If we could not predict the fate of turnaround efforts at what appeared to be slam-dunk cases (IBM and JCPenney), what hope do we have in situations that don’t seem so clear cut? The corporate world is brutally competitive. Even the best companies have to run hard just to stay in the same place. How could the probability of success at a troubled company be anything but minuscule? And if so, why would we indulge in the fantasy?
