What do you call someone who helps turn around failing businesses?

Professionals who help turn around failing businesses are known by several titles depending on their specific role and approach. A 'turnaround specialist' or 'turnaround consultant' is a business adviser who works with distressed companies to implement operational, financial, and strategic changes to restore profitability and viability. These professionals typically have extensive experience in crisis management, cost reduction, cashflow optimization, and organizational restructuring. They often work on short-term contracts or interim management roles to stabilize businesses quickly. An 'insolvency practitioner' (IP) is a licensed professional who specializes in formal insolvency procedures including administration, CVAs, and liquidation. IPs are regulated professionals who can be appointed to take legal control of companies in financial distress, and they often advise on whether businesses can be rescued or must be closed. A 'company doctor' is an informal term for experienced business leaders who take temporary executive roles in struggling companies to diagnose problems and implement recovery plans. 'Restructuring advisers' focus specifically on financial and operational restructuring, often working with heavily indebted businesses to negotiate with creditors and reorganize balance sheets. 'Interim managers' or 'crisis managers' are experienced executives who step into leadership roles temporarily to stabilize operations during periods of distress or transition. Some accountancy firms have dedicated 'business recovery' or 'corporate recovery' departments that combine financial advice with practical turnaround implementation. The distinction between these roles matters: turnaround specialists and company doctors typically work with businesses that can potentially be saved through operational improvements and strategic changes; insolvency practitioners become involved when formal insolvency procedures are necessary or likely; restructuring advisers focus primarily on the financial architecture of the business rather than day-to-day operations. When seeking help for a failing business, the choice depends on your situation: if you believe the business is fundamentally viable but needs expert operational guidance, a turnaround consultant may be appropriate; if you're facing immediate creditor pressure or insolvency is likely, an insolvency practitioner should be your first call; if you need temporary executive leadership while you implement changes, an interim manager might help; if the problem is primarily about unmanageable debt levels, a restructuring adviser can help negotiate with creditors. Many of these professionals offer free initial consultations to assess whether they can help and what approach would be most effective. The best specialists bring objectivity, experience from numerous similar situations, credibility with creditors and stakeholders, and practical implementation skills that stressed directors often lack when trying to save their own businesses. They can also provide emotional distance and clear-headed decision-making that founders and long-term directors struggle to maintain when personally invested in the business. When selecting a professional, look for relevant experience in your industry, clear fee structures, realistic assessments rather than false promises, and professional credentials where applicable (insolvency practitioners must be licensed; turnaround specialists may have Institute for Turnaround or similar certifications). Be wary of anyone promising guaranteed success or requiring large upfront fees before assessing your situation properly—reputable professionals will conduct thorough due diligence before committing to engagement and will be honest about whether your business can be saved or whether formal insolvency is the only realistic option.