Turnarounds

Question 1

Gather Information: Analyze the company and industry 1

Answer 1

Why is it failing? Bad products or services? Bad management? Bad economy

Question 2

Gather Information: Analyze the company and industry 2

Answer 2

Are our competitors facing the same problem?

Question 3

Gather Information: Analyze the company and industry 3

Answer 3

Do we have access to capitol?

Question 4

Gather Information: Analyze the company and industry 4

Answer 4

Is the company publicly-traded or privately-held?

Question 5

Possible Actions: 1

Answer 5

Learn as much as possible about the company and its operations

Question 6

Possible Actions: 2

Answer 6

Secure sufficient financing, so your plan has a chance

Question 7

Possible Actions: 3

Answer 7

Review the talent and temperament of all employees, and get rid of the “deadwood”

Question 8

Possible Actions: 4

Answer 8

Determine short term and long term goals

Question 9

Possible Actions: 5

Answer 9

Devise a business plan

Question 10

Possible Actions: 6

Answer 10

Visit clients, suppliers and distributors and reassure them

Question 11

Possible Actions: 7

Answer 11

Prioritize goals and get some small successes under your belt ASAP to build confidence