ss9173, thank you, terrific post, my favorite part:
Judging the success or failure of a turnaround
Of course, not all turnarounds succeed in the manner outlined here. A company may put a quick end to its disastrous losses but never quite attain an acceptable return position. When this occurs, management may decide to sell the business to a company better able to produce an acceptable return on the funds invested. In a sense, this is not failure at all. The company may very well thrive and reach new heights under different ownership. Here, the turnaround manager can play a key role in identifying prospective purchasers and then negotiating a successful sale.
Ironically, some companies never reach Stage Five because of significant success in the earlier steps. The turnaround becomes so successful that the company becomes a target of a takeover bid. Again, this must not be viewed as a failure. The company was saved and continues to perform well with stronger sales than ever before.