Financial Turnarounds: Preserving Enterprise Value (Financial Times (Prentice Hall)) [Hardcover]

Henry A. Davis (Author), William W. Sihler (Author)

Book Description

Series: Financial Times (Prentice Hall) | Publication Date: February 13, 2002

In Financial Turnarounds: Preserving Enterprise Value, the world's leading corporate turnaround specialists teach the essential skills you need to manage a financial turnaround -- or, better yet, avoid the need for one. This book presents an in-depth, insider's look at twenty successful turnarounds representing every key industry segment. The authors provide case summaries, early warning signs, and financial findings for turnarounds in manufacturing (Maytag and Navistar) and retailing (Joseph A. Banks and Musicland), as well as high technology, real estate, and the services sector. They compare leading turnaround methods -- financial and non-financial. Finally, they offer practical guidance for recognizing the early warning signs of financial disaster -- and taking effective action to avoid it. Part of a new series of books sponsored by the Financial Executives Research Foundation, a nonprofit affiliate of Financial Executives International, the preeminent professional association for senior financial executives, representing 15,000 financial executives worldwide. The Research Foundation, established in 1944, funded the research and case studies in this book.

Editorial Reviews

From the Back Cover

The insider's guide to managing successful turnarounds.

Every successful company has its own business model: a set of assumptions it can use to profitably deliver its products or services. But the realities behind those models can change, often violently, with lightning speed-placing the survival of the business at immediate risk. Financial Turnarounds shows financial professionals how to recognize key signs of trouble fast—and what to do about it.

Drawing on 20 in-depth case studies from companies of widely diverse sizes, industries, and financial circumstances, this book covers every aspect of corporate turnarounds from the standpoint of the financial executive. Learn how to help non-financial managers understand the implications of the numbers; identify early actions that can prevent the need for a full-fledged turnaround; choose financial and non-financial strategies with the greatest likelihood of success; build consensus for a turnaround plan amongst the firm's leaders, line managers, and outside funders; and, finally, learn how to execute your turnaround rapidly and effectively.

Presents detailed case studies from 20 of the most significant turnaround efforts of recent years.

* In heavy manufacturing

Maytag (appliances), Navistar (trucks), USG (building products)

* In light manufacturing

Forstmann (garment fabrics), Pepsi-Cola Bottling Co. of Charlotte, N.C. (beverages), Sampson Paint Co. (coatings)

* In retailing

Ames (discount general merchandise), Jos. A. Bank (menswear), Edison Brothers (apparel and footwear), The Forzani Group (sporting goods), Musicland (recorded music), Red Rooster (auto parts)

* In high technology

Computervision/Parametric (imaging systems), GenRad (test equipment and software), Kollmorgen (periscopes and weapons positioning)

* In real estate

Cadillac Fairview (office buildings and shopping malls)

* In services

Burlington Motor Carriers (transportation), Fairmont Hotel Management (hospitality), St. Luke's Hospital (healthcare), Microserv (computer maintenance and repair)

Part of a new series of books sponsored by the Financial Executives Research Foundation, a nonprofit affiliate of Financial Executives International, the preeminent professional association for senior financial executives, representing 15,000 financial executives worldwide. The Research Foundation, established in 1944, funded the research and case studies in this book.

• Expert guidance from the financial managers who worked to turn around 20 North American companies
• Case studies from manufacturing, retailing, high-tech, real estate, and service industries
• The financial and non-financial signs of a coming financial disaster
• Fast actions that can avert the need for a full-fledged turnaround
• Implications for the financial officers of companies that are currently healthy

In Financial Turnarounds: Preserving Enterprise Value, the world's leading corporate turnaround specialists teach the essential skills you need to manage a financial turnaround—or, better yet, avoid the need for one. This book presents an in-depth, insider's look at 20 turnaround efforts representing every key industry segment.

The authors provide case summaries, early warning signs, and financial findings for turnarounds in manufacturing, retailing, high technology, real estate, and the services sector. They compare leading turnaround strategies—both financial and non-financial-including capital-structure management, relationships with financial institutions, the use of outside advisors, and internal operational initiatives. Finally, they offer practical guidance for recognizing the early warning signs of financial disaster—and taking effective action to avert it.

About the Author

HENRY A. DAVIS is a consultant and writer specializing in corporate finance and banking, and a former banking executive. He is managing editor of two leading financial publications, Journal of Structured and Project Finance and Strategic Investment Relations. His publications include Building Value with Capital-Structure Strategies (with William W. Sihler); and Foreign Exchange Risk Management: A Survey of Corporate Practices (with Frederick C. Militello, Jr.).

WILLIAM W. SIHLER is the Ronald Edward Trzcinski Professor in Business Administration at the Darden School of Business, University of Virginia, where he specializes in financial management, the management of turnarounds and workouts, and strategic management of financial service organizations. Formerly associate professor at the Harvard Business School, he has served on the Board of Directors of Curtiss-Wright Corporation. His publications include Building Value with Capital-Structure Strategies (with Henry A. Davis); Cases in Applied Financial Management; and Financial Service Organizations: Cases in Strategic Management.

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Product Details

• Hardcover: 336 pages
• Publisher: Financial Times Prentice Hall (February 13, 2002)
• Language: English
• ISBN-10: 0130087572
• ISBN-13: 978-0130087577
• Product Dimensions: 9.2 x 6.4 x 1.2 inches
• Shipping Weight: 1.6 pounds
• Amazon Best Sellers Rank: #2,502,112 in Books (See Top 100 in Books)

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