It’s not easy being a turnaround artist these days. Just ask Republican presidential nominee Mitt Romney.
Romney is taking serious heat for his work at Bain Capital, including recently a derisive Rolling Stone article, “Greed and Debt: The True Story of Mitt Romney and Bain Capital.” The piece outlines Bain’s “epic wealth grab” which it argues both destroyed jobs and entire companies.
Don’t flee, this isn’t a political piece. But a word here, please.
Whatever the opinions about Mitt Romney and his private-equity business history, let’s focus for a moment on the real-live turnarounds of distressed companies, the kind of engagements that attract many interim executives. Turnaround, that is, by definition.
Lonnie Sciambi, for example, is one turnaround artist who would appreciate that shift. Sciambi said he was asked at a party what he did for a living. He said he did turnarounds. “The guy said, ‘So you slash and burn?’” Well, not exactly.