The main objective of the Turnaround Management Society (TMS) is to promote best practice in turnaround processes. Only turnaround professionals are members of the TMS and these include: Distressed debt investors, and academics.

Mar. 6, 2014 – HAMBURG, Germany — The TMS aims to combine all of the research that turnaround academics have, with the experience of turnaround professionals. The Turnaround Management Society provides support to academics and professionals from all over the world and gives them access to a forum where they can exchange research information, knowledge, skills and ideas with each other. TMS also carries out research of its own and has two current projects, one involves setting standards for turnaround processes, and the other is a database containing turnaround cases and strategies.

Services from the Turnaround Management Society

The International Turnaround Management Standard (ITMS) provides industry standards for those involved in the turnaround process. These standards enable professionals to achieve sustainable turnarounds through aturnaround framework. This also contains a restructuring framework in order that any restructuring processis effective and fairly implemented. The specific turnaround and restructuring standard will include proven techniques and strategies that can be implemented during a corporate turnaround process or corporate restructuring. This includes, project management, financial engineering, change management, quality management and risk management especially when dealing with corporate failure / failing companies, etc.
The Turnaround Management Strategies Database is extremely useful as it contains data regarding previously successful turnaround strategies that can be applied to a specific type of corporate crisis situation. TMS members are able to have access to the database and receive all the information contained within it at any time.

The TMS also publishes a journal twice a year. The journal contains up-to-date information and articles regarding turnaround standards and management, and is available to all TMS members. It is also distributed to universities, private equity firms and financial institutions. The journal is also available at the TMS website.

The Turnaround Management Society runs a certification process too, which involves independently assessing the knowledge and skills of turnaround professionals. This provides professionals with accreditation over less qualified professionals, as well as assurance from their customers that they work to set standards and processes and employ best practice.

For more information on the Certified International Turnaround Manager program or the Turnaround Management Society please visit:

http://turnaround-society.com/certifications/self-study-course-packages/

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The International Turnaround Management Standard (ITMS) is a project-management-based method to assist turnaround experts and professionals through a corporate restructuring process.

Mar. 5, 2014 – HAMBURG, Germany — Currently, turnarounds are a very common occurrence in companies. However, most of these turnarounds fail within 5 years as a result of the companies employing their own „loose guidelines“ of doing a corporate turnaround in which they focus on specific areas rather than focusing on the underlying causes of why the company is failing.

The ITMS was developed as a result of a 7-year research project led by Dr. Christoph Lymbersky of the Turnaround Management Society (just use once) on why most corporate restructuring methods fail. The team around Dr. Christoph analyzed 150 cases to try and figure out what leads to a successfulcorporate turnaround. Basically, the ITMS is considered currently as an industry standard manual to help your company through its restructuring process.

As a corporate restructuring framework, the ITMS has been structured to tackle the reasons as to why companies usually fail in turnarounds. This includes problems such as insufficient support of shareholders, targeting of symptoms instead of issues causing the company to fail and the use of unstructured approaches among other factors.

Structure of the ITMS

Basically, the ITMS serves your management team as a guideline of what is needed to be done, how they should do it, and who is to be informed and what other aspects need to be taken care of during therestructuring process. The turnaround process outlined in ITMS is divided into three major stages: stabilization, reorganization, and restructuring.

This turnaround standard incorporates a more organized structure which is divided into four stages and each stage is designed to include specific turnaround method of corporate turnaround management. Further, there are two overlapping stages within the ITMS turnaround framework: the retrenchment and the recovery stages. The main objective of the former stage is to help your company or organization secure its survival and to guarantee a positive cash flow as a result of liquidating, improvement of operating efficiencies, and investments among other factors. On the other hand, the goal of the latter overlapping stage is to get your company back on its growth path and be profitable in the long run. It is at this stage that your company diversifies and penetrates into other markets.

In a nutshell, the restructuring method proposed in this turnaround framework is structured to include four stages which employ specific techniques for corporate restructuring: Pre-Turnaround Stage (PS), Crisis Stabilization Stage (CS, Turnaround Stage (TS), and the Diagnostic Review Stage (DR).

The Benefits of the ITMS

The ITMS corporate restructuring framework offers a number of advantages for your troubled business, restructuring experts, or any entity or party involved in the restructuring process. Some of these benefits include performing turnarounds in a structured manner, allowing the repetition of restructuring management methods, and problems to be encountered are indicated early throughout the turnaround process.

Additionally, the ITMS allows the turnaround process to have an organized beginning, middle, and end; ensures that stakeholders are involved at the right time throughout the turnaround management; and provides clear and proven channels of communications between the restructuring management team and the rest of the entity. Lastly, it provides an agreement on the required deliverables at the beginning and continuously monitors the actual corporate turnaround situation against an entity’s requirements.

Online Classes

It is recommended to take an online class to understand the full concept of the International Turnaround Management Standard. The Turnaround Management Society offers self study online trainings starting at 199 USD.

For more information visit the Turnaround Management Society website: www.Turnaround-Society.com

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