Turnaround Case Study - Professional Service Firm Michael Koeppel · October 19, 2015 The Background: Owned and operated by its founder for over 35 years, this professional service firm primarily provided assistance to municipalities and governmentally funded projects. The client mix was 85% and 15% - governmental vs. for-profit, respectively. Unfortunately, there was no genuine lower level appreciation as to the level of work performed by the founder. The founder was the “rain maker,” the “face of the firm” and, more importantly, the leader. The founder would not only bring in the work, but made the tough decisions and controlled the strategic financing. The founder had sold the firm to its five managers, who headed the various business areas within the firm. With this change of ownership,

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