BTM 2014 MBA Sem IV - AIMIT

Prologue:
Business Turnaround Strategies: Rescue Management
We often hear this story. A company records phenomenal growth. It makes the Fortune 500 list. It
soon rises to national glory. The companys operational and financial performances become new
benchmarks or industry standards. The company is hailed as the industry champion. The Wall Street
analysts rave about it. Competitors try to emulate it. The CEO is venerated as a hero, a charismatic
leader and an executive icon. Then something happens. The company stumbles. The sales are down,
the market share is fast eroding, the profits are negative, and the companys stock plummets. Soon, the
Wall Street features another similar story, the story of downfall. Strange as this business fairytale cycle is,
it happens repeatedly. In short, business reversals are becoming more and more a business norm today
(Gilson 2001). Currently, corporate success has been very fragile. It has become less persistent. This
book captures and analyzes this phenomenon.
Why do good and great companies go suddenly bad? What can you do to predict and prevent such
failure? What can you do to turnaround sick companies, or resurrect them and even transform them?
When companies are on the brink of failure or bankruptcy they need quick and effective actions to bring
about a speedy and effective business turnaround. Planning and monitoring dynamism, energy,
innovation and good planning of any business are important turnaround tasks that should be started much
before distress or insolvency sets in. This book is all about business turnarounds. Our focus is rescue
strategies.

The Current Phenomenon of Business Failures

Presently, we are witnessing high turbulence in large and small corporations. Bigger companies, in
particular, are failing more frequently and with gigantic losses. Of the 20 largest U. S. bankruptcies in the
last two decades, 1985-2005, ten occurred in 2001-2002. Corporate earnings are more erratic. Even
perennially successful companies are finding it more difficult to deliver consistently superior returns.
Companies like Disney, Ford,
General Motors, Daimler-Chrysler, Hewlett-Packard, Motorola,
Nordstrom, and Sony one time built to last companies (Collins and Porras 1997; Collins 2001) are
performing just around the Dow Jones Industrial Average (Hamel and Vlikangas 2003). High CEO
turnover in large corporations is becoming commonplace (e.g., Delphi, Ford, Hewlett-Packard, Gateway,
and K-Mart). With imminent threats of junk bond ratings, leveraged buyouts (LBO) or hostile takeovers,
the Wall Street financial analysts and investor sharks are exerting all-time high pressure on corporate
executives to perform. Corporate boards and shareholders are increasingly demanding higher financial
returns on investment (ROI), on equity (ROE), on assets (ROA), net worth (NW) and higher earnings per
share (EPS) and price-earnings (P/E) ratios.
Possibly yielding to such pressures, corporations have been recently indulging in unusual business
practices such as creative accounting, creative cash flow reporting, aggressive accounting, overstating
earnings, earnings management, income smoothing, and, in general, fraudulent financial reporting. Under
whatever name, these unusual activities are a financial numbers game (Mulford and Comiskey 2002) or
financial shenanigans (Schlit 2002) with a singular ultimate objective creating an altered impression of
the firms business performance. Presumably, most of these practices fall well within the flexible rules
and boundaries of the generally accepted accounting principles (GAAP).
These questionable practices have tangible and intangible rewards, including approval of Wall Street
analysts, improved credit quality, improved debt ratings and reduced interest costs on borrowed capital.

They can create additional slack and reduce restrictions on debt covenants. They have definite positive
effects on share prices such as higher share prices, reduced share-price volatility, increased value of stock
options, lower cost of equity capital, and increased market evaluation. Additionally, they can boost profitbased bonuses and other corporate benefits. Nevertheless, they all mislead and misreport financial results
that appear in corporate official financial statements that investment bankers, investors, creditors and
shareholders read and on which they base their investment decisions. When some insider whistle- blows
or external financial analysts discover and expose these fraudulent acts, the companies undertake several
adjustments, often restating financial statements of prior years.
Unfortunately, the investor public comes to know of these acts too late that is, after investmentdecisions have been made and share prices have fallen precipitously (Mulford and Comiskey 2005).
Accordingly, corporate frauds and, hence, corporate failures leading to bankruptcies, have ever been on
the increase, reaching all-time highs in 2001-2002 (see Forbes 2002; Fortune 2002). Fraud experts, fraud
auditors and forensic accountants estimate that the costs of white-collar crime average about twenty times
the costs of street crimes each year (Singleton et al. 2006).

