Financial Turnarounds

The insider's guide to managing successful turnarounds.
Every successful company has its own business model: a set of assumptions it can use to profitably deliver its products or services. But the realities behind those models can change, often violently, with lightning speed-placing the survival of the business at immediate risk. Financial Turnarounds shows financial professionals how to recognize key signs of trouble fast—and what to do about it.
Drawing on 20 in-depth case studies from companies of widely diverse sizes, industries, and financial circumstances, this book covers every aspect of corporate turnarounds from the standpoint of the financial executive. Learn how to help non-financial managers understand the implications of the numbers; identify early actions that can prevent the need for a full-fledged turnaround; choose financial and non-financial strategies with the greatest likelihood of success; build consensus for a turnaround plan amongst the firm's leaders, line managers, and outside funders; and, finally, learn how to execute your turnaround rapidly and effectively.
Presents detailed case studies from 20 of the most significant turnaround efforts of recent years.

• In heavy manufacturing
  Maytag (appliances), Navistar (trucks), USG (building products)
• In light manufacturing
  Forstmann (garment fabrics), Pepsi-Cola Bottling Co. of Charlotte, N.C. (beverages), Sampson Paint Co. (coatings)
• In retailing
  Ames (discount general merchandise), Jos. A. Bank (menswear), Edison Brothers (apparel and footwear), The Forzani Group (sporting goods), Musicland (recorded music), Red Rooster (auto parts)
• In high technology
  Computervision/Parametric (imaging systems), GenRad (test equipment and software), Kollmorgen (periscopes and weapons positioning)
• In real estate
  Cadillac Fairview (office buildings and shopping malls)
• In services

Burlington Motor Carriers (transportation), Fairmont Hotel Management (hospitality), St. Luke's Hospital (healthcare), Microserv (computer maintenance and repair) Part of a new series of books sponsored by the Financial Executives Research Foundation, a nonprofit affiliate of Financial Executives International, the preeminent professional association for senior financial executives, representing 15,000 financial executives worldwide. The Research Foundation, established in 1944, funded the research and case studies in this book.

• 1 Introduction
• 2 Executive Summary
• 3 Case-Study Summaries, Key Findings, and Early Warning Signs
• 4 Comparison of Financial Turnarounds
• 5 Comparison of Turnaround Methods
• 6 Preventive Medicine for Healthy Companies
• 7 Manufacturing Sector
• Maytag Corporation
• Navistar International Corporation
• USG Corporation
• Forstmann & Company
• Pepsi-Cola Bottling Company of Charlotte, N.C.
• Sampson Paint Company
• 8 Retailing Sector
• Ames Department Stores, Inc
• Jos. A Bank Clothiers, Inc
• Edison Brothers
• The Forzani Group, Ltd
• Musicland Stores Corporation
• Red Rooster Auto Stores
• 9 High-Technology Sector
• Parametric Technology Corporation and Computervision
• GenRad, Inc
• Kollmorgen Corporation
• 10 Real-Estate Sector
• Cadillac Fairview
• 11 Service Sector
• Burlington Motor Carriers, Inc
• Fairmont Hotels & Resorts
• St. Luke's Hospital - San Francisco
• Microserv Technology Services
• A: Annotated Bibliography
• B: Glossary
• C: Turnaround Specialists Interviewed
• D: Epilogue
• About the Authors
• Acknowledgments
• Index