I did turn-arounds a few years ago and it involves much more than I think you believe it does. I got into it by accident. I had a successful automotive aftermarket consulting firm and after leaving that was contacted by a 35yr old firm that had been headed south for about 7yrs. I was familiar with the company and owner and had even done business with it. After the owner and I discussed it I asked for AP, AR, Sales, and P&L records for the current year and 2 prior. The truth was, after spending 7-days and nights married to a booth in the local Denny's the business really should have just been liquidated, but I was younger and loved a challenge so I met with the owner and told her that my advice would be to talk with a BK attorney, but if she wanted me to try and save it I would. I knew, my reputation in the industry would go a long way with vendors...I knew 95% them personally. I developed a businessplan that would accomplish a turnaround in 24 to 36 months. My deal with the owner was structured such that I was very cheap going in, and she'd be out very little because the business couldn't afford to pay me much if I wasn't going to be effective, however, if I was, I would get mine on the back end. The agreement called for me to have carte blanche...she couldn't override any decision I made. The agreement was very rigid...no wiggle room. Before she signed onto it, I had to present my plan to her CPA, Lawyer, Bank Pres....everyone had to sign off on it, which they did. The 24th month, the company was profitable, debt-free (except for 30-day trade accts) and had modest cash reserves. When I first came in, I met with every employee individually and explained what was going on, and if they wanted to be a part of it, fine, if not, I'd give them a good recommendation. Only 2 left, none were laid off or fired. I did bring in a couple key people that I knew for certain positions but they were going to leave with me when we were done.

Anyway, after that I was going to take 6 months off to recover...it didn't even last a week when I got another call...this became a repeat and the industries began to vary. It was great fun, great money, but it's a young persons sport as it requires looong hours and rapid fire decision making...I was asked once what it was like and the only description I could come up with was "it's like trying to keep 30 corks under water at the same time".

If you want to do consulting, you can do that without going in, but if you're wanting to truely do turnarounds, there's no other way to do it than to go in. There are several "keys" to a successful turnaround that those in the business all know are the secret to success...as an accountant you should already know those.

To answer someones question...I charged a $50k retainer, paid the 1st of the month, and 40% of the profit beginning the 4th consecutive month of profitability and continuing for a period of 5yrs. Also, after the 3rd consecutive month of profitability was my exit...I was off to other things.

If you have any specific questions you can email me and I'll be happy to answer them. I will say, it's all about experience and reputation. My first were within an industry where I was very well known...after that, the people involved always checked my out and found they liked the feedback they got. In the end, I had a kind of company formed. While I served as CEO/COO, I had a gal I'd observed for years and lured her away to serve as Controller, and a guy that was great at both sales and marketing, and managing warehouse functions, so when I took a job, I called these people and they signed right on to the Titanic with me. After the first one, I wouldn't have attempted others if I couldn't get these two people...I respected their input, work-ethic, and I trusted them. If you go through with your plan, you'll find you'll probably need the same people in your organization.