In the Nov/Dec 2013 edition of the Journal of Corporate Renewal (JCR), the editor sought to cover some of the “Hot Topics in Turnarounds and Corporate Renewal”. Of course, the over-arching “Hot” issue discussed was the weakness in the TM industry. However, rather than just dwell on the negative, the articles in the magazine sought to point out ways that turnaround firms could still grow despite the weak conditions. Continue reading The Nov/Dec 2013 Issue of “JCR” – TM Growth Opportunities Identified but, Some Missed
Category Archives: Turnaround Management
Fundamental Changes in the TM Industry Requires Fundamental Changes by Consultants
The Turnaround Management Industry has been trending down for at least 5 years. While many industry experts had hoped that trends would have moderated by now, the industry weakness continues. Many of those same experts now think that the turnaround industry may never again return to the way it was in the early – mid 2000’s. They as I believe that the changes to the industry have been so fundamental and structural in nature that the industry is changed forever – and at a much smaller size. Continue reading Fundamental Changes in the TM Industry Requires Fundamental Changes by Consultants
How Operational Consulting is Working in Two Current TM Cases
It is well documented that there are fewer and fewer turnaround industry cases and that turnaround consulting firms both large and small are hungry for additional case work. This space has been advocating that turnaround firms use operational consulting to generate incremental revenues and two currently unfolding cases demonstrate how this process works. Continue reading How Operational Consulting is Working in Two Current TM Cases
Notes on the State of the NJ Credit Markets
I attended a Turnaround Management Association (TMA) panel discussion tonight. My compliments and thanks to the TMA for a well-run, well moderated and well attended event. Continue reading Notes on the State of the NJ Credit Markets
At & After the TMA – a Bleak Prognosis for the TM Industry
At the Oct, 2013 TMA Annual, and for two weeks after, I met with a score of companies in the turnaround industry. Nearly all of them were suffering from weak revenues. Even worse, after 4-5 years of diminishing work, most firms still had no confidence that things would get better any time soon.
Unfortunately, it appears as if structural issues within the industry substantiate this lack of confidence. Continue reading At & After the TMA – a Bleak Prognosis for the TM Industry
Is the Turnaround Industry Really This Weak?
At the TMA Annual meeting last week In Washington DC, I found a nearly universal sentiment that the case flow and deal flow in the industry was still perilously weak. Just a sampling of the quotes that I collected:
- “Case load is down significantly, we are currently involved in a pitch process that is actually deploying a reverse [fee] auction between us and a competitor on already discounted rates. Thank God that we have a diversified business.” Managing Director from a Large TM and Financial Consulting Firm
Continue reading Is the Turnaround Industry Really This Weak?
Two Turnarounds That Were 10 Years in the Making
In both of these cases, large consumer companies (Playtex and Revlon) had brands (Playtex Gloves and Flex Shampoo) that had not seen top-line growth in over 10 years. Playtex Gloves were under assault from low price, Asian imports and Flex was a case study in poor marketing management similar (except in scale) to New Coke. After years of success, Flex, a “value” brand was re-launched as a “premium” brand and soon saw its number 1 market share fade to the bottom-end of the top 10 brands. Continue reading Two Turnarounds That Were 10 Years in the Making
Don’t Let Dissembling Sales and Marketing Managers Derail a Turnaround
It is safe to say that the majority of companies in distress are experiencing weak top-line trends. Unfortunately, it is also true that in most cases, TM firms are ill equipped and unable to materially reverse their clients’ top-line woes. Continue reading Don’t Let Dissembling Sales and Marketing Managers Derail a Turnaround
Generating a Positive Turnaround at a Healthy Company
The Situation
One of the largest consumer products companies in the world (at the time +$8 billion in sales) was seeking growth from a division with several brands that were more than 50 years old and had long ago peaked in sales and market share. The Company was Warner Lambert/Pfizer, the brands included Halls, Trident, Dentyne and Rolaids. Continue reading Generating a Positive Turnaround at a Healthy Company
Steps a TM Firm Can Take to Potentially Win More Projects
In my 12 years at one of the TMA’s “Finest” firms, I saw that firm win many competitive pitch’s by using a unique business development process that included:
- Performing detailed pre-pitch research
- Tailoring the presentation to the client more so than to itself
- Focusing the presentation on more than the financial
- Using operational consulting “carrots”
Continue reading Steps a TM Firm Can Take to Potentially Win More Projects