Value Hive Podcast [REPLAY] Jeff Sands: How To Fix A Business In 100 Days
May 23, 2025
In this engaging discussion, Jeff Sands, a three-time Turnaround Of The Year award winner and founding partner of Dorset Partners, shares his expertise in rescuing struggling businesses. He emphasizes the crucial role of cash flow over traditional accounting metrics and highlights the need for crisis management education. Listeners gain insights into effectively coaching banks during financial distress and identifying core business identities. Jeff also recounts real-world turnaround examples and the emotional aspects of navigating business failures, making for a captivating and informative conversation.
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First Turnaround: Learning Cash Management
- Jeff's family business was hit hard after 9-11 when consumer behavior drastically changed.
- Lack of turnaround education forced him to self-learn how to manage cash crises.
Prioritize Cash Over Profits
- Focus on cash flow, not P&L, especially early in a turnaround.
- Sacrifice short-term profits to maintain payroll and operational survival.
Cash Accounting vs. Accruals
- Accrual accounting obscures cash position; running a business requires daily cash focus.
- Cash flow forecasting is crucial to survive, though often misunderstood by executives.
