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The New Female Super Hero
by aprata on 

Anna Prata—The New Female Super Herby Susan Goldberg

 

Anna or “Prata,” as most  call her, is one of a kind. Today with a broken wrist, she tells me,  “Hey, I figured out how to do push-ups with the cast AND carry my sled.” (Her sled is a skeleton sled which weighs 77 lb., while Anna herself is a size

0) This unusual human who is both  a successful business woman and competitive athlete lives a mantra of “leaving it on the field every day."

 

Background

 

Her athletic life and her professional life are both  what we could call “extreme.” Prata’s profession is as an interim executive with 22 years of experience in the specialized field of corporate turnaround. Anna holds a JD and is considered one of the top ten interim executives according to interim awards and ranking in 2009. She has been featured in Bankruptcy Professional in July 2010  and has been panelist on a variety of business webinars including “Winning in the Turnaround World, The Top Signs of Distress?” Although  a JD and specializing in turnaround, Prata

prefers not to do bankruptcy work. “I prefer to save a company from bankruptcy and get the company to the next stage of its life-cycle. Bankruptcy, for me is akin to going to a funeral.”

 

Anna works  with both  private and public companies of any size. She is also industry agnostic and has experience with oil and gas, food, chocolate, printing, manufacturing, international real estate, software, retail, M&A, professional services and finance to name a few. Prata grew  up in Seattle, holds a Bachelor’s degree in Public Administration from Seattle University and a Juris Doctor  from The University of Puget Sound School of Law. Anna is also a credentialed and successful mediator as well as a certified arbitrator. She also has additional formal education in crisis management, negotiation, facilitation, finance and some engineering. Prata works  in both  W-2 or contract roles and generally relocates to her clients’ location even on foreign soil in order to “facilitate the right changes in the right time frame.” She currently resides in Texas.

 

I had the chance to meet Anna and decided her story  is unique, inspirational, honest , and like Anna, no-nonsense, and just what the country needs; someone with unmatched determination, tenacity and willpower to make a difference

everywhere she goes and with courage to cut a new path if that is what the situation requires.

 

First, tell me, what is skeleton? 

 

Skeleton is a sliding sport  that occurs on the same track as the Bobsled. We slide on what appears to be a giant dinner platter, head-first, at speeds up to approx. 81 MPR (miles per hour).

 

Why skeleton?

 

I grew  up in Seattle and loved sledding. Seattle has hills and ice. In the winter we would put garden hoses on one particular hill and cover  it with ice. It was steep and this ensured no city vehicle could get up the hill. I always slid headfirst, like in skeleton, and we would reach decent speeds. This sensation stayed with me,  perhaps buried, but a flicker that finally re-ignited.

 

This flicker fully re-ignited in 2004, when I was working in Alabama on an assignment. The U.S.  Bobsled & Skeleton Federation was hosting tryouts at the University of Tuscaloosa. I knew in my gut I had to tryout. At this point, I was thinking of “piloting a bobsled.” (Meanwhile, at the tryouts, there was a skeleton sled lying on the grass; I laid on it. Chills ran down  my spine, but I dismissed the feelings because I was focused on bobsledding).    My sprint  and other test times were good, but I was in a quandary. My rational brain said “stay in business, build a retirement and forget about a dream.” A decision I regretted. Then came the 2010  Vancouver games; both  the passion for the sliding sports and the regret was still there. I was older, but could no longer justify the sidelines, and had to go for it! I drafted an email to the head of the Federation in May 2010  and started the process. In July of 2010, at a bobsled and skeleton tryout in Oklahoma, I found  out that I was too small for bobsled. So skeleton and I were now destined to be together.

 

Why Park City?

 

There are only 14 ice tracks in the world. Here, we train and slide at night so I can  work during  the day. I have full flexibility to travel and work remote or be on site with a client. I have competed and trained for some sport  every day of my professional life. I train between 3 a.m. and 6 a.m.

 

Why now?

 

Why not? This is the way life has worked  out.

