When companies find themselves in distress, turnarounds are one way to set them back on track. But turnarounds are messy and getting them right is no easy task.
It was November 2010 when Sankar Krishnan, managing director at the global professional services firm Alvarez and Marsal (A&M) and Nikhil Shah a senior director of the firm were called in to investigate claims of irregular activities allegedly involving the senior management of a textile manufacturer in India. The seriousness and potential impact of the allegations from a former employee meant they had to tread very carefully. They decided on a covert operation, since it was unclear who was trustworthy at the company and given that a direct approach might have led to evidence being destroyed that could be crucial to the investigation.
