The full title of this book by Arnold S Goldstein is
The Business Doctor: How to Turn Your Headache Business Into a Debt-Free Money Machine
In my review posted on Amazon.co.uk, I gave the book Four Stars. This means it is Good and Well Worth Reading.
Here is my book review.
Old and American but plenty of practical advice
This book starts with some solutions to serious business problems which I think are illegal in the UK because directors of a struggling company have a duty to protect the interests of creditors and other stakeholders.
This is because it’s American and was published in the early 1990s.
If you think that means there is no reason to read the book, that would be a mistake.
Although it talks about struggling businesses, it is very positive. The author has plenty of experience in business turnaround. He’s also a prolific author and there are at least two other books of his about turnaround that you should know about and especially because they are available as low cost kindle books:
- Turnaround – (Revised Edition)
- Turnaround – Revitalize a Troubled Business
What I don’t know (yet) is whether these are three versions of basically the same book, just updated.
This has plenty of ideas but you should check the legality of anything that feels dodgy along the lines of taking money from one party to pay another. And especially if it is you as the business owner who benefits.
Since there isn’t a “look inside” feature for this book, I’ll give you the chapter titles:
1 Make that one big decision
2 Why good companies go bad
3 Who’s in trouble
4 Wake up the survivor in you
5 SOS white knights and the turnaround team
6 Designing your turnaround
7 CAT scanning your business
8 26 ways to find quick cash
9 How to jumpstart your employees and customers
10 How to turn your business into a creditor proof fortress
11 Workouts and cramdowns: tackling your problem loans
12 How to settle with creditors for pennies on the dollar
13 Bewitched, bothered and bewildered about bankruptcy?
14 Dump-buybacks: the fast track to a debt free business
15 Making your money machine
16 Secrets of second chance financing
17 On your way
18 Psst wanna buy a business?
19 How to bail out for a super soft landing
Some of the later chapters won’t apply if you are based in the UK as they are based on American law.
For my rating, I considered three or four stars. Should the book lose two stars for it being old and American or should it retain the “Good and well worth reading” status of a four star book? I decided on four stars because I’ve reviewed plenty of disappointing turnaround books and this doesn’t deserve to be amongst them.
Just remember my two warnings about the legal side of insolvency, this is old and American.
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