Corporate Turnaround

Crisis management is an art whose time definitely has come. Corporations by the score are foundering of failing, taking with them jobs and assets worth millions of dollars. Corporate Turnaround: How Managers Turn Losers Into Winners! teaches you the art of managing corporate crises — how to turn a loser company into a strong competitor. Based on the experience of 97 corporate leaders who successfully managed turnarounds in over 200 failing corporations, the book tracks crisis situations from early warning signs through specific turnaround strategies and on into management tactics for sustaining regained growth and profits.

• Part One: The Reasons for Corporate Decline
  1. Failure and Decline in Perspective
     • The Perspective
     • Definitions of Failure and Decline
       • Social Impact
       • Economic Failure
       • Legal Failure
       • Managerial Failure
     • Failure and Decline Statistics
     • Trajectories of Failures
  2. Predictable Organizational Crisis
     • The Seeds of Future Crisis
     • Stages of Corporate Development
       • The Enterpreneurship
       • The Fair-Sized Company
       • The Institution
  3. Is Decline Externally or Internally Caused?
  4. External Reasons for Decline
     • The Impact of Change
     • Economic Change
     • Competitive Change
     • Government Constraints
     • Social Change
     • Technological Change
  5. Internal Reasons for Decline
     • The Management Factor
       • Why Bad Management Exists
       • The Visible Symptoms of Bad Management
       • Managerial Errors
     • One-Man Rule
       • When Is a Company Ripe for One-Man Rule?
       • One-Man Band
     • Lack of Management Depth
     • Management Change Problems
     • Inbred Bureaucratic Management
     • The Unbalanced Top Management Team
     • Weak Finance Function
     • Nonparticipative Board of Directors
  6. The Most Common Errors of Bad Management
     • Failure to Keep Pace with Changes in the Marketplace
     • Lack of Operating Controls
       • Types of Control Information
       • Don't Ignore Controls
     • Overexpansion
       • Overdiversification
       • Sales Mania
       • Control of Diversity
     • Excessive Leverage
       • No Margin for Error
       • The Coup de Grace
  7. Early-Warning Signals of Decline
     • Functional Blinders
     • Types of Warning Signals
     • Mathematical Forecasting Signals
       • The Z-Score Method
       • Gambler's Ruin Prediction of Bankruptcy
       • Auditors' "Going Concern" Opinions
     • Adverse Trend Signals
       • Declining Margins
       • Declining Market Share
       • Rapidly Increasing Debt
       • Other Financial Red Flags
     • Adverse Behavioral Signals
       • A Goiod Early-Warning Signal
       • Is Low Morale a Signal?
  8. The Moment of Truth for Management
     • The Ostrich Approach
     • Figthing Reality
     • Reality Arrives
• Part Two: The Basics of Corporate Turnaround Management
  9. The Corporate Turnaround Perspective
     • The Perspective
     • A Quantitative View of Turnarounds
       • Bloodbaths
       • Turnaround Versus Nonturnaround
       • Types of Turnarounds
     • The Management Process Turnaround
       • Sleepy Management
       • The Turnaround Myth
     • The Economic (or Business Cycle) Turnaround
     • The Competitive Environment Turnaround
     • The Product Breakthrough Turnaround
     • The Government-Related Turnaround
  10. Stages in the Turnaround Cycle
      • The Stages of a Turnaround
      • The Management Change Stage
        • The Moment of Truth
        • Existing Management
        • The New Leader
      • The Evaluation Stage
        • Identifying Problems
        • Solutions
        • The Action Plan
        • Communicate the Plan
      • The Emergency Stage
        • Stop the Bleeding
        • Unloading a Loser
        • Out of the Wringer
      • The Stabilization Stage
        • Looking Beyond Today
        • Protecting the Motherlode
        • Reposture the Company
        • When the Turnaround Fails
      • The Return-to-Normal-Growth Stage
        • Creating a Sound Financial Platform
      • When Is the Company Turned Around?
