Does your business need help?
The Turnaround Management Association (TMA) encourages boards of directors and management teams of financially stressed businesses to engage early with turnaround professionals. Our aim is to guide companies from uncertainty to stability.
Choosing a Turnaround Professional
Few decisions are more critical for a distressed business than bringing in the right turnaround professional. Unfortunately, that decision often comes when pressure is at its peak and time is running out.
Before appointing a turnaround specialist, boards and leadership should consider:
- How long will their services be needed?
- Can the business afford their fees—and can it afford not to?
- Will they bring in other advisors or team members?
- Is management prepared to collaborate—or will resistance slow the process?
- Are expectations and deliverables clearly defined and documented?
- Is there a realistic path to success?
Turnaround success depends on speed, alignment, and the willingness to face hard truths. Choose wisely.
Key Factors and Considerations
Some of the most important factors to consider when choosing a Turnaround Specialist
Experience is the most important credential. Degrees and designations count for little if a turnaround manager does not have a proven track record. A candidate should be able to produce a portfolio of success stories and satisfied clients.
TMA Australia membership is tangible evidence of the degree of professionalism, experience, and integrity of a turnaround professional. All TMA Australia members must adhere to the Code of Ethics and can have their membership revoked.
No turnaround manager can expect to succeed without quickly gaining the confidence of creditors, as well as accessing new sources of credit. A company considering hiring a turnaround professional should check the candidate’s reputation with leading bankers, attorneys, accountants, financial advisors, factors, and trade creditors.
