A complete and structured aproach

• Introduction to the Brazilian Edition:
  Challenges of the Turnaround Medicine

• The Turnaround Therapy
• Main Challenges
• Program Management and CRO
• Recovering Value and Performance
• A Tough and Ever-present Reality

Turnaround Management

• What is a Turnaround Situation?
• Sustainable Recovery
• Turnaround Management
• Turnaround or Workout?
  • Business Transformation
  • Workout
  • Insolvency
• The Demand for Turnaround Management
• Availability of Founding and Management
• Structure of the Book

• Symptoms and Causes of Decline

• Symptoms of Decline
• Predicting Company Failure
• Causes of Decline
  • Poor Management
  • Inadequate Financial Control
  • Poor Working Capital Management
  • High Costs
  • Lack of Marketing Effort
  • Overtrading
  • Big Projects
  • Acquisitions
  • Financial Policy
  • Organizational Inertia and Confusion
  • Changes in Market Demand
  • Competition
• Analysis of Causal Factors

• Characteristics of Crisis Situation

• Susceptibility to Crisis
• The impact of Crisis and Managerial Behavior
  • Reduction in Management’s Span of Attention
  • An Increase in Managerial Inflexibility
  • A Reduction in Management’s Time Perspective
• The Impact of Crisis on the Organization
• The Reality Gap
• Fragility and the Spiral of Decline
• Crisis and Change
• Intervention from Outside

• Framework for achieving a Successful Turnaround

• Seven Essential Ingredients
  • Crisis Stabilization
  • Leadership
  • Stakeholder Support
  • Strategic Focus
  • Organizational Change
  • Critical Process Improvements
  • Financial Restructuring
• The Implementation Framework
  • Diagnostic Renew
  • Crisis Management
  • Selection to the Turnaround Team
  • Stakeholder Management
  • Develop the Business Plan
  • Implement the Business Plan
  • Prepare and Negotiate the Financial Plan
  • Project Management
• Timing
  • The Analysis Phase
  • The Emergency Phase
  • The Strategic Change Phase
  • The Growth Phase
• Characteristics of Successful Recovery Situations

• Diagnostic Review

• Objectives
• The Approach
• Analysis of Ability to Survive in the Short Term
• Viability Assessment
  • Causes of Decline
  • Severity of the Crisis
  • Attitude of Stakeholders
  • Firm’s Historical Strategy
  • Industry Characteristics
  • Firm’s cost/price structure
• Types of Recovery Situation
• Options Assessment
• Stakeholder Assessment
• Preliminary Management Assessment
  • The Capability of the Existing Top Management Team to Effect Change
  • Assessing the Organization Structure
  • Effectiveness of Individual Directors or Senior Managers
• Output

• Crisis Stabilization

• The Guiding Principles of Crisis Stabilization
• Short-term Cash Management
  • Access Immediate Cash Requirements
  • Develop Cash-generating Initiatives
  • Implement Emergency Cash-management Controls
  • Implement Cash Rationing
• Strategies for Short-term Cash Generation
  • Reduction of Debtors
  • Extension of Creditors
  • Reduction of Stocks
  • Stopping or Reducing Planned Expenditure
  • Short-term Financial Support
• New Management And Financial Controls
• First Stage Cost Reduction
  • Obvious Overmanning
  • Purchasing
  • Overhead Costs
• Legal and Regulatory Compliance

• Leadership

• Appointing the Turnaround Manager
• Qualities Required in the Turnaround Manager
• Appropriate Management
  • Accessing the Appropriateness of the Top Team
• Change of Management
• Leading the Turnaround Process
  • The Early Days
  • Post Business Plan
  • Moving Beyond the Turnaround
• Mobilizing the Organization
• Communication

• Stakeholder Management

• Principles of Stakeholder Management
  • Stakeholders and Their Aspirations
• The Initial Turnaround Phase
• The crisis Management and Business Planning Phase
• Financial Restructuring
• The Implementation Phase
• Summary

• Developing the Business Plan

  • Write a Business Plan?
  • What is a Business Plan?
  • Who Should Write the Business Plan?
• Defining the Desired End-state
• Detailed Operational Plans
• Kick-off
• Detailed Operational Plans
  • Kick-off
  • Follow-up
  • Deliverables
• Develop Financial Projections
  • The Base Case
  • Risk-adjusted Forecast (RAF)
  • Target
• The Integration and Review Process
  • The Executive Committee
  • The Board
  • External Stakeholders
• Risk Assessment
• Communication Plan
• Summary

• Strategic Focus

• What Do We Mean by Strategy?
• Strategic Principles for Corporate Turnaround
  • Tackle the ‘where’ and ‘how’
  • Sell Into a Need
  • Maximize Strengths
  • Business Focus
  • Be Radical
  • Stretch, But Not Too Much
  • Cash is King
  • Learn to Walk Before Learning to Run
  • Urgency and Action Bias
  • Focus on Key Strategic Issues
• Corporate Strategy
  • Redefining the Core Business(es), and Divestment
  • Growth via Acquisition
  • Too Little Too Late
• Competitive or Business-unit Strategy
  • Product-market Refocusing
  • Outsourcing

• Organizational Change

• The Organizational Structure
  • Gaining Management Control
  • Supporting Cost- and Asset- reduction strategies
  • Decentralization to Improve Operational Efficiency
• The People
  • Assessing the People
  • How Many Should Be Changed?
• Building Capabilities
• Terms and Conditions of Employment
  • Reward Structures
  • Contracts of Employment
  • Union Agreements

• Critical Process Improvements

• Critical Ingredients
• Sales and Marketing
  • Understanding the Customers
  • Changing Price
  • Improving the Sales Process
  • Product-line Rationalization
  • Improving the Cost Effectiveness of the Marketing Effort
  • Improving Operational Efficiency
  • Options for Improvement
• Management Information and Performance Management

• Implementing the Business Plan

• Ingredients for Successful Implementation
  • Accountability
  • Measurability
  • Realistic Goals
  • Clarity of Output
• Monitoring the Implementation
  • The Steering Committee
  • The Implementation Report
• Resourcing the Implementation
• Employee Participation in the Change Process
• Critical Situations During Implementation

• Financial Restructuring

• Short-term Survival Financing
  • Priority of Interest
  • Short-term Refinancing
  • Standstill Agreements and Moratoria
• Long-term Financial Restructuring

• Postscript to the Brazilian Edition:

• The Judiciary Contexts of Corporate Turnaround in Brazil
• The New Corporate Recovery and Bankruptcy Law
• In-court, Out-of-court and Bankruptcy
• In-court turnaround
• Out-of-court Turnaround
• Challenges of In-court and Out-of-court Processes
• Bankruptcy
• The Turnaround Experience under the new Law