Patrick Rettig, CEO of The Rettig Corporation, recently appeared on “Mind Your Own Business” with Rick Brutti and guest host Mario Castaneda on the UR Business Network. Rettig has over 20 years of experience helping troubling companies turn themselves around.
In a spirited interview with the hosts, Rettig discusses his fundamental philosophy that all companies reflect their CEO. Rettig believes that he can help the CEO back onto the right track, the company can be saved. He describes his unorthodox strategy of removing the CEO from the office and working to restore the elements that originally inspired the CEO. By doing so, Rettig works to bring back the entrepreneurial fire that led him or her to undertake the venture. While Brutti suggests that perhaps years without success have burned away that fire in a CEO, Rettig believes the fire persists; it just needs to be drawn out. Rettig believes he is uniquely skilled in that process.
Rettig moves on to describe the next steps in turning a company around. While these ultimately include an analysis of the root cause of the failure, Rettig advises against jumping there too quickly. Rather, he advises a more simplified approach of staying rooted financially in the moment, rather than jumping into either the future or the past. By staying focused on the critical, necessary costs, on a daily, weekly, bi-weekly basis, Rettig believes that the CEO and employees slowly begin to believe a turnaround is possible. With that comes additional levity, less pressure and more optimism about the company’s future.
With the entrepreneurial fire reignited and clients thinking positively and clearly, Rettig believes the mistakes of the past can be fixed and the company can move forward in a positive direction. This often involves making some hard choices where necessary. Rettig is skilled in that area, providing companies with clear directives as to what they need to do to recover. A potential pitfall, he feels, is when a CEO client wants to do some of the directives, but not all. Even more troubling, in his experience, is an instance where a CEO is on board, but other members of a management team are not. Rettig offers strategies as to how to address this problem, and regrettably insists that to have an effective turnaround, all employees must be rowing in the same direction.
Finally, Rettig discusses the ongoing struggles of companies, once they have turned around, to avoid repeating old mistakes. Rettig believes that discipline and vigilance are required. As such, he views his relationship with clients as ongoing, and is always there to provide a gentle reminder.
Rettig emphasizes that anyone reading or listening who may need help should not hesitate, thinking things may get better on their own. The sooner action is taken, the easier the turnaround. Rettig encourages readers and listeners to visit his website at http://therettigcorporation.com, and to contact him via telephone at 760.662.9668.
For more information, or to hear the complete interview, please click here.