Business survival or turnaround is requiring significant and immediate reaction.
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An external threat to the family business requires an ability to diagnose the issues, identify alternatives (usually under significant uncertainty), chart a clear path that will lead to survival/renewal, and organize and direct the resources necessary for success. Often the very factors which enabled the business' initial success are no longer valid or may actually be contributing to the emerging crisis. When time is of the essence, a different perspective is required, and/or there is a need to take the focus away from family members, an outside consulting intervention is necessary and valuable.
However, typical "turnaround experts" will likely fail to consider important relationships. The need for repairing and rebuilding processes and management which may have contributed to the failure must be handled with great sensitivity in owner-managed businesses. And the "solution" should include redeploying resources into new opportunistic investments as well as developing creative financing solutions. A family business turnaround is not just about generating cash, it is about preserving the business for future generations.
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