The CFO in a Turnaround: Strategies for Trouble on the Horizon
Ken Naglewski, principal of The 180 Consulting Group and partner in Seabiscuit Partners, imparts wisdom to CFOs on recognizing signs of trouble and steps to take in dealing with lenders when a turnaround is imminent.
More than other C-level executives, the CFO is often the first C-level executive to spot potential trouble on the horizon. The numbers tell the story, and the CFO is the keeper of historical numbers and projections. When the numbers start to indicate that all is not well and the organization appears to be entering heretofore unknown territory, it is the CFO who needs to stand and help lead the way.
Most CFOs, even the most competent, have little or no direct hands-on experience in the many nuances of a turnaround situation or cash crisis jeopardizing the existence of the organization. The following are some points to consider based on first-hand observations made at companies.
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