Corporate Restructuring From Cause Analysis to Execution
Corporate Restructuring is a practical approach to rescuing troubled companies and driving underperforming companies to top performance. It combines proven restructuring strategies with rigorous theoretical analysis. This book explains how to set and achi
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David E. Vance
Corporate Restructuring From Cause Analysis to Execution
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Professor David E. Vance School of Business Rutgers University 227 Penn Street Camden, New Jersey 08102 USA [email protected]
ISBN 978-3-642-01785-8 e-ISBN 978-3-642-01786-5 DOI 10.1007/978-3-642-01786-5 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009933286 © Springer-Verlag Berlin Heidelberg 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
This book discusses the one concept that can be universally applied to restructure any company, anywhere, at any time and in any industry. It can be used to grow sales, increase net income, improve cash flow, satisfy every customer, save the whales, preserve the rain forest, and make grown men weep. Of course any book that promises all that is silly on its face, but you wouldn’t think so by reading the dust jackets of many books. The truth is that every industry is different, just as every company is different. There is no one formula, concept or magic potion that will fix every problem everywhere. This book is designed to provide an overarching framework for analyzing a company; diagnosing its problems; and providing a new CEO or turnaround consultant with an array of proven tools. Most failing companies can be saved if prompt aggressive action is taken. But, management often refuses to look the tiger in the eye, meaning they refuse to focus on the real problems. They delay or avoid the drastic change needed. This book helps them to see what needs to be done and the payoff for doing it. The techniques discussed in this book can also be used to transform underperforming companies into top competitors. This book was written because existing restructuring books either focus on financial engineering or they are CEO memoirs recounting how they did what they did. Neither class of books provides a complete and integrated view of how to restructure a company. Chapter 1 discusses how to make a sober assessment of a company’s performance and prospects. It also provides tools for diagnosing root problems. Chapter 2 discuss
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