The Biggest Myths About Turnarounds

Turnarounds are often glorified in stories and media. The fearless leader charges in, makes a few bold decisions, and everything miraculously falls into place.

If only it were that simple…

The reality of turnarounds is far messier and more nuanced than the myths would have you believe. And clinging to those myths can do more harm than good.

Here are a few of the biggest myths about turnarounds—and the truths I’ve learned firsthand:

Myth 1: It’s All About Bold, Big Moves

When people imagine a turnaround, they picture sweeping changes—a major restructuring, a massive product launch, or a dramatic cost-cutting move. While big moves can have their place, most successful turnarounds are built on small, consistent wins. Addressing small inefficiencies, rebuilding trust, and fixing foundational problems often have a far greater impact than a single dramatic gesture. Turnarounds aren’t won with a sledgehammer; they’re carefully carved with a scalpel.

Myth 2: One Leader Can Fix Everything

There’s this romanticized idea of the lone savior who swoops in to save the day. But the truth is, no leader—no matter how skilled—can do it alone. Turnarounds rely on teams. The best leaders aren’t the ones who have all the answers; they’re the ones who inspire people to step up, collaborate, and own the solutions together. It’s not a solo act—it’s a team effort.

Myth 3: Once You Fix the Problem, It’s Over

People often assume that a turnaround ends when the immediate crisis is resolved. But that’s just the beginning. Turnarounds require sustained effort to stabilize and grow. The real work starts after the major fires are out—ensuring the changes stick and the culture evolves to prevent another collapse.

Myth 4: Turnarounds Always Succeed

I wish that were true! The hard truth is that not every turnaround has a happy ending. I’ve seen many companies die in spite of the effort put in to try and fix them.

The Reality of Turnarounds

If there’s one thing I’ve learned, it’s that each turnaround represents a unique challenge of varying complexity and conflicting priorities. In those circumstances, the chances of a silver bullet—a bold move, a fearless leader, or a quick fix—solving everything are slim. Instead, it’s small wins, by a solid team, that set you on the right path. Allowing you to adapt, reiterate, and keep the forward momentum going, step by step.