Turnaround professionals dealing with industries in fundamental decline ordinarily focus on a company’s strengths and attempt to form strategic alliances to access new markets. For example, the Timken Company, which originally manufactured roller bearings for 19th century horsedrawn wagon wheels, adapted to secular changes in the wagon and carriage industry by applying its roller bearings to a much wider range of products. This allowed Timken to not only survive, but also develop into the Fortune 500 Company that it is today. Neal Gerber Eisenberg Financial Restructuring and Bankruptcy Practice Group partner Nicholas M. Miller co-authored this article.