According to Investopedia, a Turnaround is, “a situation where a company, who has had poor performance for an extended period of time, experiences a positive reversal.”
Have you found yourself hired as a Turnaround CEO, expected to take a company from suffering to success? Are you a board member for a company that may be in the Turnaround stage of its life? Or are you unsure whether your company needs a Turnaround?
This book, Turnarounds: Brains, Guts & Stamina covers everything that you need to know when being faced with a Turnaround. There is a lot of valuable information, questions that need to be asked about every area of the business, case studies of companies that have been involved in Turnarounds and even advice on taking care of your own health while involved in a Turnaround. It also includes ways to save money during a Turnaround, principles that need to be looked at during Turnarounds, and the people that you need to help you through this time period (what kind of lawyers and consultants may be necessary).
One of the benefits of this book is that it is not written by only one author. Peter McCann has written a good majority of it, but there are also seven contributing authors: S.W. Dermer, Brian K. Hunter, Ann MacDiarmid, Richard Morgan, Mia Örndahl, J. Keith Robson and Fred Wagman. The fact that there are so many professionals with different specialties involved in this book who have worked through Turnarounds before gives this book more authority – you know you are getting good advice on so many different areas, each area of which is essential if you are trying to Turnaround a company.
If you’re unsure about whether your business is in the Turnaround phase, the appendix even includes a quiz that helps you know what phase your business is in. It also includes a time line, as one possible example, of when certain activities need to be done (for example, hiring corporate, labour and environmental lawyers in the first quarter of the first year, whereas rigorous performance appraisals for all employees might start in the second quarter and should continue throughout the whole Turnaround process).
If you are going through a Turnaround, this book comes highly recommended for its vast wealth of information.
This book can currently be purchased on amazon.ca and amazon.com.
