The full title of this book by Dr Andre Larabie is
How to Turn Your Failing Business Into a Success Story in 120 Days or Less!
In my review posted on Amazon.co.uk, I gave the book Three Stars. This means I think it is Worthwhile.
Here is my book review.
A nice idea but skimpy on important details
I read quite a few books about business turnaround and several books by this author have appeared regularly in my searches but, until recently, I didn’t buy.
Now I have and I’m left with mixed feelings. It wasn’t as good as I’d hoped but it is certainly better than some.
The author splits his 120 day process into four steps:
1) self protection period – 20 days
2) identification period – 20 days to find your team and to prepare the turnaround plan.
3) turnaround period – 60 days
4) restructuring period – 20 days
I have issues with each.
In the asset protection side, I should point out this is written by someone who has worked on turnarounds in North America. This is a legal issue and you need to follow your local legal system.
However in my experience, if your business is in a turnaround situation, it’s often too late to worry about protecting your assets. Banks and creditors are unlikely to release you from personal guarantees, you can’t transfer asset’s at anything less than fair value etc. Take legal advice but don’t be optimistic.
The second step includes the importance of building your team and creating a plan but it misses out the vital steps of identifying what has gone wrong and generating options for improvement.
The guidance given in step 3 is just a few pages. There are some interesting ideas in step 4 about revenue stability and moving customers onto regular supply contracts.
After this, there are a series of bonus sections. Useful but I’d have preferred more meat around the four step process. This includes reaching a settlement compromise with creditors. Interesting to read but you need to take proper advice if you’re going to implement outside of or inside an insolvency procedure.
I’m giving the book three stars. If you find yourself in a turnaround situation or drifting towards one, you don’t have much time to read many books. It sounds harsh but don’t start here.
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