Step 1: Fire half the people. I did this based on the last digit in social security numbers. Mine was odd so all even went. As the turn-around person, you really have no time to find out who is good or bad. You just must cut costs.
Step 2: Raise prices. Your customers will tolerate it a bit and in most cases they will not notice for a while. Thus you increase revenue.
Step 3: Sell the company as fast as possible. Now you have lower costs and higher revenue, you have a short window to get some "greater fool" buyer to cash you out. Speed is of the essence.
Having done this I see the Kraft-Heinz debacle.The NY Times noted:
In nearly all its deals, 3G’s strategy is
fairly simple: Slash expenses, improve profitability and, typically,
increase revenues by acquiring other companies. Repeat. The firm’s
zero-based budgeting requires managers to justify every expense on an
annual basis, not just build on the previous year’s budget. (3G did not
respond to a request for comment, and Berkshire Hathaway declined to
comment.) When Kraft and Heinz merged,...,
a Brazilian economist who had led Burger King, became chief executive
of the combined company. He told analysts that the merger would yield
$1.5 billion in annual cost cuts.
What happened? Simple, they forgot Rule 3, never keep the dog you starved and taunted.
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