Turnaround Management Firms & Consultants | How to Choose
When your company is in trouble, you should select a reliable turnaround management firm. The key criteria that you should review are:
- How many “successful” turnaround management engagements does the firm have?
- How well respected is the firm within the turnaround management profession?
- How many consultants will they put on your turnaround management assignment?
- What are their turnaround management fees and how do they structure their success bonus?
- What is their turnaround management style and procedures?
The last question is the most critical to having a successful business restructuring. If the style and the motivations between you and your turnaround management firm are not in harmony, surely your restructuring is going to fail.
To find out the best practices for restructuring professionals, check out the turnaround management bible, The Insider Secrets to Saving Your Business. This guide will tell you everything you need about fixing troubled businesses. Included in this manual is:
- Emergency Cash Management Procedures
- Funding for Troubled Businesses
- Business Planning
- Common Cost Cuts
- Asset Sales
- Outplacement Considerations
- Debt Restructuring
- Accounting Controls
- Organizational Structure
- Banker Relationships
- Leadership during a Crisis
- Lease and Contract Renegotiation
If your prospective consultant is not aware of these procedures, you should find another consultant that follows this turnaround management manual.
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