Business Turnaround Management as

Rescue and Transformation Strategies
In general, a failing business poses two main problems:
1.
2.

How to resolve the day-to-day operational problems of cash flow management and
How to restructure the debt and equity of the business until the corporation is back on its feet again.

Both are operational problems. Turnaround is the word that we often use to refer to the process of
solving both operational problems in a business decline. Turnaround-rescue strategies deal with the first
problem that primarily relates to cash flow management, and turnaround-restructuring strategies deal with
the second problem that most often relates to long-term debt-equity issues. Typically, business
turnarounds deal with both rescue and restructuring strategies in relation to failing corporations. Under
both strategies, turnaround management means improving the position of a given business as a low-cost
provider of increasingly differentiated products and services in a highly competitive world (Bibeault
1998; Zimmerman 1991:111). Restructuring is the term used to describe the process of developing a
financial structure that will provide a basis for a turnaround (Gilson 2001).
This book attempts to describe, analyze, synthesize, detect and prevent various corporate failure
phenomena under the rubric of business turnaround management (BTM). A turnaround situation must be
identified, assessed and resolved using principles and functions of business management such as human
resources management, motivation management, business law, accounting, finance, production,
operations research, marketing research, promotions and advertising and public relations management.
Hence, BTM is normally a subset of and a sequel to the traditional masters in business administration
(MBA).
In the classical MBA programs, we primarily train students to handle ongoing business and nonbusiness concerns. The traditional MBA courses, in general, implicitly presume that the organization is
healthy and, accordingly, impart to students principles, theories, skills and techniques of running day-today healthy business operations. On the contrary, business turnaround management (BTM) principles,
processes and practices assume that the organization is underperforming, declining, demoralized,
pathologically sick, organically troubled, in a cash crisis mode, financially distressed or insolvent, or
approaching bankruptcy and death. Given the high incidence of current business failures, the chances that
our MBA students will encounter corporate sickness sometime early in their business careers are very

high. Business Turnaround Strategies: Rescue Management: empowers students to detect, face and
combat corporate sickness effectively.
Typical BTM programs, therefore, should have two sequential stages: a) Rescue Strategies to revive
the failing business and b) Transformation Strategies to revitalize and transfigure the revived business.
This book focuses primarily on Rescue Strategies. The latter is published already; see (Mascarenhas
2011) Business Transformation Strategies: The Role of the CEO as Innovation Leader. Both rescue and
transformation strategies must be legal, human, ethical and moral. We discussed these aspects in an
earlier book, especially in relation to responsible marketing (Mascarenhas 2008). Another book
(Mascarenhas 2013) will focus primarily on ethical and moral aspects of business turnaround
management.

Integrated Business Management

Business turnaround management (BTM) is a domain and a challenge of integrated business
management. Whether business turnaround management deploys rescue or transformation strategies, it
mandates an interdisciplinary approach to resolve organizational problems. It pulls every stopper there is
in an organization as a survival strategy. For instance, when there is a cash crisis, the immediate rescue
process will include, among others, more rigid accounting and finance tactics for controlling or differing
short-term debts, interest and tax payments. It will also include better human resources (HR)
management for differing payrolls, aggressive marketing strategies to generate revenues, and better
consumer credit management for reducing accumulated accounts receivables. It will also involve more
stringent supply management and procurement strategies to hold off accounts payables, more
parsimonious production measures such as just-in-time inventory management and lean management, and
thus, managing efficient business, operating and cash cycles. This, par excellence, is integrated business
management.
An ailing business entity suffers from cost overruns, waste, slack, capacity underutilization, and
therefore, from lower margins. BTM will design and implement several immediate cost containment
strategies such as lean management, lean manufacturing, lean factory management, downsizing,
rightsizing, outsourcing, plant relocations, plant closings, labor layoff, and hard union bargains all of
these strategies involve principles of production, operations management, costing and accounting,
finance, HR, PR and marketing. Additionally, as intermediate and long-term strategies, BTM would call
for better worker morale and more productive organizational climate deploying principles. It would cash
on the best practices of general management that include supply chain management (SCM), channel
partner relationship management (PRM), employee relationship management (ERM), and customer
relationship management (CRM). Hence, this book can serve as a capstone management course that
crowns and seals the entire MBA program.
Lastly, when business survival and turnaround are certain, business-transformation management
strategies include aggressive marketing such as creativity, radical innovation and, consequently, new
product development that forges market and technological breakthroughs. In order to venture into these
aggressive marketing projects, the corporation would need several financing, accounting, negotiating and
corporate planning strategies such as corporate restructuring via debt restructuring, debt-equity balancing,
mergers and acquisitions, leveraged buyouts, divestitures, fixed assets divestments, joint ventures and
strategic alliances all strategies that require support from every division and function of business
management. In short, business turnaround and transformation management requires an integrated
business management approach. The traditional MBA courses that are highly compartmentalized into
separate and non-interactive functions and disciplines are ill prepared to handle BTM. Hence, we need a