 

On November 30, 2010, I commenced skeleton driving school which was the next step to trying for the U.S.  Olympic development program. I was the only female in the class and it was my first time on a skeleton sled on the ice. I knew in my first 4 seconds of having the coach let go of my feet, and as speed was building, that I belonged there. Never in my life have I done something that totally captured me like this. It is not the speed – I am not an adrenaline junkie-this is different.

 

 

How is this different?

 

I fell in love with the ice. The smell of the ice (hard to miss when your head is 2.5 inches off the ice), the sound of the runners; it is extremely peaceful and spiritual at the same time. This is a solitary sport. It is just me,  my sled, and the ice.

 

What got you ready for this?

 

My whole life! Others say that I am determined, persistent and tenacious as they come-and they are correct. I never give up. A friend once said to me;  “I have never met someone who knows so precisely and intentionally their purpose on earth at any given moment as you do.” I think this says volumes! I grew  up with a great deal of responsibility and always set high expectations. The world of distressed work is certainly a gritty choice for a professional career and requires highly unusual skill sets to be successful and survive. It is funny how analogous skeleton is to turnaround.

 

Seriously? Come on, how are they alike?

 

Neither skeleton nor turnaround are for the faint of heart; one must  remain calm under extreme pressure; one must  possess grand confidence in their decisions; speed and precision are critical to ensure success and prevent disaster; head first is symbolically synergistic; intensity and focus are demanded in both  arenas; you must  trust yourself always.

 

Do you face any obstacles?

 

Absolutely!

 

Care to share?

 

The obstacle of age is significant. At the end of the day if I do not sprint  fast enough, then so be it. But I always have a backup plan! This is part of my nature of never giving up.

 

Obstacles are a part of life for all humanity. I have had a great deal of death and loss in my life and I am not good  at that. I have been told “no” because you are too old, “no” because you are a woman, “no” because you are too confident and have faced a plethora of other criticism. As I meet others who continue  to drive forward, it appears that people with courage to survive are also singled out to be destroyed by those with great insecurities. We all must  move beyond that which tries to hold us back. Gratefully, a few prior U.S. Olympians are backing me with emotional support.

 

What are you hoping to accomplish?

 

I would like to rank in the top 10 percent as a skeleton athlete while bringing attention to the sport.

 

More important, is the broader message to all, that age, sex, race, criticism, and even sabotage should not stop  a person. I have great passion for this country. My mother had Native blood and was proud  of her heritage and this country. We, as America have come a long way, but this country is on a precipice. People are giving up, companies are poorly run, people are paid well for not delivering results, and there is not yet equality. We need different input in corporate America; we need people in corporate America who want to be accountable. Business and the universe have changed so we need to do things differently if we are going to get back on track.

 

 

What is one of the greatest challenges you see that adversely impacts a company?

 

Ego  is the single greatest reason a CEO  flies a company into the side of a mountain. Almost always it is preventable by getting help or listening to a different opinion.

 

What is your time frame to accomplish this sports goal?

 

That is unclear; however, I do know that any time one falls in love, all you know is you have to play it out!

 

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Prata's 7 Traits of a Turnaround CEO plus Prata's 5 "C's" and 1 "K"
by aprata on 

What are the Necessary Traits of a Successful "Turnaround CEO”?  Question asked by Frank Feather on Turnaround Group in LinkedIn.

Anna Prata’s response to Franks query is:

 As a turnaround CEO myself  these are the traits for which I am known. In fact, this is actually a direct quote from one of my references so it seems appropriate: (1), strategic vision, for without keen strategic vision  there is nowhere to go; (2) disciplinary breadth, beyond finance to embrace all the managerial disciplines required to turnaround a company; (3) Kevlar-coated, to withstand the heat and pressure of the crisis; (4) advanced emotional intelligence, to cope with the inherent personal and organizational stress of such situations; (5)  a high fortitude for chaos, as accepting that in distressed situations there is always some chaos but the ability to set and communicate clear priorities is critical; (6) cultural leadership, to build/rebuild teams that will result in sustainable and ethical turnaround; and (7) high energy, for these types of jobs are extremely demanding.

