This is a set of actions designed to save a business from insolvency and business failure.
The actions and plans are directed at turning the distressed financial position to a healthy and profitable one.
The priority of the turnaround engineer then, is to first identify the causes of distress and then implement policies that will rejuvenate the company’s business and financial position. Each part of the business must be analyzed for marginal improvement and competitive advantage and return of resources.
A company that is witnessing a successful turnaround is the Central Hotel, Benin city. Also Access Bank was taken over by a new management that turned around the fortunes of the Bank. The bank is now one of the biggest banks in Nigeria