new program, Business Turnaround Management an MBA Program with steroids! I hope that this book
will pioneer this new movement beyond the traditional MBA domain and discipline.

The Theory of Business Turnaround Management

Even though corporate failures and bankruptcies have had a long history and frequency, the field and
discipline of business turnaround management is relatively nascent, experimental and anecdotal.
Concepts and theories, models and strategies of turnaround management are sparse, speculative and
unproven. Even comprehensive cases on turnaround management are rare and far between. Tested and
successful turnaround managers are a rarity. K-mart tried six turnaround CEOs during 1996-2004 while
fighting insolvency and emerging out of bankruptcy. Gateway hired six turnaround CEOs during 19962006 and is still struggling to survive, and Krispy Kreme went through four CEOs during 2000-2007.
Hence, much work needs to be done in the reviewing, synthesizing, applying and monitoring existing
turnaround management experiences and best practices for developing and testing new concepts,
paradigms, theories and models of turnaround management that are flexible, robust, comprehensive,
ethical and practical. This pioneering book sets the stage.
Strategic is the most overused word in the business vocabulary. Frequently, it is just another way
of saying, This is important. The reality is there are few situations in which a companys strategy
brings about positive outcomes. The aim of any true strategy is to master a market environment by
understanding and anticipating the actions of other economic agents, especially, competitors. However,
this will happen only if there are a limited number of competitors or strong barriers to competitive entry.
Hence, firms operating in markets without barriers have no choice but to forget about strategy and run
their businesses as efficiently as possible through day-to-day tactics (Greenwald and Kahn 2005: 95). In
the midst of such corporate turmoil and market volatility, companies have often deployed two basic types
of business turnaround strategies: rescue strategies and transformation strategies.
Rescue Strategies: When companies are on the brink of failure or bankruptcy, they need a quick and
effective dose of rescue strategies that would bring about a speedy and effective business turnaround
(Guzik and Kramer 2002; Slatter 2002; Sutton 2001). These mostly top-down strategies seem to conform
to what is known as Theory E (Beer and Nohria 2000) that upholds shareholder value restoration and
maximization as the primary goal of any business. Such strategies are ruthless (Hartman 2004) and
hardball killer strategies (Stalk 2006; Stalk and Lachenauer 2004) that act as quick-fix solutions (Pate and
Platt 2002; Sutton 2001) to organizational sickness. Yet, they must be responsible and ethical
(Mascarenhas 2008). Theory E strategies mainly restructure debt, assets and other financial entities to
regain profits and shareholder value.
Transformation strategies: When corporations are under-performing, declining or distressing they need
transformation strategies much before they might face insolvency or bankruptcy (Aurik, Jonk and Willen
2002). These mostly bottom-up or horizontal strategies seem to conform to Theory O (Beer and Nohria
2000) that advocates optimization of organizational value and capabilities, encourages participation along
divisions and product lines, and restructures the corporate structure of culture, morale and long-term
relationships (Gavetti and Rivkin 2005; Ghemavat 2007). More recent, Theory O transformation
strategies in the turnaround and related management literature are: Building sustainable competitive
advantage (Barney 2001; Porter 1996; Prahalad and Ramaswamy 2000, 2003), and blue ocean
strategies (Kim and Mauborgne 2004). Transformation strategies are also market busting strategies
(McGrath and MacMillan 2005) that generate radically new products and services that not only satisfy
customers but also bring about customer win-back (Griffin and Lowenstein 2001; Jones and Sasser 1995)
and customer delight, both of which ensure lifetime loyalty and positive referrals (Keiningham and Vavra

2002; Schneider and Bowden 1999).

