Five Qs: Meagan Hardcastle on Business Turnarounds and the Restructuring Industry in Metro Detroit
Meagan Hardcastle, a Wayne State University School of Business graduate (B.S. ’02) and Board of Visitors member, is helping turnaround underperforming companies across metro Detroit. Hardcastle, the president of the Michigan Chapter of the Turnaround Management Association and co-founder of the business consulting firm Harmon Partners in Birmingham, told DBusiness Daily News that cash-flow problems are the most obvious signal of early distress for a business. "When there isn’t enough cash to go around, companies are unable to make their payments on time and a crisis of some sort eventually happens," she said. "But cash is a lagging indicator of trouble, and the earlier you identify problems, the easier they are to solve."
Hardcastle said that Detroit has a very robust turnaround industry.