A turnaround specialist enters a company with a fresh eye, knowledge and skills and enjoys complete objectivity. This professional is able to spot problems and create new solutions that may not be visible to company insiders simply because the latter are too close to the subject.
The turnaround manager has no political agenda or other obligations to colour the decision-making process, allowing him or her to take the unpopular yet necessary steps for survival.
Experience within a particular industry may mean little when a company is challenges and possibly the loss of millions in revenue. A turnaround specialist brings experience in crisis situations. Like a paramedic, the talent lies in making critical decisions quickly in order for the patient to have the best chance at recovery.
Operating in the eye of the storm, the turnaround specialist must deal equitably with angry, scared employees, wary customers and a nervous board of directors. With the highest stakes on the table, clearly this is no assignment for the faint-hearted.