(Mascarenhas 2009).

We will cover transformation strategies in a book to follow

The Organization of this Book

This book deals with business turnaround management using rescue strategies. Chapter One
describes the concepts, content and nature of various turnaround situations that precede actual business
turnarounds, such as organizational underperformance, decline, downturn, distress, cash crisis, insolvency
and bankruptcy. Chapter Two describes and analyzes the types, nature, content, process and determinants
of business turnarounds in general.
The value of a company is the net present value of its future cash flows (Sudarsanam 2003).
Managers concerned about delivering value to shareholders have been focusing for a long time on
earnings per share (EPS). Currently, however, overwhelming evidence makes it clear that what the
market really pays attention to are long-term cash flows; nave attention to EPS will lead to valuedestruction and hostile takeover attacks (Copeland, Koller and Murrin 1990; Dobbs and Koller 1998).
Accordingly, Chapters Three studies the dynamics of typical cash flows as they relate to turnarounds.
Most ailing companies experience severe cash flow crisis problems. Chapter Four investigates cash flow
crisis resulting from normal operations while Chapter Five examines the nature of cash flow crisis that
stems from abnormal operations such as fraudulent accounting and financing practices. Chapter Six
proposes several marketing-finance interface metrics to benchmark competitive cash flows.
A failing company needs rejuvenation through employee motivation. It also needs to negotiate new
relationships with its angered employees, creditors, suppliers and distributors. Accordingly, Chapter
Seven deals with worker motivation and Chapter Eight explores collaborative negotiations for business
turnarounds.
The next four chapters come under the rubric of corporate downsizing as a rescue strategy. Chapter
Nine examines the phenomenon of corporate downsizing in general. Chapters Ten to Thirteen focus on
some specific downsizing strategies such as plant closings, outsourcing, debt-equity restructuring, and
filing for bankruptcy.

Every turnaround situation is a corporate problem that must be timely and effectively
resolved. As a concluding synthesis and Epilogue, Chapter Fourteen studies the nature and
challenges of business turnaround problems and proposes systems-thinking and critical-thinking
principles for defining, identifying, formulating, specifying, and resolving such problems and for
ethically assessing the solution alternatives.
Figure 1 lays out the plan of this book. Every company needs a turnaround process (Ch 2), either
proactively to fight against external constantly changing domestic markets, government regulations and
ordinances, and globalizing factors, or reactively to survive against internal underperformance, distress,
cash flow crisis, insolvency, or bankruptcy situations (Ch 1). An ongoing concern will engage in
transformation strategies (see Mascarenhas 2011), or a struggling company will focus on various rescue
strategies (Chs. 3-14).
Each chapter provides a series of very practical, insightful and carefully framed Turnaround
Executive Exercises highlighting the major concepts and constructs, theories and models, strategies and
implications covered in that chapter. A serious student and scholar will learn best from this book by
doing those exercises.

This book is positioned for MBA students concentrating on BTM, for students pursuing Certificate
and/or Masters in BTM, for managers preparing for CTP (Certified Turnaround Professionals), CIRA
(Certified Insolvency and Restructurings Advisor), and for TMA (Turnaround Management Association)
members requiring professional updates, and the like. Turnaround executives and experts could profit
from any chapter, especially the first two.

