Principles of Corporate Renewal, Second Edition

Conclusion

Conclusion Globalization has shrunk the world and has contributed to an unprecedented extension of economic prosperity. It has also created a volatile and uncertain business climate in which the number of failing and underperforming businesses remains high by recent standards. Corporate renewal has an important role to play in such a world. It prepares businesses to master their difficulties with either statutory or nonjudicial remedies. A growing realization of this vital role spurs the movement to include corporate renewal in management education curriculum. Corporate renewal benefits every company: those in severe distress and those with nonfatal problems as well as successful ones. Its message is often simple, though its prescriptions generally require training and preparation. Individuals with corporate renewal skills are identified and promoted within major companies, and some establish independent consulting practices. Over time, more and more persons will identify themselves as corporate renewal, turnaround, or restructuring specialists, and their skills will be highly valued. The three parts of this book divide the structure ofcorporate renewal into foundation issues, basic processes, and advanced skills and knowledge . Each part discusses a variety ofissues, and yet some readers will protest that the book has excluded important topics. Latereditions ofthe book may well contain those topics. Corporate renewal is a new business discipline still defining its boundaries. Like other capstone fields, corporate renewal absorbs and assimilates important topics from every discipline. Readers employing corporate renewal in a real-world setting must be reflective practitioners since every engagement is unique and requires its own path to be broken. For them, this book is simply the beginning of an interesting journey. Healthy travelers are flexible and ever vigilant for new opportunities. One excellent guide for the new and for the seasoned voyager is the Turnaround Management Association, which continues to grow and which offers a certificate to persons working in the corporate renewal field. 359 ...