When ailing companies are on the brink of collapse, the biggest question that owners have is whether a turnaround effort is worth shedding blood, sweat or tears over. Employees and the labour union believe that a turnaround is always possible; all that is required is a change in management. Shareholders will be sceptical and wonder whether further resources should be showered on an under-performing company, preferring to liquidate saleable assets.

This book explains how smart managers unlock the value of hidden or neglected assets to successfully turn such cases around. In proposing a 'frugal turnaround' approach, the book advocates tapping the existing resources rather than just pumping money or changing top leadership.