How should we decide which consultant to hire?
Experience and chemistry. Understanding what the consultant knows about your industry can be helpful; however, their knowledge of turnarounds gained from years of experience is even more important. It is more helpful to have a diversity of skills rather than overlap. Most likely, you are very knowledgeable about your business and industry; it helps to hire a consultant that knows a lot about turnaround situations to complement your skill set. However, the other important factor in success is chemistry with the consultant. If you are not comfortable with the consultant, or don’t trust their advice, then seek another competent professional. You may not see it now, but most of what you accomplish in a turnaround is through cooperation. We caution you to not go shopping for an advisor that you can manipulate – or one which you do not have good chemistry with as that can lead to failure.