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He developed a three-year plan for his turnaround vision, which was translated into annual and quarterly operating plans, and biquarterly responsibilities for his executive team. Masonite began to struggle shortly after the deal was completed, in 2005, and then declared bankruptcy in 2009.
FTI expanded into investigation and research capabilities as well as turnaround, restructuring, bankruptcy and forensic accounting with the moves. In 2005, the firm developed their first 5-year plan with a goal to double revenues from approximately $427M to $1B in 5 years. Restructuring/Turnaround Services. Latin America.
Garvin was a generalist more than a specialist, perhaps because he came of age at HBS during the 1980s, when the school’s primary focus was the development of skilled general managers. Case closed (until engineers develop an algorithm that does the job better). That quality made him (arguably) the quintessential HBR author.
After studying and working with hundreds of companies in free fall, we’ve identified concrete steps that leadership teams can take to engineer successful turnarounds and transformations. Founded in the 1930s, Lego developed a repeatable model that allowed it to grow for decades. Other companies can do the same.
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