Implementing a Successful Corporate Turnaround

Greg Brenneman spent a good portion of his career serving floundering corporations, including Continental Airlines, Burger King and Quiznos. So how does Brenneman save a dying company? In an article from The Economist, he gives two not-so-simple steps: Stop the activities that drain your bottom line and then formulate a clear strategy, and stick with it.

His recruits have been impressed by another Brenneman tactic. “He’s taught me the importance of seizing the airwaves and making clear what the business agenda is,” says Dave Deno, Quiznos’s new boss. Each Friday the fast-food chain’s franchise-holders get a voicemail updating them on the business. Many of these have been left by Mr Brenneman, but occasionally other managers take a turn. The plain-speaking Mr Brenneman likes this because, he says, “if someone gets on a voicemail and promises something to thousands of people, they will do it.” All voicemails and e-mails from franchise-holders must be answered within 24 hours. This has helped thaw relations with disgruntled restaurant-owners, though some lawsuits still rumble on.

Still, even with a clear strategy, something must be said for putting in the hours and enduring hard work.