Ten Tips for Financially Troubled Businesses

Even good managers can miss the early signs of distress, says McKinsey’s Doug Yakola, who’s been running recovery programs for 20 years. The first step is to acknowledge there’s a problem. A McKinsey & Company article.
Tags: crisis recovery transformation ,turnaround distressed companies,early signs distress,Change management,Management processes,Decision-making,Financial restructuring,Turnarounds,restructuring, poor performance, short term return pressure, long term health, cash returns, change story, old incentive plans, talent management

Over my long career as a forensic and managerial CPA, I’ve had the opportunity to work with over 600 business clients. Some of these companies were hugely successful. Most, however, operated at various stages of distress, from early-stage struggles…to the...