A turnaround is a process to restore a failing company to sustainable competitive vitality. … A turnaround that does not restore a company to competitive vitality is a failed turnaround.

The reporter for the business section of an Ontario newspaper asked, “What is the difference between running a business well under normal conditions and doing a turnaround?”
The answer was: Turnarounds differ from managing a company well by the compression of time and the scarcity of resources. There’s no time and scarce human and financial resources.

Far too often management and boards of directors cling to past impressions, false assumptions and vain hopes. As company performance slips, a company has fewer and fewer resources – less cash, less cash flow, less high caliber employees, maybe fewer customers. As a company has fewer and fewer resources, it has fewer and fewer strategic options. By the time that a Turnaround CEO or Consultant is hired, the company may be on a greased skateboard on the down ramp to the final exit.

Turnarounds: Brains, Guts & Stamina
MCCA - McCann Corporate Consulting Associatest.
MCCA is a consulting firm established in 1989 to assist companies and not-for-profit organizations under-performing to the expectations of their executives, shareholders, lenders and stakeholders.