First set up as a boutique financial advisory firm, we have since evolved based on the demands of the industry and became one of the only Malaysian based turnaround management. We have many professionals attached with the firm for different solutions that need to be implemented to our client’s business needs. We have grown from a two man team to a group of over 15 professionals attached with the firm. The Process While industry experience is one factor when considering potential turnaround managements, VAD is of the expert opinion that its usually less important than the management’s experience in dealing with real-world crisis situations. Other factors to consider when bringing in a turnaround management include the following: • Length of engagement: Set predetermined starting and stopping points so the engagement (and cost) doesn’t become open-ended. A consulting engagement may run several weeks or months. • Compensation: Discuss the fee structure upfront and make sure both parties are comfortable with it, whether it’s a performance-based fee, a flat fee for the engagement, an hourly rate, or something else. • Expectations: Clear and measurable goals should be established before the management begins work so everybody is on the same page about what constitutes a successful engagement. Whether hired as a consultant or an interim CEO, the turnaround management’s first step is usually a top-to-bottom viability assessment of the business to determine its prospects for survival. This process can take anywhere from a few hours to a couple of weeks and tends to be as much intuition and “art” as it is science. Assuming the management determines the business is still viable, the next steps are usually a detailed analysis of the company’s financials and in-depth interviews with key personnel. He or she will likely want to spend hours interviewing executives, managers, and board members, asking about big-picture strategy, goals, and overall direction.