Acknowledgements
My academic background is philosophy, theology, economics and marketing with over 30 years of
teaching and research in corporate strategy in general and marketing and business turnaround
management, in particular. Several professors have influenced me during my management studies. I am
especially indebted to Russell Ackoff, Paul Green, Len Lodish and Howard Perlmutter of the Wharton
School of Business, Philadelphia, Pennsylvania, where I obtained MBA and Ph.D.
This book represents my latest research and thinking in the critical domain of business turnaround
management, especially with a focus on rescue strategies. This work has taken over six years from
conception to execution. The origins of this book are linked with the business turnaround management
(BTM) program that I designed in 2002 with the active collaboration of several business turnaround
executives who were members of the MBA Advisory Board of the College of Business Administration,
University of Detroit Mercy, Detroit, Michigan. From its early beginnings, the BTM program was uniquely
conceived, developed and delivered in continuous partnership with the turnaround industry. Soon, a
Steering Committee of over twenty-four senior executives of turnaround companies formed the industrial
backbone for the formulation and implementation of the Masters level BTM program. The contents of this
book were originally delivered as a gateway course in Business Management starting from 2002 titled,
Business Turnaround Management: An Overview. In its early stages, this course covered both rescue and
transformation strategies. Within a few years, the course rapidly grew in content, depth and breadth that it
gave birth to a full masters level program in 2007, a pioneering program, the first of its kind in the business
academic world. This book focuses only on rescue strategies. A sequel to this book (Mascarenhas 2011)
focuses on transformation strategies. I am grateful to the on-going inspiration and support the BTM
Steering Committee gave me throughout the production of this book.
Each chapter of this book has been read and discussed by my students since 2002. Comments and
suggestions of hundreds of graduate students have benefited me in the final editions of each chapter and I
am very grateful. In addition, my fellow academicians have critiqued several chapters of this book, and
their constructive criticisms have been incorporated. In this connection, I am particularly grateful to Ken
Kuna and Eugene Greenstein, both Steering Committee members and my fellow companions in the BTM
journey. My niece, Sunita Elisha, painstakingly prepared the Contents in Brief and Contents in Detail for
this book. Several graduate research assistants have been my rescue in this long production process: Jim
Linton proofread and critiqued the entire manuscript with his wonted professionalism in English; B. N.
Aravindan, Dipesh Mehta, Tarun Nandkishore and Ramesh Venkataraman provided technical assistance in
formatting the entire text, its contents, and in constructing the author, company and subject indexes.
Oswald A. J. Mascarenhas S. J., Ph.D.
Director: Business Turnaround Management Graduate Programs
Charles H. Kellstadt Professor of Marketing, College of Business and Administration
University of Detroit Mercy, Detroit, Michigan
Since July 2010:
Chairman: MBA Programs,
St. Aloysius (Autonomous) College, AIMT Campus, Beeri, Mangalore 575022

Figure 1: Business Turnaround and Transformation Management:

An Overview

Environmental
Pressure:
Shrinking markets
Acknowledgments
Industry stagnation
Increasing competition
Globalization
Government regulations

Proactive

Transformation Strategies:
(Mascarenhas 2011)

Transformation
Management:
Rightsizing
Upsizing
Redesigning
Reengineering
Retrofitting

The Turnaround
Process:
Types, nature, content, and
determinants of business
turnaround processes (Ch
2)

Introduction to T Transformation Strategies (Ch 1)

Philosophy of Strategic Management (Ch 2)
The CEO as a Strategic Leader (Ch 3)
The CEO as a Systems Thinker (Ch 4)
The CEO as Critical Resolver of Simple Problems (Ch 5)
The CEO as a Resolver of Wicked Problems (Ch 6)
Strategy as Creative and Innovation Management(Ch 7)
Strategy as Corporate-wide Innovation Mgmt (Ch 8)
Strategy as Sustainable Competitive Advantage (Ch 9
Strategy as Organizational Growth Management (Ch 10)
CEO as strategist of Self-Mastery & Spirituality (Ch 11)
CEO as a Shared Personal Vision (Ch 12)

Rescue Strategies:
(Mascarenhas 2014)

Reactive

Organizational
Turnaround
Situation:
Underperformance
Decline, distress,
Cash crisis, insolvency
Bankruptcy & death
(Ch 1)

Organizational
Rescue
Management:
Downsizing
Resizing
Plant Closings
Outsourcing
Debt-restructuring

Cash Flow Management (Ch 3)

Normal Crisis Cash Flow Management (Ch 4)
Abnormal Crisis Cash Flow Mgmt (Ch 5)
Marketing-Finance Interface Mgmt (Ch 6)
Motivation Management for BTM (Ch 7)
Negotiations Management for BTM (Ch 8)
Organizational Downsizing Mgmt (Ch 9)
Plants Closings and BTM (Ch 10)
Outsourcing Management for BTM (Ch 11)
Debt-Restructuring Management (Ch 12)
Strategic Bankruptcy Mgmt (Ch 13)
Epilogue: Defining, Formulating and Resolving
Business Turnaround Rescue Problems (Ch 14)

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