Reversing the Slide: A Strategic Guide to Turnarounds and Corporate Renewal

ISBN-13: 9780470933244 / Angielski / Twarda / 2011 / 384 str.

James B. Shein

Opis

A just-in-time guide for revamping distressed companies Drawn from the author's decades of experience advising, purchasing, and reviving distressed companies across industries, geographies, and sizes, Reversing the Slide is designed to help executives, managers, and employees revitalize downtrodden companies. It shows how to: select the tactics appropriate for each stage of distress; understand the use of entrepreneurial concepts; avoid pitfalls common to turnarounds; determine the legal, financial, strategic, and operational steps in the process; discover why the principal of "ready, fire, aim" should guide the decision-making process in situations with time pressure and significant uncertainty; and uncover the secrets of effective leadership and governance.

• Contains step-by-step instructions for helping troubled organizations bounce back with vigor
• Often quoted in the Wall Street Journal, the author is an authority on restructuring and downsizing
• Offers a handbook for implementing a successful corporate turnaround

James Shein's Reversing the Slide is full of insightful advice on what works, what does not, and why it will prove invaluable to executives, managers, and employees in helping troubled companies before it's too late.

Spis treści

Introduction: Conditions and Causes of Distress.

Box 1: Typical Covenants Tripped by Downturns.

1 The Stages of Decline and Early Warning Signs.

Box 2: The Effects of Financial Shenanigans.

2 The Turnaround Tripod.

3 Leadership in a Crisis.

Box 3: Governance and Leadership Issues in Family–Owned Businesses.

4 Cash Not GAAP.

5 Downsizing Is a Tool, Not a Goal.

Box 4: Other Legal Issues in Announcing Layoffs.

6 The Bankruptcy Process as Sword and Shield.

Box 5: State Laws.

Box 6: DIP Financing.

Box 7: Committee Formation.

Box 8: Plan Confirmation.

7 Managing International Turnarounds.

8 Turnarounds at (Intentionally) Nonprofit Organizations.

Box 9: Chapter 9 Bankruptcy.

9 Turning Duds into Dreams.

Box 10: Additional Issues in Valuing Distressed Companies.

Box 11: Fiduciary Duties of Directors in M&A Transactions.

10 A Different Fresh Start.

Notes.

Acknowledgments.

About the Author.

Index.

O autorze

James B. Shein has decades of experience as a CEO and running, advising, purchasing, and reviving distressed companies. He is now a professor of Management & Strategy at the Kellogg School of Management at Northwestern University, where he teaches Managing Turnarounds and Entrepreneurship. Professor Shein is also a member of the boards of directors at several public and private companies, where he serves on audit and governance committees.

Blurb

Praise for Reversing the Slide

"James Shein has taken the complex, confusing, chaotic world of corporate failures and turnarounds, and turned it into a well–organized set of management principles, richly illustrated with real–world anecdotal experiences. This book is a must–read for any executive or director of a company facing severe challenges, with careful explanations of the accounting rules, fiduciary obligations, and bankruptcy processes that drive all turnaround efforts. While it is comprehensive and thorough, it is nonetheless engagingly readable throughout." ROBERT S. MILLER, chairman of the board, AIG and veteran of numerous corporate turnarounds, including as CEO of Delphi

"This guide is an easy read for those interested in revamping troubled organizations. James Shein clearly articulates the basic legal and governance concepts needed; he also covers advanced techniques for implementing a successful turnaround." JAMES SPRAYREGEN, head of restructuring, Kirkland & Ellis LLP

"This is an excellent road map from an author with CEO and board experience that will help you and your customers survive and thrive." GLEN HINER, retired chairman and CEO of Owens Corning

"Leaders and managers: this is a must–read. Readers will learn to solve complex problems and reverse past mistakes. In today′s economic environment, every organization must learn to renew and avoid underperformance." DR. ARTHUR LAFFER, father of supply–side economics; author, Return to Prosperity: How America Can Regain Its Economic Superpower Status; and economic advisor to President Ronald Reagan, Prime Minister Margaret Thatcher, and many current political and corporate leaders

"This book′s advice on buying troubled companies is useful for company executives, private equity funds, hedge funds, and entrepreneurs alike. It deals with finding the businesses and the steps that should be followed in turning them around." FLIP HUFFARD, senior managing director, Restructuring and Reorganization, The Blackstone Group