When firms are on the brink of failure, only turnaround management can restore performance and profitability. The key is to provide stability and create cash (and a breathing space) for building long-term success. This fully revised edition provides practical advice on restoring confidence through effective leadership and planning. It highlights the importance of communication with stakeholders, staff, customers and suppliers, and how best to structure the capital base of an organization in order to fund recovery and future growth. Essential reading for chief executives, consultants and merchant bankers (as well as investors tracking the progress of ailing businesses), this book offers a definitive set of tools and techniques.
Stuart Slatter is a partner in Slatter Timperley Associates, a management consultancy. He is also a Visiting Professor at London Business School. David Lovett is the partner in charge of Arthur Andersen's worldwide turnaround management practice.
Turnaround management; symptons and cause of decline; characteristics of crisis situations; framework for achieving successful turnaround; diagnostic review; crisis stabilization; leadership; stakeholder management; developing the business plan; strategic focus organizational change;critical process iprovements; implementing the business plan; financial restructuring.