A Turnaround Artist Can Keep Your Business Afloat

Many business leaders are good at starting a business or maintaining one that has already been started, but aren't good at fixing a seriously ill business. They often don't have the experience, skills, temperament or willingness to do what is necessary to correct the problem.

An outsider who has no attachments to the people and no investment in the business' past history needs to be brought in. There are many ways of finding quality professionals to help you fix your business. In large metropolitan areas, there are listings in the telephone books for "turnaround specialists."

Here are some other avenues you can take to get some help:

• Professional referrals: The first thing to do when looking for a qualified turnaround specialist is contact your accountant, banker, lawyer and financial planner. All four of these professionals have worked with clients with business troubles at one time or another. Some of those clients have probably engaged a professional to assist them in fixing their business.

  Large international accounting firms have in-house experts who work with all sizes of companies. Banks have internal groups called "work-out departments" that work with troubled companies to protect the bank's investment in the company. The "work-out departments" have a list of professionals they have worked with and will be glad to make introductions between their clients and these professionals.

• Chambers of commerce: Strong, involved chambers of commerce always know which members are doing well and which are having problems. The chambers are often contacted by members who are in trouble, asking for a referral to someone who can assist them in fixing their business.

  If the chamber doesn't have a direct contact, it will contact members who have engaged professional help and ask them if they would be willing to share their experiences and contacts with a member who is having business problems.

• Trade associations: A troubled business owner can contact Turnaround Management Association (541 North Fairbanks Court, Suite 1880, Chicago, IL 60611, 312-822-9700, www.turnaround.org). This association has a list of qualified professionals, organized by state, who work with troubled companies.

  A business owner can also contact his national trade association and ask for a list of individuals and management companies that work with troubled companies.