Corporate
(or
organizational) renewal or turnaround typically requires three critical
ingredients:
1.
Sustainable core business(es) (or service(s))
2.
Qualified management talent
3.
New sources of funds
The life cycle of decline, crisis, renewal and expansion, requires extremely,
specialized management to move from crisis to renewal. Venture capitalists,
backing a turnaround investment will typically look for a proven heavyweight,
who has done it before and in the same industrial sector. Given that most
turnarounds are required to head-off a crisis, the carefully crafted wisdom of
the venture capitalist is often not practical. The only realistic Turnaround
Manager available, at a few days notice, is a professional Executive Interim Manager.
Turnaround Management has a number of labels including: crisis management
restructuring; reengineering; and corporate renewal.
Definition: Turnaround Manager
The Turnaround Manager is primarily responsible for
getting control of cash, eliminating excesses (people,
products and facilities), focusing upon the company’s
core competency (ies), and preserving assets.
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