The Turnaround Management Society has published Version 1.1 of the system that helps restructuring turnaround experts, consultants and CEOs through crisis situations, after almost six years of intensive research. Led by Dr. Christoph Lymbersky, the project developed the International Turnaround Management Standard (ITMS) to be used in virtually any corporate crisis.
Before the ITMS every turnaround consultant or manager followed his or her own rules sometimes they were successful sometimes most turnaround however failed. The ITMS is a dramatic change to the turnaround management industry because for the first time a universal framework can be applied that is builds on the best practice of over 30 years.
Dr. Lymbersky and a team of leading academics and practitioners in the fields of Crisis Management, Turnaround Management and Project Management analyzed more than 150 successful turnaround cases to develop the system. A turnaround manager who follows the steps of the ITMS begins with the Analysis Stage to assess the company’s situation and identify turnaround or restructuring strategies specific to the company’s situation. Then, applying turnaround best practices learned from the 150 case studies, the Turnaround Stage identifies issues specific to the company and triggers actions like communication strategies with stakeholders to ensure stakeholder support.
Having in mind that most turnarounds failed because turnaround processes were not holistic the ITMS offers a structure in which no aspect in turning a company around can be forgotten.
The Turnaround Management Society, a not-for-profit organization, publishes and oversees the further development of the International Turnaround Management Standard IT also offers Certified International Turnaround Manager (CITM) certification classes.
For more Information please contact the Turnaround Management Society through the website www.Turnaround-Society.com