Turnaround specialists can help turn failing firms around if legal hazards are kept out of their way
Turnaround professionals are exposed as they are immersed in day-to-day operations. Moreover, turnaround strategies are situational, so few aspects of it are amenable to standardization. Also, their actions are visible to several stakeholders, including shareholders, who may deem these decisions incorrect. In contrast, other consultants incur negligible risk as their advice is typically not disclosed to shareholders.
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