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Successful business turnarounds depend largely on two elements (and perhaps a bit of luck): Dramatic change in the operating economics of the business, and communicating, through every phase of the turnaround, how these changes will improve the position of all constituencies. In good times, a company owes its primary responsibility to its shareholders. However, in troubled and potentially insolvent times, management's primary responsibility shifts to the interests of all stakeholders, including banks, bondholders, trade vendors, employees, customers and sometimes even government agencies. Management will need the support of all of these constituencies to make a turnaround ...