As, they could have waited for the local economy to slow and then revisit if making this kind of purchase would have sense strategically speaking. This would have helped management to focus on how to increase their overall bottom line and to see how the business itself is affected by the shifts in the economic cycle. Once this happens, it will allow executives to avoid a potential crisis based on the underlying fundamentals. As, they have a chain of accountability and various procedures to guide them. (Augustine, 2000, pp. 227 -- 235)
At the same time, executives needed to focus on if a particular purchase would have made sense strategically speaking. As, they want to evaluate the culture and philosophy of the company they were thinking about acquiring. In this case, they want to make certain that they are able to easily integrate them into their operation. This is accomplished by looking at the company objectively and studying how they can help make the business grow over the long-term. If it appears as if there may be some kind of issues, Lincoln Electric should think twice about integrating with them. However, in those cases when there is similar approach and philosophy, this is a sign that some kind of acquisition would work well over the long-term. This is important, because understanding these kinds of ideas will help us to be able to determine if this will allow integration to work. The reason why, is because executives are examining options that can increase their chances of being successful in dealing with any kind of possible challenges. As, a similar cultural and management style, will help both entities easily be able to overcome these problems. Over the course of time, this would allow managers to identify companies that are good fit for the firm. This is the point that they can be able to avoid a potential crisis in the future. (Augustine, 2000, pp. 227 -- 235)
Prepare to manage the crisis, recognize the crisis, contain the crisis, resolve the crisis, and profit from the crisis.
The best way to manage the crisis is: to concentrate on restructuring the debt agreements with the bank....
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