Another way to say this would be a turnaround CEO needs to be much better than adequate at these 5 ‘Cs” and 1 “K”

(1)    Communication (2) commitment to the project (3) courage to make difficult decisions (4) Compassion that guides some difficult decisions with respect and dignity for all involved. (5) Confidence to know when you are right and stand firm and confidence to ask for help from the existing team members quickly as their subject matter expertise is generally highly valuable  (6) Kevlar- because when you encounter resistance and I guarantee you will face resistance you have to find a path.   

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How to spot and what are signs of trouble
by aprata on 

http://www.youtube.com/user/interimCEOinterimCFO#p/c/50474D5C76360D02

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Scouting out Trouble: How to win in the turnaround world
by aprata on 

http://expertclick.com/newsreleasewire/33728xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

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Short Term work out VS Sustainable Turnaround
by aprata on 

Janet Nelson on linked in queried:how often do your consultants, CPAs, etc focus on truly sustainable changes versus short-term workout?

I've noticed more than a few cases where the improvement-focus is on immediate improvement and savings, versus supporting operational changes which address not only the problems but set-up for long term sustainability ( 3 to 5+ years).

 

MY RESPONSE:

Janet, this is a golden question.  I have been doing distressed and turnaround work for 22 years.  I am "old school” which to those of us who have been around more than 8-12 years means that there is more to turnaround than finance.  Finance is critical but operational issues, cultural issues, growth (top line) leadership, IT, Risk and efficiencies and Q & A are just a few of the other issues that need to be addressed to complete a sustainable turnaround.  I will take it a step further and also state that a holistic focus to turnaround is both sustainable and ethical. Specifically why fix the finances or play with spreadsheets if the root cause is still going to end up having the company fly into the mountain anyway- it just might take an extra couple or so quarters. xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 Fixing the company holistically and with the objective that it is going to do many things differently in order to grow and compete viably in the market place for years to come requires behavior as well as process and procedure change.  Many times it requires headcount change.  These are difficult discussions to have and if the perception is, “let’s just fix the cash flow and we will all be ok again” then the resulting behavior can be to stick heads in the sand regarding the real issues that created the financial fiasco in the first place.  In this later situation of course working on the finances alone is not sustainable and is purely a short term reactive solution.     I propose an even more rigorous call out that states the objective should be to create both a sustainable turnaround and to do so ethically.  Ethically encompasses amongst other things, addressing the difficult issues (this is not intended to apply to all distressed situations and some contracts for services for turnaround people are limited to finance etc so please I am not painting w/ an overly broad brush, rather making a high-level point in a limited space)

My focus is getting a company to the next stage of its lifecycle sustainably and ethically.  This has been our model and our brand “Sustainable and Ethical Turnaround”.   Finance is always included and managed fast.   Cash is king (and I by golly dig into risk and cash flow immediately)  but finance is not the root of all problems – it is the symptom which during good times and good cash flow unfortunately masks  the underlying challenges present in those good times.    Finance and bad cash situation is also the symptom that when there is no cash leaves the patient gasping for air – once air is returned the patient forgets what else could have been wrong.

Janet,  In addition to the above, there is also a point to note regarding how “turnaround” is precisely being defined these days.   Maybe not for this response but at a high-level, I propose that in the past 8 + years turnaround has become more of accounting consultancy.   

There are many reasons for this more recent perception including the constriction in the capital markets.   Let’s face it when capital and cash in a company gets relegated to a time frame that is a nanosecond between extend and pretend it is going to start to feel like the only thing that matters in a turnaround is finance.  I get it!

But at the end of the day unless there is a plan coming out of bankruptcy  or after the new influx of cash to do things different and to re-focus the company etc. then this too will simply end up being a lengthy funeral.  In a capitalist economy I propose that focusing on the whole of the company to get it healthy and to specifically not repeat the same bad behaviors that got it into the mess is consistent w/ putting the company back in the competitive game.  Doing so is also sustainable and ethical

Janet- Thanks for asking the question- you might want to take a look at this interview in Bankruptcy Professional.  I address some of these issues.

http://tinyurl.com/2cvmpxq

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