#192: The Art of the Turnaround Industry: How to Fix Any Business in 100 Days
Intentional Growth
How to Be a Successful Entrepreneur
"If you're a legacy entrepreneur fixing your own problems. Yeah, how you've treated people," he says. "I think people get fixated on Holy cow. This guy sounds like a barbarian because he'll go mug this guy and mug that guy... And it all falls apart and it doesn't work" He adds: "All my, all my turnarounds work really well because I build alliances."
The world is so chaotic right now. Amidst that chaos, a lot of companies are struggling to make ends meet. If you’re in that scenario or if you’re trying to prepare for that possible outcome, today’s episode is for you.
Jeff Sands (author of “Corporate Turnaround Artistry: Fix Any Business in 100 Days) is chatting with me today. We both commiserate over our expertise in this area, but we also talk about what we’ve learned through the process. Jeff’s love of business and being a turnaround consultant is in high demand in these worrisome times. He shares some of his secrets with us as well as some stories about his experiences in the field.
As the world has come to a stretching halt and revenues have shrunk dramatically, the need to manage your cash, build a short-term game plan and revise your long-term strategy is more important than ever.
No matter where you fall on the spectrum of the impact that COVID-19 has had on your company’s revenues, this episode is a must listen. It will teach you what you can do to pull out of a nosedive, get your foundation in order and then capitalize on the opportunities that will inevitably present themselves.
What you will learn:
- What it takes to turnaround a business that is out of money
- How to generate cash, fast.
- How to build alliances with your stakeholders during a turnaround
- How to identify your cash conversion cycle
- Typical vanity metrics that most entrepreneurs talk about
- Why cash is a business oxygen and how to keep a business alive
- How to build a 13-week cash flow statement
- What should go into your cash flow forecast
- How to plan for growth once you get out from your turnaround
- How your mindset is your biggest asset during a turnaround
- How to get out of the cross hairs of the bank and become the “A Student”
- Ways to hit the accelerator once you have your financials in order
The Takeaway:
No matter where you fall on the spectrum of the impact that COVID-19 has had on your company’s revenues, this episode is a must listen. It will teach you what you can do to pull out of a nosedive, get your foundation in order and then capitalize on the opportunities that will inevitably present themselves.
If you put the best practices in place you’ll be able to pull ahead of your competition and be the one ready to win the clients and even acquire the companies that were not able to sustain through the crisis.
Quotes:
“And here is another book on Steve Jobs so you can not feel like him ever...” - Jeff Sands
“I keep having to remind myself that the world is not on fire.” - Jeff Sands
“I know all about that business, more than anyone else, because I know the cash flow..” - Jeff Sands
“Always thank people three days early. Always pay in 27 days. [My dad] did this for 15 years cause he said, ‘Someday, I’m going to need a favor and what’s 3 days to me now?’” - Jeff Sands
Resources:
Corporate Turnaround Artistry: Fix Any Business in 100 Days, by Jeff Sands, Amazon
Reach out to me if you have questions about the boot camp!
You can also reach out to me via email at rtansom@arkona.com, on my LinkedIn, or you can call me at 612-720-6530.
About Jeff:
Jeff Sands is a corporate turnaround specialist who has devoted his career to saving businesses, jobs, and the communities they support. He was first rudely introduced to the concept of corporate turnarounds in his own business which he eventually lost in the wake of Hurricane Katrina. Since then he has focused solely on saving other businesses and has developed a reputation as the best guy to call in the worst situations.
Jeff is a Certified Turnaround Practitioner (CTP) who was awarded a coveted TMA Turnaround of the Year Award in each of 2017, 2018, and 2019. In 2020 M&A Advisor named him the Turnaround Consultant of the Year. Jeff consults select clients and pursues distressed industrial acquisitions on a global basis.
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