How to steer your business through times of financial distress and achieve sustained profitability
Corporate Turnaround Artistry is a complete guide for entrepreneurial companies in times of financial distress - presenting effective strategies and proven methods to revive and rehabilitate your business. Uncertain economic times have significantly altered the financial resources available to struggling businesses. Narrowing margins and mounting internal and external pressure has taken their toll on many companies. Fortunately, most businesses can be repaired while maintaining their existing revenue structure. Offering practical steps that go beyond simple cost-cutting and sales-building advice, this invaluable guide teaches you how to control cash, secure financial relief, and develop a comprehensive turnaround plan that your employees, customers, and creditors will support.
Business leaders and entrepreneurs often fall into the trap of assuming new debt when tough times strike. Author and Certified Turnaround Practitioner Jeff Sands shows that to many struggling businesses, more money is no longer the answer to the problem. Expert advice on topics including cashflow stabilization, short and long-term profit sustainability, lean management techniques, and more, provides the framework to timely and efficient corporate turnaround. From identifying the initial cash crisis to meeting with creditors and developing a plan, this essential resource will help you:
- Stabilize your financial liabilities and re-structure your debt
- Implement effective turnaround strategies without significant changes to your corporate structure
- Preserve the positions of your current employees and their community
- Give yourself a fresh start with a lean and agile business
Thousands of businesses fall into financial stress every year - oftentimes in sudden and dramatic fashion - leaving CEOs and owners asking the question “How do I save my business”? Corporate Turnaround Artistry: Fix Any Business in 100 Days provides the answer.
Table of Contents
About the Author ix
Foreword xi
Professor Kenneth P. Walsleben
Preface xv
Acknowledgments xix
Chapter 1 Understanding Corporate Turnarounds 1
Chapter 2 Crisis Leadership 45
Chapter 3 Controlling Cash 73
Chapter 4 When Banks Attack 103
Chapter 5 Turnaround Management 141
Chapter 6 Arsonists and Regulators 171
Chapter 7 Insolvency and the Law 189
Chapter 8 Debt Restructuring Out of Court 237
Chapter 9 Strategic Exits 261
Chapter 10 Building Long-Term Value 279
Resources 297
Bibliography 299
Index 301
