While everyone would talk about the importance of understanding your customers, it’s even more critical when working with stressed and distressed businesses. Most CEOs, when they are given an assignment for fixing a distressed business, all start with evaluating their team, but then what really moves the needle is the deep understanding of the customer and crafting strategies around that. But even that is not enough, as you would need enough liquidity to ensure that you have enough time before the transformation efforts can pay off.In today's episode, our guest, Michael Appel, discusses the restructuring and turnaround strategies for retail businesses. He also discusses several stories where he was personally involved in turning around large retail businesses. Finally, he discusses the importance of building the right team and a deep understanding of customers for the successful turnaround of the business.For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.