  11. The Key Factors in Turnaround Success
      • The Elements
      • Improving Management Processes
        • Management Style
        • Management Control
      • A Viable Core Business
        • Back to Basics
        • Key to a Viable Core
        • Sound Strategies
      • Adequate Bridge Financing
        • The Banker's Role
        • To Help or Not to Help?
        • The Creditor's Mistake
      • Improving Motivation
        • The Power of Positive Thinking
        • Dealing with Uncertainty
  12. Turnaround Failures
      • Multiple Turnaround Attempts
        • Classifying Failure
        • Stagnation
      • Ineffective Management
        • Old Management Problems
        • New Management Problems
      • Poor Turnaround Strategy
        • Malaise
      • Insufficient Financial Resources
        • Support at Two Points
      • Government Interference
      • Bail-Out Strategies Short of Chapter 11
        • Cease Operations
        • Sell Out
        • Merge
      • Life in the Toils of the Bankruptcy Act
        • Chapter 11 Trade-Off
        • Predicting Success
        • No Picnic
• Part Three: Leadership in Turnaround Situations
  13. The Management Change Stage
      • The Management Change Decision
        • When Management Controls the Stock
        • The Timid Board of Directors
        • Existing Management
      • Quantitative Views of Management Change
        • Change Affected by Reasons for Decline
        • Insiders
        • Nonspecialists
  14. Turnaround Leader Characteristics
      • A Variety of Styles
        • Architect of Strategy
        • Implementer of Strategy
        • Personal Leader
        • Common Characteristics
      • Spotting the Turnaround Leader
        • The Tough-Minded Manager
        • Action Orientation
      • Required Skills
        • Entrepreneurial Instinct
        • Broad Business Experience
        • Negotiating Skills
        • Interviewing Skills
      • Motivating Characteristics
        • Focus on Objectives
        • Self-Confidence that Inspires
        • Innovative
      • Turnaround Leaders' Style
        • Leadership Image
        • Performance Standards
        • Decision Making
        • Use of Authority
        • Action Orientation
  15. Taking Charge
      • Take Charge Strategies
        • Principal Purposes
        • Action Depends on Seriousness
        • The Honeymoon
      • The First Step — Getting people's Attention
        • Shock the System
        • The Sacrificial Lamb
      • Immediate Actions
        • Action Programs
        • Headquarters Modus Operandi
        • Authority Delegation
      • Attacking Problems
        • Total Financial Control
        • What Is Going On?
        • Key Managers
        • Profit Improvement
        • Gathering the Facts
      • Keeping Charge
        • Changing Power Continuum
        • Power Sharing
      • Some Parting Thoughts on Taking Charge
        • Focusing on the Relatively Unimportant Too Quickly
        • Allowing Oneself to Be Swalloved Up in Extraneous Meetings and Activities
        • Permitting Early Confrontations witj Key People
  16. Motivating the Organization
      • The Importance of Motivation
      • The Stages of Turning People Around
        • The Demoralization Stage
        • The Honeymoon Stage
        • The Neutral Stage
        • The Commitment Stage
      • Basics of Motivation in a Turnaround
        • Strong Leader's "KITA"
        • Movement Not Motivation
        • Motivating Factors
        • Summary
      • Strong Leadership
        • Toughness
        • Set the Example
        • The Challenge
      • The Organizational Kick in the Pants
        • The New Culture
        • The Big Stick
        • Head Cutting and Motivation
      • Reestablishing a Climate of Success
        • Personal Example
        • New People
        • Profit Orientation
        • Persuasion
      • Participation and Communication
        • Accomplish First — Motivate Second
• Part Four: Management Strategies and Practices in a Turnaround
  17. The Evaluation Stage
      • Structuring the Evaluation
        • Gut Feeling
        • Getting Information
      • The Preliminary Viability Analysis
        • Strengths and Weaknesses
        • Analyze Key Factors
        • Case Examples
      • The Detailed Viability Analysis
        • Segmentation Techniques
