The Phoenix Effect - 9
More companies failed in 2001 and are expected to fail in 2002 than in any previous year. A record number of companies face restructuring or liquidation. A new book offers urgent advice on how to get a troubled company back on track before it's too late.
Written from the frontlines of restructuring large companies in crisis, The Phoenix Effect - 9 Revitalizing Strategies No Business Can Do Without (John Wiley & Sons; 2002; hardcover) by PricewaterhouseCoopers restructuring specialist Carter Pate and Northeastern University professor Harlan D. Platt, gives all managers the tools to revitalize companies large and small, healthy and troubled.
"This whole country is a metaphor for second chances," say Pate and Platt. "Built on comebacks, it is the one culture where failures nearly always get another crack at success, providing they display the savvy and the spirit needed to get off the canvas and start swinging again." The Phoenix Effect will help managers keep their company far from the "slippery slope to oblivion" and on the right road to perform at their peak. In The Phoenix Effect, Pate and Platt show how to overcome denial and spot potential trouble with a clear eye toward the nuts and bolts of a company, which are far too often neglected.
After showing managers how to diagnose the health of their company, Pate and Platt offer nine revitalizing strategies to return any company to growth.
1) Determine the Scope
2) Orient the Business
3) Manage Scale
4) Handle Debt
5) Get the Most from Assets
6) Get the Most from Employees
7) Get the Most from Products
8) Produce the Product
9) Change the Process
From Toys "R" Us, Inc. to BankBoston Corporation to Yahoo! Inc., The Phoenix Effect provides scores of real examples offering a range of fatal mistakes and successful comeback strategies to learn from. These proven lessons from the frontlines of rescuing big business will help managers:
"The best renewal insurance is leaders who always know exactly how their companies are doing," say Pate and Platt. "These leaders never dwell on past glory, the siren call of complacency. They are masters of today's vital signs, the indicators of tomorrow's success or failure."
About the Authors:
Carter Pate is a world-renowned restructuring expert at PricewaterhouseCoopers with more than twenty years experience providing strategic consulting and implementation strategies. He has served as both CEO and Chairman of several public companies and advisor to companies including Ericsson Corp, Crown Books, K-Mart, and NeoStar Retail Group, and was a founding partner of Pate, Winters & Stone, a national consulting firm. Mr. Pate received his B.S. in Accounting from Greensboro College, Greensboro, N.C., and is a past member of its Board of Trustees. Mr. Pate is a contributing author to Workouts and Turnarounds II, published in 1999 by John Wiley & Sons, Inc.
Harlan D. Platt is Professor, Finance and Insurance Group at Northeastern University. He created and now administers the certification exam for the Turnaround Management Association. Platt holds a B.A. from Northwestern University and M.A. and Ph.D. degrees from the University of Michigan. He is the Associate Editor of Finance for the Journal of Business Research, and is the author of Why Companies Fail: Strategies for Detecting, Avoiding and Profiting from Bankruptcy, The First Junk Bond: A Story of Corporate Boom and Bust, and Principles of Corporate Renewal.