2110 - Reversing Business Downturns with Mike Dunlop
Mastering Business Recovery with Mike Dunlop of The Art of the Turn Around
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In this episode of The Thoughtful Entrepreneur, host Josh Elledge speaks with turnaround strategist and entrepreneur Mike Dunlop, the founder of The Art of the Turn Around. With a legacy of founding 10 companies and consulting for over 30 more, Mike shares powerful, real-world insights on business recovery, effective leadership, and why operational health is essential for long-term sustainability.
Drawing from his book, The Art of the Turnaround, Mike dives into the principles that have helped him successfully transform struggling businesses. From his humble beginnings in England without a high school diploma to becoming a top consultant in the U.S., Mike's story is a testament to the power of initiative, adaptability, and strategic thinking.
From Failure to Flourish: The Anatomy of a Turnaround
Mike began his career in the computer industry and quickly made his mark by rewriting unusable software and climbing the ranks at Litton Industries. His natural problem-solving abilities and entrepreneurial mindset paved the way for a 17-year consulting career.
During the episode, Mike explains the foundational elements of a successful turnaround—starting with honest financial assessment through forensic accounting. He also emphasizes the role of strong, visionary leadership and the need to align teams toward shared goals. His holistic, systemized approach empowers organizations to assess internal problems and chart a clear path forward.
Why Operational Health Matters More Than Ever
Josh and Mike also discuss modern business challenges, including high-profile cases like Boeing, to highlight the critical importance of maintaining a viable business model. Mike warns against relying on brand legacy alone and urges leaders to dig deep into operational processes to ensure long-term viability.
He also shares why he’s selective with his consulting projects, taking on only those with a clear path to recovery. This strategic focus ensures both impact and results—providing a roadmap that leaders can follow to rejuvenate their own organizations.
About Mike Dunlop:
Mike Dunlop is a seasoned entrepreneur and turnaround consultant with experience founding 10 companies and advising over 30 more. He’s the author of The Art of the Turnaround, where he shares actionable strategies to help struggling businesses regain profitability and operational health.
About The Art of the Turn Around:
The Art of the Turn Around is a consulting practice led by Mike Dunlop that helps organizations diagnose performance issues and implement effective recovery strategies. Through forensic analysis, leadership alignment, and tactical execution, Mike guides companies from crisis to clarity.
Links Mentioned in this Episode:
The Art of the Turnaround (Book by Mike Dunlop)
Episode Highlights:
How Mike turned early adversity into entrepreneurial success
The three core pillars of a successful turnaround
Why forensic accounting is essential to business recovery
Aligning leadership and teams for maximum impact
Lessons from Boeing and other large-scale corporate challenges
Conclusion:
Mike Dunlop’s career is a masterclass in resilience, leadership, and strategic execution. His insights in this episode of The Thoughtful Entrepreneur provide actionable frameworks for any leader looking to stabilize or grow a business under pressure. If you're facing a challenging season in your business, Mike’s principles could be the difference between decline and breakthrough.
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