As an outsider rather than a corporate insider, the turnaround specialist enters the company carrying no political baggage. This affords the new chief executive with a special advantage for the task ahead. This means the first days are spent gathering information and measuring the scope and depth of the company's ills. In the meantime, there are various groups that must be dealt with. The first is creditors who may have been kept in the dark and are angry.
Employees are confused and very scared.
Yet another group consists of customers who are wary about the future of the firm. The turnaround specialist must be open and frank with all of these audiences. Once the major problems are spotted and identified, a game plan can be formulated. The plan must then be sold to all key parties inside and outside the company, including the board of directors, management team, and employees. Confidence must also be instilled in the bankers, major creditors, and vendors.