Corporate TurnaroundStuart Slatter

When firms are doing so badly that failure seems imminent, only turnaround management can restore performance and profitability. Chief executives, directors, 'company doctors', consultants and merchant bankers (as well as investors tracking the progress of ailing businesses) can all transform their effectiveness by understanding the basic principles. The key to recovery lies in a rigorous diagnostic review followed by a stabilization programme designed to take control, overcome the immediate crisis and create cash (and a breathing-space) for building long-term success.