Google Dominates Restructuring Field

Yes, you read that headline right!

I believe that Google is doing more to Restructure America than any single Restructuring firm. (OK, I have been known to be slightly outrageous to make a teaching point, or two.)

Truth is that most Restructuring firms...or at least those involved with consulting…are doing more work in connection with liquidations and with forensic activities than they are doing true turnaround consulting. For me, that is sad, as I was hoping that the Restructuring industry would be on the forefront of driving the changes need to make American companies more consistently competitively on a global basis.

From my vantage point, regretfully, I don’t see constituencies pushing for radical restructuring of business models and operations of troubled companies. Much more common is either (1) governmental intervention, and/or (2) bankruptcy followed by quick sale of the good assets in a Section 363 sale.

Fortunately for America, Google’s impact is being felt and industries are being restructured, albeit frequently without the help of turnaround consultants, or even any consultants. Companies, of all sizes, in a host of industries, are being forced to change to survive. And survival is frequently being driven by forces on which Google has capitalized.

Let me be clear, Google is not driving all of the change that is occurring. But,

the transition to a true information era, where enormous, relevant information is so instantly and inexpensively available, is creating intense pressure on many companies just to change to survive.

Google is a part of the force driving change, but certainly not all of it.

So, yes my headline was somewhat tongue-in-cheek. But, only somewhat.

Want to better understand the impact Google (and the related information age changes) is having. I strongly recommend Jeff Jarvis’ recent book, What Would Google Do?

Having spent virtually all of my working life in and around the Restructuring industry, I keep hoping that the industry will be a part of the redoing of the business models needed in so many industries. Sure there is good money to be made in liquidations and forensics, but there is too much talent in the industry for it to not mobilize to be a part of the re-engineering of the American economy.

At least, that is my fervent hope!