Dr. Earl R. Smith II

What I do: As a turnaround management specialist, I work with distressed companies to fashion and implement plans for putting the company back on the road to profit. Not every distressed company is a good candidate for my services - some are so far gone that there is little to do but prepare the company for bankruptcy. Turnaround management is no assignment for the faint of heart. It demands professionalism, experience, insight, decisiveness and a steady hand. Turnaround management is a lot like operating in the eye of the storm. Like any other professional turnaround specialist, I have to deal equitably with angry creditors, frightened employees, wary customers, and a nervous board of directors. Here are some of the things that I bring to the table:

• Experience - I specialize in managing turnaround situations as either a senior advisor or interim executive. My experience in building six for-profit and helping to launch two non-profit organizations allows me to help management overcome challenges that may seem daunting to them. My wide range of contacts allows me to tap into substantial pools of resources - including senior executives, highly effective professionals and sources of financial support. After a career that included six times as a Founder/CEO, I now serve on boards of directors and advisory boards, as well as in interim senior management positions. I also advise CEOs and build advisory boards as business development engines. My expertise includes innovation, governance, succession planning, mergers & acquisitions, team building, strategic planning, turnarounds and reorganization.
• Fresh eye - As turnaround specialist, I bring a fresh eye and complete objectivity. I can spot problems that may not be visible to company insiders and implement solutions.
• Independent Judgment - As an outsider, I have no political agenda or other obligations that might bias my decision-making process. Because of this, I can take the sometimes unpopular, yet necessary, steps required for a company’s survival and recovery.
• Crisis Management - My experience within a particular industry is less important than my experience in effectively managing crises. I can make critical decisions quickly - decisions that will staunch the financial bleeding and give your company the best chance for recovery.

Good turnaround work is part science and part art. The hard ones are mostly art and just a bit of science. I have built half a dozen companies and helped CEO build twice that number. I am currently involved in a couple of such projects. My experience as a CEO - and as a senior advisor to CEOs and Boards of Directors - along with my service on numerous boards - helps me in my turnaround management. Generally my engagements involve five major stages.