The economic fallout of the Covid crisis is creating urgent challenges for business leaders. But as Pam Fields, my colleague and one of our mentors at Merryck & Co., reminds us, this is also the time to be exploring ways to restructure companies to come out of the crisis even stronger. Smart insights throughout our conversation:
Q. You’ve been involved in more than a dozen turnarounds in your career, helping companies that were in the middle of a crisis. The context of the pandemic is different, but the business challenges can be similar. What are the patterns you’ve seen?
A. First, there is no playbook. You can’t force a template on a situation like this. It begins with the most important demonstration of leadership of all, which is to ask for help and to reach out, because this is not the time to put on your Superman cape and think you can fly around and protect everything yourself.