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Small Business Techniques

Financing a Turnaround

Financing a Turnaround

The turnaround’s Catch-22 is that you need funds to make changes and get some breathing room for those changes to generate more cash, but the need arises just when cash flow is becoming critical and there are no extra funds. What can you do? Classic Sources Classic turnarounds rely on cash from quick moves, lender agreement […]

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Restructuring Alternatives

Restructuring Alternatives

Like the chess player contemplating his first move, owners have the most options when they recognize a cash flow problem early, before events conspire to limit their choices. Because early recognition provides extra time to solve the problem, initiatives that take a little longer to affect cash are still feasible. “Early” is the time for […]

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Firing Customers

Firing Customers

Turnarounds are triggered by cash shortage, so everything that drains cash is up for discussion. There are no sacred cows. When you’re looking for near-term cash relief, the toolbox includes lots of old favorites: cut overhead, cut labor, stop capital spending, renegotiate supplier and lending contracts, increase prices, and find new investors. But sometimes you […]

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Brand Value in a Turnaround

Brand Value in a Turnaround

Brands have power. In the NBA, the stars get the calls. Old Masters are worth more. Fees on the speaking circuit depend on who you were, not how well you speak. Harvard University has a huge list of applicants for only a few seats. The same is true in business. Your Marketing professor told you […]

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The Role of the Outsider in a Turnaround

The Role of the Outsider in a Turnaround

“Are the people who led us into this mess the right ones to lead us out?” When a company faces distress, everyone asks this question either overtly or subconsciously. Employees ask it while they worry about their jobs. Suppliers ask it while trying to collect on their invoices. Lenders ask it when loan repayments are […]

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Turnaround Tools

Turnaround Tools

“Assembly of Japanese bicycle require great peace of mind.” This is the first line in the manufacturer’s instructions for assembling a bicycle, according to the classic Zen and the Art of Motorcycle Maintenance. A proper mindset or perspective is the first step, and the first tool, in a turnaround as well. The Turnaround Perspective The […]

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