I've done them before - both hotels and motion picture theatres.
The first question you must ask is, if this failing business didn't exist, would you build it from scratch and launch it today? If the answer is 'no', it's time to deal with reality.
Whether it's a business in itself, or a unit or location of a larger business (e.g., a chain-owned hotel, or theatre - and if you can't run one right, you can't run a chain of them doing it the same way . . .), don't bother unless resources are ample. A turnaround is basically a 'do-over' of a business venture doomed to failure. It wasn't launched - even as successfully as it might have in any better times it might have had - on a shoestring, by someone trying to milk the last five bucks out of a $3.98 investment, and it won't be turned around by such a person or in such a manner. Very few can be turned around without significant commitment of present and future resources.
Which brings us to an accounting of that few that might - and this applies to all of them, whether significant recapitalization is necessary or not: If it's a unit or location of a larger business (or even if it isn't), you need flexibility as well as resources. I don't want to hear it about 'company policy this', or 'company policy that', or 'this is how we do/have always done things': it's your company policies and the way things have always been done, that caused - or at the very least, permitted - your operation to get into trouble to begin with.
The first question you must ask is, if this failing business didn't exist, would you build it from scratch and launch it today? If the answer is 'no', it's time to deal with reality.
Whether it's a business in itself, or a unit or location of a larger business (e.g., a chain-owned hotel, or theatre - and if you can't run one right, you can't run a chain of them doing it the same way . . .), don't bother unless resources are ample. A turnaround is basically a 'do-over' of a business venture doomed to failure. It wasn't launched - even as successfully as it might have in any better times it might have had - on a shoestring, by someone trying to milk the last five bucks out of a $3.98 investment, and it won't be turned around by such a person or in such a manner. Very few can be turned around without significant commitment of present and future resources.
Which brings us to an accounting of that few that might - and this applies to all of them, whether significant recapitalization is necessary or not: If it's a unit or location of a larger business (or even if it isn't), you need flexibility as well as resources. I don't want to hear it about 'company policy this', or 'company policy that', or 'this is how we do/have always done things': it's your company policies and the way things have always been done, that caused - or at the very least, permitted - your operation to get into trouble to begin with.
