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5 - Turnaround Management
In virtually all cases (in our experience the financial crisis are a result of management errors. The degree of error may be minor or fundamental, and the need for turnaround management may vary. We do not belong to the school of thought that says that all management of all financially distressed businesses should be replaced.
However, we believe that
1. It is unlikely that all of the existing management, which causes the financial crisis,
are the appropriate people to initiate the turnaround, and
2. Almost all management teams in distressed businesses have weak areas that must
be addressed if the turnaround is to be effective.
Therefore, we believe that in almost all turnarounds, dedicated turnaround management support is required.
The right advisors can structure a turnaround plan to maximise stakeholders interests. For further detailed information please click on the Classic Turnaround Cycle stages on the left or click here for the sixth graph - Changing the Game Plan.