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Jeff Sands
Corporate Turnaround Artistry
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Table of Contents
COVER
ABOUT THE AUTHOR
FOREWORD
PREFACE
Key Terms
Disclaimer
ACKNOWLEDGMENTS
Chapter 1: Understanding Corporate Turnarounds
Turnarounds versus Corporate Change
Whoa, I Didn't See This Coming
Two Core Principles Needed to Understand Corporate Distress
23 Business Killers
Warning Signs
The Job Ahead
How Hard? The Ethics of Turnaround Leadership
Now You're in a Turnaround, What Next?
Don't Be Cleopatra
Debtor Psychology
Managers in Denial
You're No McKinsey Consultant
Your CPA
The Turnaround Process
A Word on Professional Help
Chapter 2: Crisis Leadership
Day 1: Cash and Controls
After Cash: Biggest Flames First
Bending the Stick
The Psychology of Crisis Leadership
A Little Bit of John Wayne
Messaging to Stakeholders
Vendors
Empathy
Despair
Motivation
Sacrificial Lamb
Chapter 3: Controlling Cash
Generate Cash
The Four‐Legged Stool
30 Clever Ways to Generate Cash
Chapter 4: When Banks Attack
Yikes!
Want Leverage? Don't Pay the Bank!
Receivership
Benefits of Bank Debt
A Quick Review of Secured Commercial Debt and Alternative Lenders
Evil, Mean, Sadistic Lenders
Bank Strategy
Chapter 5: Turnaround Management
Gearing Up for the Battle
Mindset
Unions
The Income Statement Turnaround
The Salvation Process and My Worst Turnaround Result
Establish the Base – Forced Liquidation Value (FLV)
Cash Flow During the Salvation Process
Chapter 6: Arsonists and Regulators
Labor
Other Ways to Get in Trouble
Working with Regulators
Chapter 7: Insolvency and the Law
History of Bankruptcy
Modern‐Day U.S. Bankruptcy Law
Chapter 11: Corporate Reorganization
Plan of Reorganization: Six‐Step Process
The Stigma of Bankruptcy
When Should You Throw in the Towel?
Note
Chapter 8: Debt Restructuring Out of Court
Corporate Collections
Advanced Tactics in Restructuring Unsecured Debts
Restructuring Secured and Unsecured Debts
Gaining Support
Chapter 9: Strategic Exits
Distressed Buyers
Peaceful Liquidation
Friendly Foreclosure
Government Collections
Chapter 10: Building Long‐Term Value
Business Model
Governance
People
Sales
Accounting
Fraud Prevention
Culture of Theft; Culture of Free
Budget and Strategy
Profitability and Budgets
Financials
Clean Living
Summary
RESOURCES
BIBLIOGRAPHY
INDEX
END USER LICENSE AGREEMENT
List of Illustrations
Chapter 1
Figure 1.1 Cash conversion cycle.
Figure 1.2 Range of days payable.
Figure 1.3 Inventory conversion cycle – time to make and sell.
Figure 1.4 Receivables collection period.
Figure 1.5 Example private company debt stack.
Chapter 3
Figure 3.1 13‐week cash flow forecast.
Chapter 5
Figure 5.1 Stacking targets in the salvation process.
Chapter 7
Figure 7.3 The bankruptcy process.
Guide
Cover
Table of Contents
Begin Reading
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Corporate Turnaround Artistry
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