        • Evaluating Available Resources
      • Evaluating the Company's Financial Strength
        • State of the Balance Sheet
        • Cash Flow
        • Profit Rationale
        • Financial Information Systems
      • Evaluating the Company's Competitive Position
        • Competitive Strategy
        • Market Position
        • Marketing Organization Effectiveness
      • Evaluating Your People Resources
      • Putting It All Together
        • Operating Turnaround Strategies
        • Strategic Turnarounds
  18. Planning Strategies in Turnaround Situations
      • The Need for Practical Planning
        • Planning and Doing
        • Turnaround Plan Chacteristics
      • The Basic Planning Elements
        • Objectives
        • Strategies
        • Tactical Plans
        • Follow-Up Reviews
      • Planning Contrasts by Turnaround Stage
        • Operational Gaps
        • Contrasting Planning Elements
      • The Emergency Plan
        • Required Time
        • Problem Segmentation
        • Plan for Closing Strategic Gaps
        • Plan for Clsoing Operational Gaps
      • The Stabilization Plan
        • Planning Strategies
      • The Return-to-Normal-Growth Plan
        • Planning Strategies
        • Growth Strategies
        • Growth Strategy Case
  19. The Emergency Stage
      • Emergency Stage Basics
      • Asset Redeployment in the Emergency Stage
        • Borderline Divestment Units
        • When Things Go Wrong
      • Financial Management in the Emergency Stage
        • Cash Flow Analysis and Control
        • Debt Restructuring
        • Working-Capital Improvements
        • Profitability Analysis
        • Cost Reduction Support
        • "Creative" Accounting Elimination
      • Operating Management in the Emergency Stage
        • Shutting Down Operations
        • Reducing Manpower
        • Reducing Inventory Investments
        • Controlling Purchasing
        • Increasing Productivity
      • Marketing Management in the Emergency Stage
        • Pricing
        • Product Line
        • Promotion
        • Place
      • Human Resource Management in the Emergency Stage
        • Employees in Divested Operations
        • Executive-Level Cutbacks
        • Middle-Level Cutbacks
        • Rank-and-File Head-Count Reduction
  20. The Stabilization Stage
      • Stabilization Stage Basics
      • Asset Redeployment in the Stabilization Stage
        • Retention Divestment Packages
        • Increasing Liquidity
      • Financial Management in the Stabilization Stage
        • Liquidity Improvement
        • Balance Sheet Cleanup
        • Control System Development
        • Managerial Accounting Development
      • Operating Management in the Stabilization Stage
        • Profit Improvement Programs
        • Development of Manufacturing Efficiencies
        • Overhead Value Analysis
      • Marketing Management in the Stabilization Stage
        • Pricing
        • Products
        • Promotion
        • Place (Distribution)
      • Human Resource Management in the Stabilization Stage
        • Improving the People Mix
        • Dealing with Organizational Conflicts and Centralization/Decentralization
        • Implementing Compensation Programs that Support a Turnaround Effect
        • Getting people to Think Profit
      • In Summary
  21. The Return-to-Growth Stage
      • The Basics of This Stage
      • Asset Redeployment in the Return-to-Growth Stage
      • Financial Management in the Return-to-Growth Stage
        • Creative Financing Schemes
        • Tight Financial Discipline
        • Special Techniques
        • Financial Modeling Techniques
      • Operating Management in the Return-to-Growth Stage
        • Development Expenditures
        • The Efficient Investment of Human and Capital Resources
        • Management by Objectives
      • Marketing Management in the Return-to-Growth Stage
        • Expanding Margins through Product Mix Changes
        • Marketing Strategies and Tactics
      • Human Resource Management in the Return-to-Growth Stage
        • Building a Management Development Program
        • Reorganizing for Faster Growth
        • Modifying Compensation Programs

Increadibly bad workmanship (e.g. bad fonts, shoddy printing, etc.). The contents are on the other hand very good.

Recommended for any aspiring interim-, turnaround- or crisis-manager.