I spent over eight years in turnaround consulting, working with businesses that were in serious trouble. In every case, our goal was simple—figure out what was going wrong and help the business get back on track.
I tackled a range of projects, from reviving struggling real estate and advising banks on bad loans to turning around businesses like a propane distributor and a scrap company in bankruptcy, helping them find profitable outcomes.
Figuring Out What Went Wrong
The most exciting part of the job was digging in to figure out why each business was struggling. Every company was different, but one common issue I saw was cash flow problems. Businesses often ran out of money before they realized it, and they didn’t always have a good grip on their cash flow cycles.
One of the best tools I found for this was a rolling 12-week cash flow forecast. I recommended it to almost every company I worked with. It’s a simple way to see the cash coming in and going out, week by week. Honestly, any business can benefit from it—it’s just a smart way to stay on top of your finances.
Lessons I Still Use Today
Turnaround consulting taught me to quickly analyze a company’s financials and operations, which has been a huge help in what I do now. When working with clients looking to buy or sell a business, I can quickly dive into the details, spot issues, and see opportunities that others might miss.
In turnaround work, you don’t have time to waste, and that same approach helps me today to give my clients solid advice right off the bat.
Another thing I learned was dealing with all the different people involved—business owners, bankers, creditors, attorneys, you name it. They often had conflicting interests, and part of my job was to get everyone on the same page.
That skill has come in handy now, too. When I’m helping someone sell a business, buyers and sellers, don’t always agree on everything, and I find myself bridging that gap to help everyone get a fair deal.
Building My Network and My Skills
Working in turnaround consulting expanded my network like crazy. I met a lot of smart people—bankers, attorneys, other consultants—and many of them are still connections I lean on today.
Those eight years taught me how to think on my feet, solve problems, and work with people from all angles. If you’re running a business, having a solid handle on cash flow and a strong network are two of the best things you can do to keep your business steady.
They built a foundation that I continue to use daily in my professional life. If you want to learn more about my background, who I am or what I do, then head over to my website to see for yourself!
