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
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 Fix Any Business in 100 Days provides the answer.
Cash conversion cycle, debt stack, common business killers, forbearance, Running a business on cash and how to pull it from the balance sheet, 13wcff, turnaround plans, comprehensive chapter 11 bankruptcy restructuring overview, going concern value, global bankruptcy history kinda neat, some stuff on interfacing with creditors
Qualifications don’t precede performance Best turnarounds start with a shock Sacrificial lambs kickstart change; lenders want to see blood **4 Legged stool - Employees customers vendors ownership
I loved it. It was simple and to the point, yet extremely insightful. I especially liked his genuine tone and willingness to show vulnerability by sharing painful personal past experiences.
Most people believe that turnarounds mainly involve an in-depth knowledge of corporate finance but it's just as much, if not more in certain situations, about psychology and being a really good salesman. This book is a good reminder of that.
Jeff's book is one of the most concise turnaround books available. A few chapters in...I texted all of my colleagues and insisted they pick up a copy as well! Whether you're just getting into your first turnaround or a seasoned vet, I'd recommend his book. He's also very generous with his time and was kind enough to answer a few of my stupid questions.
playbook into turnarounds and steps from distressed to next thing, whether out and through bankruptcy or closing down. somewhat boils down to being honest, transparent and actively managing what you can control.
Good overview of the bankruptcy process, but that is really all the book is, not a guide on how to actually fix any business in 100 days as the title leads one to believe.