Does anyone have experience buying distressed/turnaround companies?
Any good books, websites, etc?
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Since then, I have had two separate cases where PE approached me to take over two distressed companies. Both had a long history of decreased revenues, failed attempts to market reposition, and some litigations. Ok, been there, done that, I considered the idea...BUT... unlike in the past, these companies were utterly talent drained at that point. That was a deal-breaker from my side, which was also my advice to the investors to step back. Eventually, one of them was bought in a bankruptcy auction by a notorious M&A group. The other one was purchased by a high-net-worth individual who just liked the idea at the moment of owning the IP. I can't imagine the shape of both entities at this point...but I bet I can get them out of their hands for nearly nothing. The point is, when a horse is dead, you should treat it as dead.