We know why it's not profitable and how we can save money, but this will include a new company structure. We have 20 people working for our company. Our sister company is also a start-up but our executives are way more invested in the sister company. Our company makes a lot of money for a start-up but not enough. This company is lead by a close friend of the CEO of our sister company. The person in charge of our company hired two friends in manager roles who also do absolutely nothing. This company can succeed and become profitable if the structure changed drastically. We would like to submit a reorganizational proposal to the COO which would change the lead of our company to a position with fewer responsibilities and turn our 20 team department into 15 employees. We would include our best employees and turn this company around with a six-month evaluation where we can determine if the company will make it or not. I believe with all my heart we can be profitable and I have suggestions and reports to back me.

I will oversee it as the project manager and provide weekly reports. My question is how can I present this to the COO? We share an open office space so that's not a problem. Also, my boss leaves for days on end so that's not the problem either. Are there any tips on presenting him with this idea? I am a low-level employee here but have experience in the tech industry as a project manager. Please, any suggestions and comments would be greatly appreciated.