Turn Around Training for Leaders of Struggling Businesses
To learn how to turn around and fix troubled firms like a turn around
specialist, we recommend:
The Insider Secrets to Saving Your Business: The Step-by-Step Turnaround Guide by Kevin Muir
Principles of Corporate Renewal by Harlan Platt
The Insider Secrets Guide gives you a practical approach to turn around a troubled business. Both consultants and CEOs have used Kevin Muir’s approach to restructure troubled firms. This turn around manual comes in a two-volume set and is in easy-to-read style. Mr. Muir, a restructuring specialist, does not recommend bankruptcy for troubled firms and does not cover bankruptcy court proceedings in his guide.
So don’t expect a description of the ins and outs of bankruptcy or pre-packs. Since most firms do not survive a bankruptcy filing, you don’t need to be an expert in this anyway. What you will get is an understanding of what it takes to fix ANY firm, large, medium, small, manufacturing, service, retail and so on.
The Insider Secrets Guide covers key areas such as creating a plan, laying off employees, driving accountability, selling the business and assets and finding more financing. In addition, Mr. Muir shows you how to find cost cuts and discover a profitable core business to use as your foundation. In fact, the book is completely “how-to.”
The Insider Secrets course is good educational material for a consultant new to the field or an executive needing hands-on information.
The other book we recommend is Harlan Platt’s Principles of Corporate Renewal. Dr. Platt is an academician, and he takes a textbook approach to business restructuring. If you want information on Bankruptcy Laws and pre-package bankruptcies this is a good resource. In addition, Dr. Platt covers in detail the “Z-Score” that will help you judge whether your firm is in trouble. Many banks and financiers use this score to judge the creditworthiness of potential and current borrowers.
There are other turn around publications out there, but most are out-of-date
or are only applicable to large $1B+ sized firms. The two that we recommend
are our professional bibles and we use both intensively in our engagements.
All the best.
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