More then half the clients referred to my company, which specializes in managing turn-arounds, are family businesses. Often we are called upon when the business is already ill, when it is having trouble paying its bills. Before we can help plan a long-term recovery, we have to prevent the patient from bleeding to death.
But frequently there are warning signs-red flags in sales, finance, and operations that give the company some time to act before it is too late. Owners should know how to recognize them, so they have a fighting chance to stem losses and march smartly into the future.