It should include removing key people that ineffectively ran the company before, and replacing them with new people and instilling revewed vision into them. Create an immediate plan for the people to touch and feel and see. Don't deviate all over, instead develop a simple clear strategy and move forward - execute.
When taking over a sick company, become profitable quickly by building on strengths and cutting costs. Become cash positive and restructure loans, increase performance, and create a new corporate culture. Assess the key team, get rid of the waste and build the rest. Look hard at the team and salvage those you can. Get rid of the team members that don't own up to mistakes and have a passion for starting over.
If you must replace a team, replace it with less and hire better. Have the team that stays help retool the new culture and help the new people. Quickly have successes with the new and complete team. Remarket, advertise, and question past customers. Listen and go back to basics. Recognize and appreciate your team for its successes, and do it in front of others.
