What is Turnaround Management?
Turnaround management is the imposition of activities to improve financial and operational performance of a company during a period of crisis or change—such as when facing bankruptcy or substantial revenue loss. It frequently involves the temporary assignment of an outside executive turnaround specialist to take management control of a company and implement the steps necessary for survival and to restore stability. The turnaround manager must objectively examine a company, identify problems, and create new solutions that may not be recognized by or acceptable to company insiders.