There are three critical hurdles or challenges that management faces in any restructuring program:

1. Design. What type of restructuring is appropriate for dealing with the specific challenge, problem, or opportunity that the company faces?

2. Execution. How should the restructuring process be managed and the many barriers to restructuring overcome so that as much value is created as possible?

3. Marketing. How should the restructuring be explained and portrayed to investors so that value created inside the company is fully credited to its stock price?

Failure to address any one of these challenges can cause the restructuring to fail.