Until recently, turnaround and crisis specialists were a relatively unknown breed in the business world. However, as once stable companies struggle to maintain profitability, the expertise of the turnaround professional is more in demand than ever.
The turnaround specialist enters a company with a fresh eye and complete objectivity. A true professional is able to spot problems and create new solutions that may not be visible to company management.
The turnaround manager has no political agenda or other obligation to bias the decision making process, which allows him to take the sometimes unpopular, yet necessary steps that lead to survival.
Experience within a particular industry is not as important as experience in crisis situations when a company is facing bankruptcy or the loss of significant amounts of revenue. Like an emergency room doctor, the talent lies in making decisions quickly to stop the bleeding and give the patient the best chance of recovery.
Operating in the eye of the storm, the turnaround professional must deal with angry creditors, frightened employees, upset customers and a nervous board. The highest of stakes are on the table. Now is not the time to have leadership be faint of heart or lacking experience.
Experience in crisis situations is the most important credential. MBA degrees and CPA designations count for nothing if the turnaround professional does not have a proven track record. The turnaround professional must be able to produce a portfolio of success stories and satisfied clients.
TURNAROUND, Inc. founder Miles Stover can point to years and years of successful turnarounds and industry experience. The following is a list of a few examples of situations where Mr. Stover gained the experience that will be of benefit to the clients of today.
While Mr. Stover is one of the highest credentialed professionals in the country in crisis related arenas, it is the experience in the emergency room that sets him apart from most others in the profession.