What is the Turnaround Management Society?
The Turnaround Management Society is an industry-specific organization that aims to promote best practice in turnaround management. Its members are turnaround professionals, distressed debt investors, and academics.
It is the objective of the Turnaround Management Society to bring together the knowledge of turnaround management academics and the experience of turnaround management professionals. The TMS provides a link between academics who are engaged in research and the professional community that seeks research outcomes and, in turn, provides academics with professional insight, guidance, and feedback.
As well as supporting academics around the world and providing them with a forum to exchange information with other academics and practitioners, we are also engaged in our own research. Our two ongoing projects are the International Turnaround Management Standard and a database of successful turnaround management strategies and cases:
The International Turnaround Management Standard™ (ITMS)
The ITMS provides CEOs and turnaround professionals with industry standards to achieve more sustainable turnarounds in crisis situations by providing a controlled framework of proven strategies and techniques that includes project management techniques, financial engineering, and strategic and operational concepts as well as change management, risk management, and quality management techniques.
The Successful Turnaround Management Strategies Database
This is a uniquely useful database of successful turnaround management strategies and cases. The database can be used to search for successful strategies that apply to a specific crisis situation based on symptoms and causes of decline. Members can also find unique and creative approaches to any given crisis situation that have been successfully applied in individual cases around the world.
As a member you will have full access to all search queries and reports.
In addition to the ongoing ITMS and database projects, the TMS provides the following services to its members and companies facing turnaround:
The Turnaround Management Journal (TMJ)
In order to keep its members up to date on industry developments, recent turnaround cases, different perspectives, and discussions and to provide a forum for research outcomes, the TMS publishes the Turnaround Management Journal biannually. The Turnaround Management Journal is available to all members and is distributed to financial institutions, private equity firms, and universities. It is also available online.
The TMS is dedicated to providing its members and other interested parties with a high standard of expertise. In order to provide non-members with an independent quality assessment of the knowledge and skills of turnaround professionals, we have established a certification process for members that enables them to distinguish themselves from other, less qualified professionals and assures non-members of the highest standards in the industry.
Other Activities Include:
The TMS publishes academic, professional, and case study books, as well as the International Turnaround Management Standard™. The proceeds from book sales are used to fund the Society’s projects.
Scholarships are awarded to promising students who write their master’s thesis or PhD dissertation on a topic related to turnaround management or crisis management. The scholarship includes a professional thesis advisor, turnaround management literature, and conference invitations.
Annual TMS conferences summarize the activities and developments in the industry. Well-respected academics and professionals can present their work and their companies to other professionals through presentations, participation in workshops, and by attending networking dinners following the conferences.
Universities have taken note of the increasing demand for turnaround management, and many now offer classes in subjects related to crisis management. The TMS serves these institutions as a partner in setting up the curriculum for a turnaround management class and supplies lecturers and students with case studies and other supporting material.
- The Turnaround Management Society and its members uphold the highest ethical standards in the industry.
- The Turnaround Management Society is developing the International Turnaround Management Standard™.
- Its members are committed to professional development and research within the industry.
- Its members are actively contributing to the professional and academic development of turnaround management.
- All TMS members contribute to the development of the International Turnaround Management Standard™.
- The TMS provides a place for the exchange of ideas, education, and discussion of turnaround management-related topics.
- The TMS provides its members with lessons learned reports from past turnaround processes.
- The TMS maintains a database of crisis situations, crisis factors, case studies, best practice, and advice.
- The TMS organizes annual conferences that are open to all members in order to give them the opportunity to educate themselves, exchange ideas and experiences, and network with other professionals and academics.
- The TMS provides an online community of turnaround professionals and academics to build and foster an international network.
- The TMS publishes a biannual journal featuring new developments and case studies in the turnaround industry. The journal is free to all members.
- The TMS publishes a biannual update of the International Turnaround Management Standard™. This is free to all members.
- The Turnaround Management Society develops and promotes the International Turnaround Management Standard™.