Guide to Turnaround Consultants

Analyze your situation

Take a hard look at where your business is failing and determine why the mechanisms you have put in place haven't stopped the bleeding.

I recommend: The Turnaround Management Association, a nonprofit association focused on corporate renewal and turnaround management, has tips to help find the pain points. Turnaround Consultants International also highlights phases a company should expect to go through during a restructuring.

Choosing a turnaround professional

Although it may be difficult to conduct interviews or find someone who can effectively lead a restructuring, your company's survival depends on this person. It's not a decision to make lightly.

I recommend: The Turnaround Management Association also has a list of questions you should ask potential turnaround managers as well as links to a host of other resources. The Sideroad offers tips for hiring a consultant as well, and the Association of Certified Turnaround Professionals has search engine for finding the appropriate person. Pinnacle Peak Advisors sends former senior executives on assignment on turnarounds. O'Keefe & Associates specializes in debt restructuring.

Change your attitude

It may be hard to relinquish control, but if you want your company to shake off its financial troubles and get through the dark times, you have to put certain amount of trust in the consultant you bring on board.

I recommend: Turnaround Central has some additional tips and an e-book called "The Insider Secrets to Saving Your Business," which is an often-referred-to reference on business restructuring initiatives.