The full title of this book by Arnold Goldstein is
Turnaround: How To Turn Your Business Into A Debt-Free Money Machine
In my review posted on Amazon.co.uk, I gave the book a 4 Stars rating. This means it is Good To Very Good.
Here is my book review.
An excellent American turnaround book
First a warning about the book, it is written by an American lawyer so references to legal issues apply to the USA and not the UK.
Just be aware of anything in here that touches on legislation. Be ready to ask your lawyers whether there is any equivalent in UK law, and if there are other UK specific requirements. If the survival of your business is under threat, you need to understand the legal situation. There are ideas in here that will sound very helpful but you must make sure they are legal or you could get yourself into serious trouble.
After that legal health warning, this is a terrific book that is absolutely stacked from top to bottom with ideas and issues for you to consider in turning around your business.
Of course it focuses on what you can do in these difficult situations but first it asks you to consider what you should do.
It’s very easy to assume that any business owner will want to save the business but it might not be true.
Right from the start the book forces you to answer whether
1) You enjoy running the business. Is it something you’re passionate about?
2) Does the business suit your skills?
If either of those is a No, the chances of turnaround are low and prospects going forward aren’t good.
I’m wary of recommending too many books on turnaround because there is so much thinking and planning you need to do and you need to get into action in what can be a very limited time before the money runs out. I really like the Mark Blayney book, Turning Around Your Business which is British and is shorter than this one. You should probably read that first.
I see this very much as a book of ideas. You might not be able to do what it says, the way it says to do it because of differences in the legal system but there might be other ways to achieve the same objective. I’m not an insolvency expert and whenever a business owner contacts me who is in serious trouble, I always advise talking to someone who is.
Turnaround is an area of keen interest but my target clients haven’t dipped deeply into the red but they need some aspects of turnaround thinking. The bigger companies where I’ve been involved in debt workouts have always had professional advisors in place. The ideas in the book show the value of talking to experienced professionals because their ideas can make a huge difference to the future of your business.
If I was writing this review for an American audience, and assuming what it says is legally correct, I’d give it a five star rating. As I’m writing mainly for a British audience on Amazon and my blog, I’ve deducted one star because of the legal uncertainties. There is too much that either does not apply or may not apply.
You can buy the book from Amazon.co.uk or Amazon.com
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