A mate put me on to this book and it’s a game changer! For years I have been doing change management and organisational transformation, and wonders my why I felt I was missing something. The ‘something’ is EVERYTHING in this book. If you’re looking to move up in your career, fill gaps of knowledge, or just increase your awareness of holistic corporate transformation (or as I’ve now found out - turnaround) this is the book you must read and have as a go to.
This is a very good book showing the practical side of its subject. Many authors in this subject get lost in academic explanations about turnaround management, and crisis management in general. However, this book approaches the subject from the practitioner's standpoint, which is admittedly not always glorious, and is full of reasons for failure. Another advantage of this book is that it is concise, yet covers most of the important aspects of turnaround management. This is not a lengthy textbook.
The book builds on Stuart Slatters earlier work first published in 1985. For the last 10 years Slatter, a professor at the London Business School and Lovett, senior restructuring partner at Arthur Andersen have collaberated in many way to develop methodology and training based on Lovett's experience in the front line and Slatters in the classroom. The book was reviewed by a number of experienced practitioners before it was published . This is what they say: "This an ambitious book which covers the full range of turnarounds and performance improvement issues. It provides the reader with clear insights into creating and implementing an effective turnaround".Peter Smitham, Managing Partner, Schroder Ventures. "A well researched and practical guide to the processes involved in rescuing companies which might otherwise perish - should be a must read for all those proffesionals and execuitives involved in managing & advising companies". Louis Franks, HSBC Investment Bank. "A comprehensive and logical analysis of the problems associated with turnaround companies...Turnarounds require management Writ Large. This is essentially a book on management under stress". Ian Hay Davison, Chairman. "I believe this book by David Lovett & Stuart Slatter will become acknowledged as the definitive manual on Corporate Turnaround Management...Found in every businessman's top right hand draw".Bill McGrath, Chief Executive, British Gas Energy Centres. The book shows that management of companies can restore their business to viability through application of the seven key ingredients to a succesful turnaround. Each of the key ingredients and their relevence to returning a business to profitable growth are explored in a no nonsense manner drawing on numerous case studies where the authors often have direct involvement. In order to manage a crisis, management must first understand and face the reality of their current position. The authors introduce the concept of the Reality Gap. Many attempts at turnarounds have failed through management not appreciating the importance of this concept. The book explores the importance of managing relationships with key stakeholders who are often taken for granted when trading is good but who can control the agenda when matters get tough.