Touchstone has a proven, five-step method for turning around underperforming and distressed companies. Each stage is important to the process.

1. Situation Analysis

• Is there a viable core business?
• Is there enough cash for a recovery?
• Are sufficient managerial resources available?
• What is the strategy for ensuring long-term profitability and health?
• Determine plan for survival.

2. Management Change

• Ensure capable management is in place.
• Replace management who will impede the turnaround process.

3. Emergency Action

• Ensure short-term survival.
• Provide opportunity for strategy to be implemented.

4. Business Restructuring

• Restructure business to secure long-term survival.
• Provide foundations for long-term strategic leadership position.

5. Return to Normal

• Secure strategic leadership position and future profitability/health.