Playing the Long Game - Rebuilding is an Endurance Event
I’m not a rock climber nor an ultramarathoner, nevertheless, endurance sports have always fascinated me. Through observation, I’ve come to understand that performing and competing at the highest level takes patience, discipline, and humility. This is true of an athlete, but it can also just as easily apply to the business world.
For those in consulting, or for those who have, or may use a firm like ours in the future, certain projects feel like an endurance event. Turnaround and Restructure engagements, which can take anywhere from three months to three years, are one such example. These are long-haul commitments that our team approaches with proven methods and a detailed game plan. It’s often true that when we first embark, the path forward is unclear, and we must keep taking careful steps forward until the solutions begin to present themselves.
We’re hustling as a team, working with a client who is under an immense amount of pressure, stressed, and tired. All they want is to cross the finish line standing upright. Together, we work to execute to our plan and compete at the highest level; resolved to achieve the best possible outcome. We apply these endurance principles to get us there:
Control what you can control;
Take the next step;
Adversity is a learning opportunity; and
Embrace warrior culture.
“Control, control, you must learn control.” – Yoda
In turnaround situations, we’re often presented with unexpected challenges. All parties must show up each day fully committed to addressing the problems that arise, and proceed based on the knowledge and information that we have at that time. What happens next builds the momentum needed for the road ahead. Expecting the unexpected and not allowing events we do not control to cloud our judgment yields the best results when the stakes are high.
"While I'm alive I'll make tiny changes to earth" – Frightened Rabbit
Be ready to adopt the principle of incrementalism by taking the next step. The undertaking of rescuing a business cannot be achieved overnight. There are no shortcuts, and we will not be successful if we do not take all of the necessary steps, big and small. Through the process of evaluation, reporting, analyzing, and taking the actions necessary to reorganize, the finish line will eventually reveal itself through the haze.
“You’re fine, everything is fine” – Courtney Dauwalter
High-pressure situations are often chaotic, with many factors at play, which make it difficult to solve complex problems with straightforward solutions. We must be prepared to face adversity from all sides. How we handle the challenges presented to us, and the ability to learn from each decision makes us more adaptable and better at solving the next problem.
“It's about being a warrior. It doesn't matter about the cause necessarily. This is your path and you will pursue it with excellence. You face your fear because your goal demands it. That is the goddamn warrior spirit.” – Alex Honnold, Free Solo
In 2017 Alex Honnold famously climbed a route called “Freerider” on El Cap in Yosemite National Park, without the use of ropes or other safety gear. It was on his way to the mountain that Honnold delivered this quote. Improving the financial and operational performance of a distressed company demands commitment, focus, and mental strength. It requires facing uncertainty and working through it towards the end goal. An endeavor that must be pursued with excellence.
Advising in any Turnaround and Restructure situation is hard work. The underlying issues that result in a company facing financial distress take time, persistence, and adaptability to resolve. To train for his most memorable climb, Honnold visited Freerider countless times, practicing with ropes for years until he systemized the perfect plan for success. We too, have practiced, studied the route, and today are able to bring a detailed plan based on years of experience to each engagement. For those in it with us, we work together to control what we can, build confidence to take the next step, learn from adversity, and get the job done by embracing the warrior culture. Just like an endurance event, we’re in it for the journey as much as the destination.
