By Sandeep Gupta for Secured Finance Network
When a business is running out of time, turnaround consultants step into the pressure cooker to uncover what went wrong and what can still be saved. Sandeep Gupta of Novo Advisors explains the urgency, judgment, and empathy this work demands — and why it can be a rewarding career path for problem-solvers today.
Consulting typically conjures an image of financial specialists advising companies on optimizing everything from boosting revenue to increasing growth and implementing organizational improvements. My own consulting career began this way after securing my MBA from the University of Chicago. The plan was to take the skills I learned and put them to good use helping healthy companies strategize.
Then came a struggling medical device company. A team of consultants at our firm worked on it for months with no results. It wasn’t our traditional client looking to scale their core business or set a strategic direction, but a confused bundle of companies fused through nearly two dozen acquisitions that were never fully integrated, struggling with daily operations. It was a mess and they decided our advice wasn’t helping. Everyone was shocked (offended may be a better word) when they replaced us with a turnaround consulting firm.
It was my first introduction to turnaround consulting and I was immediately intrigued, especially as an entrepreneur who helped build a family business. I realized it wasn’t a growth strategy that this client needed, but a realistic plan on how to navigate the present-day crisis they faced. Could they make payroll tomorrow? Out of the hundreds of products they sold, which were profitable? They needed all that information today, not in three months through a PowerPoint presentation because they likely wouldn’t survive that long. Three decades later, my first impression remains the same: the field of turnaround consulting is incredibly rewarding, but takes a special personality. If you are considering this type of career, a little planning and foresight is helpful.
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