Mastering Business Turnarounds: Strategies from the expert

In a recent podcast episode, host Josh engages in a compelling discussion with Mike Dunlop, a seasoned entrepreneur and turnaround expert. With a background that includes founding ten companies and consulting for 34 others, Mike shares his insights on business recovery and leadership, drawing from his extensive experience in the computer industry and his book, "The Art of the Turnaround." Mike's journey underscores the power of self-education and adaptability, having started his career in England without a high school diploma but with a strong aptitude for mathematics. His move to the United States and subsequent success at Litton Industries highlight the importance of seizing opportunities.

Mike's transition to consulting was catalyzed by his initiative at Litton Industries, where he rewrote unusable software and became the top salesman. This proactive approach led to a 17-year consulting career, where he developed a systematic approach to turnarounds. In the podcast, Mike discusses key principles from his book, emphasizing effective leadership, forensic accounting, and team alignment as crucial components for improving struggling businesses. He advises leaders to inspire and align their teams, conduct honest financial assessments, and engage with employees to create pathways for mutual success.

The conversation also touches on current challenges faced by companies like Boeing, highlighting the importance of maintaining a viable business model focused on operational health. As the episode concludes, Mike discusses his selective approach to consulting, focusing on projects with a viable chance of recovery. His insights provide valuable lessons for entrepreneurs and business leaders, offering practical advice for navigating the complexities of business recovery. Listeners are encouraged to explore Mike's book and apply these principles to improve their own business situations, emerging stronger and more resilient.

About Mike Dunlop:

MIKE DUNLOP has helped to restore 34 companies in various stages of financial demise back to profitability. He has worked in the aerospace sector for over four decades and has built a number of aerospace component manufacturing companies, both in Europe and the United States. The largest company he founded is QPM Aerospace, which grew to $30 million in sales in the first ten years. Dunlop designed and founded Net-Inspect, the most widely used aerospace quality-management system in the world. Dunlop has lived in Seattle, Washington, since he moved to the United States from the United Kingdom in 1973.

He has been passionate about airplanes since his first flight on a Vickers Viscount in 1955 at the age of seven. Dunlop is an experienced public speaker, and he’s offering his wisdom and stories on a weekly podcast, available on Spotify and YouTube.

About the book "The Art of the Turnaround":

In The Art of the Turnaround, Mike Dunlop shares his proven 10-step method for turning around companies in deep financial distress, which he has used to restore some 34 companies to financial health and profitability. Infused with Dunlop’s down-to-earth humour and deep understanding of how the people in companies actually work, especially at a time of crisis, The Art of the Turnaround offers CEOs of troubled companies, and leaders who are buying distressed companies, a practical way to avoid financial ruin. Dunlop also offers hope that, after the challenging task of turning a money-losing company into a profitable one, life for the CEO as well as those who stay in the company will be enjoyable again.

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Links Mentioned in this Episode:

Want to learn more? Check out Mike Dunlop's website at

https://theartoftheturnaround.com/

Check out the book "The Art of the Turnaround" on Amazon

https://www.amazon.com/Art-Turnaround-Comprehensive-10-Step-Guide/dp/1998841154/

Check out Mike Dunlop on LinkedIn at

https://www.linkedin.com/in/mike-dunlop-4a45581a/

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