A standard for Turnaround Management changes the way turnarounds are done

HAMBURG, Germany - Aug. 13, 2013 - PRLog -- Only 38 percent of all companies that get into a turnaround situation actually make the turnaround, and only 22 per cent reach sustainable returns. The ITMS is intended to help increase this number by offering a structured and standardized turnaround process in addition to an analysis of which turnaround strategies and measures have actually led to successful turnarounds.

The best justification for the ITMS is that there is nothing else like it. In general there was no structured, controlled way to restructure a company until the ITMS was created. Although there has been much academic research on the causes and consequences of corporate restructuring - for example, documenting how restructuring affects companies' stock prices - much less is known about the practice of restructuring. The ITMS is based on essentially every book and article available on turnaround management.

“There is a standard or regulatory framework for almost everything, but for saving a company from insolvency and saving thousands of jobs there has not even been a best practice. Today, we are changing that!” Dr. Christoph Lymbersky said at the official launch of the ITMS. Dr. Lymbersky has been a lead developer of the standard and is a top management consultant for corporate restructurings at Detecon International. 

The ITMS defines the practice of restructuring in a way that provides the Turnaround Leader with the necessary information at the time that he or she needs it, without his or her having to research the best possible strategies. If the Turnaround Leader follows the ITMS, he or she will also minimize the risk of overlooking or forgetting a crucial activity, such as controlling a risk or informing a stakeholder. The standard will tell the Turnaround Leader whom to inform at what time. This type of decision-making process will greatly contribute to the long-term success and stability of any turnaround action.

For more information please visit the homepage of the Turnaround Management Society:

www.Turnaround-Society.com

or for more information on the International Turnaround Management Standard visit:

www.Turnaround-Standard.com

Dr. Christoph Lymbersky is director of the Turnaround Management Society and top management consultant at Detecon International.