A certified public accountant based in Lafayette, Louisiana, James Castille has more than 25 years of business leadership experience. He serves as a CPA at LUMA Capital, LLC and chief financial officer at Empire Group, Inc. Throughout his career in Louisiana, James Castille has gained knowledge and skills in all aspects of corporate finance. He has also developed expertise as a turnaround specialist.

When a business is facing financial distress that threatens its survival, senior leadership and stakeholders may bring in a turnaround specialist to guide the enterprise back to financial viability. Rather than lending their industry expertise to a company, these professionals use their knowledge of corporate finance, management, and operations to improve the company’s bottom line. The role of a turnaround specialist can vary depending on the specific situation and the preferences of the turnaround professional.

In some cases, a turnaround specialist will serve as an interim manager who temporarily takes over management and decision-making at the distressed company. In other situations, he or she may take on the role of a management consultant who will offer suggestions to existing management without taking over control. Although a turnaround specialist may be willing to take on either of these roles, most have a preference for one or the other.

Bringing on a turnaround professional can be highly beneficial to a troubled company. In addition to providing a fresh eye and objectivity, the most effective of these specialists are highly adept at crisis management, including making critical decisions to halt a business’s decline. Turnaround specialists must also show diplomacy and determination in making those critical decisions while communicating the process to senior management, investors, and other company stakeholders.