Turnaround Management

The term „turnaround management“ is different from „Turnaround Management Team“, which will be explained later on. Turnaround management consists of all activities undertaken by a company in an existence-threatening situation in order to return to sustainable profitability.34 However, for the purposes of this paper I have extended the definition to include the management of situations in companies that are not yet in an existence-threatening situation but might face such a crisis, and to the management of situations in companies that are not yet in the stage of a liquidity crisis but are showing the first signs of a strategy or success crisis. Turnaround management consists of measures, including strategic, organizational, and financial, to avoid increasing the severity of a crisis and to get back to sustainable profitability.


34 (Buschmann, 2006, S. 25)