Summary: Turnaround Management And Bankruptcy Law
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Summary
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What is a turnaround?
The recovery of a firm's economic performance following an existing threatening decline. -
When to start the turnaround process (name 5 phases)?
1. Healthy company
2. Strategic (assumption) crisis
3. Earnings crisis
4. Liquidity crisis
5. Bankruptcy -
Causes of decline (two main branches and their subbranches)?
Deterministic view
- Industrial Organization (IO)
- Organization Ecology (OE)
Voluntaristic view
- Groupthink theory
- Upper echelon theory
- Curse of success
- Threat-rigidity theory (cognitive inertia) -
Causes of decline (name 4 Mellahi and Wilkinson)
- Environmental factors
- Ecological factors
- Organizational factors
- Psychological factors -
Causes of decline (name 5 Ooghe and Waeyaert)
- Immediate environment
- General environment
- Management/entrepreneur
- Corporate policy
- Company's characteristics -
Why write a turnaround plan?
- Focus
- Compass
- Performance measurement
- Conviction and giving account -
Framework for achieving a successful turnaround (7 steps)
1. Crisis stabilization
2. Leadership
3. Stakeholder management
4. Strategic focus
5. Organizational change
6. Critical process improvements
7. Financial restructuring -
Framework of a successful turnaround (4 key components)
1. Take control
2. Rebuild stakeholder support
3. Fix the business
4. Resolve future funding -
Implementing a turnaround plan (4 steps)
1. Stabilizing (take control)
2. Analyzing (write a well-founded turnaround plan and state clear objectives)
3. Repositioning (initialize the reorganization and value recovery process)
4. Reinforcement -
Business restructuring (4 key points)
- Marketing (price, product, place, promotion, personal sales and customer support, internet, ICT and social media, segmentation, and targeting)
- Management
- Information
- Efficiency
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