Ethan Margalith ⋅ Los Angeles, CA Starving Students ⋅ 48 years experience

Thank you for service.

Try Turn Around Management Assoc

Also if you get certified in it , it makes a difference and can assist you.

I know a referal possibly if you email me privately.

Regards

Ronald Bossert ⋅ Bethlehem, PA Johnson & Johnson ⋅ 35 years experience

Yes, a turnaround situation can be a real challenge. I used to work for Johnson & Johnson and we had several. There is a good book called The First 90 Days by Michael Watkins. It covers leaders who are new to a position and one approach is for a turnaround. The first step is to find the root cause of the distressed business. If I can help, please let me know.

Barry Sosnick ⋅ Greenlawn, NY Great Whites Pediatric Dentistry & Orthodontics ⋅ 5 years experience

I did a turnaround, but years ago. A company hired me as an employee. I did not work for a consulting firm or investment fund. The business swung from a deep loss to modest profitability in a year.

Reading is less important than loving to solve riddles, having excellent listening skills and understanding basic business fundamentals. You need to choose up to three priorities and not add anymore until one of the three drop off the list.

If you have time to read, I would focus on process mapping. It will help you organize your thoughts and help you present them more effectively.

Michael Del Vecchio ⋅ Killingworth, CT U.S. Army, Staff Sergeant ⋅ 3 years served

Hi,

I concur with Chet above - I also am a Certified SCORE mentor, have worked on several business bankruptcies, turnarounds, many start ups. Try contacting a SCORE mentor via EMAIL at www.score.org and ask themm for their experiences. Also, contact me for additional specific information.

Tim Sullivan ⋅ North Kingstown, RI PepsiCo ⋅ 31 years experience

Ryan,
I also recommend ‘Good to Great’ by Jim Collins it gives solid behavioral rules. Before that read ‘The Goal’ and ‘It’s Not Luck’ by Ari Goldratt. Ari’s books on TOC Theory of Constraints, are specifically for turn around situations.
Good luck,

PS; Before i retired these 3 books were a requirement for all new hires

Dennis Machala ⋅ Henderson, NV Casino Industry ⋅ 30 years experience

I recommend a book titled: The Anatomy of a Turnaround. Authored by Greg Violette. Available on Amazon. Greg turned around a casino and he talks about it. Easy read and would be a good start for you with some helpful tips.

MUrat Dorkan ⋅ Pikesville, MD Dorkan financial group inc ⋅ 26 years experience

Many of the responses are on point. Just know if you get involved have a accountant/ Financial advisor working with you to review the numbers and use a good attorney to review your partner and o lr buy out agreements etc. happy to talk to you if it would help.
Thank you for for your service.

John Green ⋅ Cary, NC Information Technology ⋅ 40 years experience

Businesses generally need turning around because the activity performed by the business has potential value but the execution of the activity results in financial loss.

Many times this is because the owner(s) have made decisions based on emotion rather than merit or customers have fled to a competitor.

In short form, this requires re-architecture of the business function so that the value delivered measured by financial income is greater than the cost to produce that value. A person or business unit that ten years ago may have been a good idea may not benefit the overall company to the extent it once did and therefore needs re-organization or elimination.

Geoffrey Moore's books highlight the need to continually re-invent the business or risk becoming obsolete. Crossing the chasm, Living on the fault line, Inside the tornado.

Ryan Brown ⋅ Melbourne, FL Patriot Investment Partners ⋅ 2 years experience

Thank you all so much for your reaponses.

Chet Frame ⋅ El Paso, TX Border Business Consultants ⋅ 18 years experience

Good morning, Ryan.

I am a Certified Mentor for Score. I have worked with several distressed businesses and I have lived through it with my own businesses.

If you want to share more details in a secure environment, please e-mail me at chester.frame@scorevolunteer.org

Chet

Landon Carl ⋅ Lewisville, TX Goldman Sachs ⋅ 8 years experience

Read Good to Great by Jim Collins. Also heard good things about EntreLeadership by Dave Ramsey, but have not read it myself. Perhaps you are looking for practical specifics with a business you own or are going to acquire and I'm not sure either of those books will speak to that end.