When It's Time To Call A Turnaround Specialist
Turnaround artist Renee Fellman tells how she brings companies back to life
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Business is booming? Don't call Renee Fellman. When the Portland (Ore.) turnaround specialist appears on the scene, it's almost always time for drastic measures. Over the past decade, Fellman, the owner of Interim Management Co., has stepped in as temporary CEO for 17 troubled small and midsize companies. She brought 10 of those back to health by cutting costs and firing employees and sold the others.
Her latest triumph: the turnaround of PML Microbiologicals, a family-owned firm in Tualatin, Ore., that lost $1.5 million on sales of $15.3 million in 1995. After 15 months under Fellman's leadership, PML was back in the black, earning $670,000 last year on sales of $13.3 million.