The Business Doctor Who Brings Companies Back to Life
Walter Simson’s career didn’t begin with corporate rescues. He was once a banker at Chase Manhattan Bank, now part of JPMorgan Chase, with a clear trajectory in finance. But a family emergency shifted his course, a call from his father, who owned a commercial printing business in New York and was battling serious vision issues. Walter took a temporary leave to assist, expecting it to last three months. It stretched into three years and set him on a new, unplanned path. “You can’t be a turnaround manager until you’ve done a turnaround,” Walter reflects. That first experience became his unexpected gateway into a career he has now pursued for over four decades.
Today, Walter is one of the longest-serving turnaround experts in the United States, having completed close to 60 corporate turnarounds since 1984. His longevity, breadth of experience, and philosophical approach to leadership and business recovery make him a rare authority in a highly specialized field.
(Photo: Walter Simson)
A Hobbyist Linguist with a Global Vision
Outside of work, Walter has a passion for languages. He especially enjoys French and has even translated books. This love of language and learning has influenced his ambition for the future: to teach at a top French business school like INSEAD or HEC. “Not to teach full-time,” he clarifies, “but to drop in, tell stories, spread wisdom.”
His teaching has already begun. Walter has lectured at Columbia, NYU, and the University of Wisconsin. And to reach more aspiring turnaround consultants, he wrote a book not for general audiences, but specifically for advisors, accountants, and consultants. “It’s a mix of accounting and leadership,” he says.
Complexity is a Friend
Walter’s ideal client is a mid- to large-sized company with substantial annual revenue. “You need a certain amount of complexity to work with,” he explains. That complexity isn’t a barrier, it’s a treasure trove. “Complexity is my friend.” From manufacturing to biotech, hospitality to plastics, Walter has worked across a wide array of sectors excluding only real estate and government. His first love, however, remains manufacturing and distribution, particularly for the rich accounting challenges they present.
His work spans continents, including engagements in Canada, France, Switzerland, and interest from Sweden. But his fundamental belief applies globally: “You’re a specialist in your industry. I’m a specialist in this short period of time we call a turnaround.”
Patterns of Decline
Despite working across industries, Walter sees recurring signs of distress slowing growth, unprofitability, poor cash flow, trouble with banks, and staff turnover. But beyond these measurable metrics lies something more human.
“The simplest line is: how’s the mental health?” he asks. Founders and CEOs often feel isolated, frozen, and sleepless. Turnaround situations involve unfamiliar, escalating problems that diverge from the typical growth challenges entrepreneurs are used to solving. “They’re not feeling like hard chargers anymore,” Walter notes. “And that’s when I know it’s time.”
Always Structural, Never Temporary
Walter is unequivocal in his diagnosis: “It’s always a structural problem.” He dismisses the notion of temporary dips. The companies that suffer most, he says, are the ones that assume they’re going through a rough patch and wait too long to act.
In contrast, a turnaround requires decisive, structural shifts starting with a simple but powerful question: “What are your core products and who are your core customers?”
This, to Walter, is the nucleus of strategy. “Core products from core customers determine gross margin, top-line revenue, and ultimately whether you have a viable business.” Whether the analysis is by region, customer type, or product line, he uses these metrics to cut through confusion and uncover the true health of a business.
Leadership: From Hero to Team
Walter emphasizes that turnarounds aren’t just about numbers. “You need a plan, a team, and financing,” he says. While strong leadership is important, even more crucial is a strong leadership team. “You can have a great CEO, but if the rest of the team is weak or misaligned, the turnaround won’t stick.”
In hierarchical companies particularly in Europe, Walter has observed a shift towards egalitarian structures as technology flattens access to information. He believes a robust leadership team with trust, communication, and shared responsibility is the backbone of any successful turnaround.
Managing Morale and Culture
Distressed companies are often plagued by low morale. Walter tackles this through engagement. “I try to speak to everybody in the first week white collar, blue collar, or no collar.” Often, the insights he needs come from those who haven’t been heard.
He positions himself not as a savior but as a facilitator. “I use all the assets of the company, including employee intelligence.” When people are listened to and empowered, they begin to believe again.
The First 30 Days
In his initial month, Walter zeroes in on three things: the strategic health of the business, its core products and customers, and its cash flow. He maps where the company is bleeding money whether in inventory, uncollected receivables, or unfinished jobs. Then, he aligns the team around a clear plan, often within 13 weeks.
That plan doesn’t always bring immediate profitability. “But if you’ve got a team, a plan, and financing you have a turnaround,” Walter explains. And when that’s in place, he leaves. “I’m like the emergency room. I patch up the broken arm. You don’t need me hanging around asking for tea.”
The Restaurant Turnaround Case
One memorable turnaround involved a two-location restaurant chain in New York. The business had a prep kitchen that supplied both locations, but they failed to account properly for its costs. As a result, one location seemed profitable but was actually subsidized by the other.
To make matters worse, they were under-pricing their star product a Mai Tai slushy that cost $0.15 to make and sold for $2.00. Instead, they focused on promoting $1 beers that cost them $0.85. “They ignored an 83% gross margin product for one with 15%,” Walter says. It was a classic case of measurement error and poor execution.
These kinds of blind spots are what Walter hunts for. “If you don’t have a taste for complexity, you can’t do turnarounds,” he warns. “Because the snake always comes from where you’re not looking.”
The Role of Cash
Cash, Walter says, is the oxygen of any business. But it’s often the lack of it that brings him through the door. Owners resist change until their access to funds is threatened. Then they’re willing to listen.
Walter’s job is to find that cash hidden in bloated inventories, unshipped products, or pricing mistakes. He recalls a printing company in Canada that made weeks’ worth of page one for a ten-page booklet and never completed the sets. “Their work-in-process was eating all their cash,” he says. Once they changed their mindset to ship finished products daily, cash flow improved drastically.
Advice to Struggling Entrepreneurs
Walter’s advice is twofold: First, ask for help. Second, “Check the references. And when you’re done checking, check more references.” Turnaround consultants vary in quality—some are inexperienced, others predatory. Handing your business over to someone should be done with due diligence.
He also points to two common business failures: measurement and execution. Many entrepreneurs don’t truly know their costs or whether their operations align with their strategy. Walter aims to understand the business like the CEO, the CFO, and the plant worker, all three perspectives.
Working for Handshakes, Not Tea
At the end of a successful engagement, Walter doesn’t seek praise or a long-term role. “I work for handshakes,” he says. That moment when an employee says, “Thank you, no one was listening to me,” is what matters most. Often, the company gives him a small gift usually a clock. “I don’t ask for them, but I get them. I guess they think I helped them get their time back.”
The Road Ahead
Looking forward, Walter hopes to multiply his impact. Rather than completing another 50 turnarounds himself, he wants to mentor 50 turnaround partners. His dream is to collaborate with accounting firms, train consultants, and spread the knowledge through lectures and writing.
One of his inspirations is W. Edwards Deming, the father of the quality movement, who taught that better inputs lead to better outputs. Like Deming, Walter plans to keep “crawling around factories” well into his old age.
He closes with a reminder that resonates beyond business: “We all make errors. What matters is how quickly we identify them, learn, and recover. That’s what turnarounds and life—are really about.”
Stay ahead with exclusive insights! Sign up for our mailing list and never miss an article. Be the first to discover inspiring stories, valuable insights and expert tips – straight to your inbox!
