Turnaround management - Company rescue
Turnarounds involves saving a business and returning it to a stable financial position.
This requires a unique combination of leadership and ability to:
- Rapidly identify the primary causes of the potential financial failure.
- Expeditiously deal with problem areas.
- Prepare and successfully implement a workable rescue plan.
Unfortunately it is unlikely that the existing management would have the experience or skill set to lead this turnaround. A senior interim executive with a proven track record of managing businesses out of trouble or an interim management team can provide the resource needed for the under performing business.
Interim management can help turnaround a company when it is:
- Losing money.
- Has a serious cash-flow crisis
- Needs to reduce overheads or help to survive.
- Risks insolvency or is on the brink of receivership
2008 © PHS
Rescue a business