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Business Week

" Crunch Time"

Business Week asked Renee Fellman to comment on the story of Guiltless Gourmet, baker of low-fat tortilla chips. Here is what the magazine quoted:

RENEE FELLMAN , president of Interim Management Co., a Portland (Ore.) consulting firm that specializes in turning around financially troubled small companies.

"The time to anticipate problems like this is before the company is launched. Guiltless Gourmet had to know that at some point Frito-Lay or another large player would get into the market. They should have brought in a board of directors, comprised of people in the snack-food business, so they would not have had to learn things from scratch. There is no substitute for smart, well-connected management and advisors."

"Once Frito-Lay entered the market, I would have engaged a consultant or new management immediately. It's very hard to be objective about your own business and do the right thing. Dramatic change requires dramatic action. If I was in their shoes, I would try to identify entities looking for roll-up candidates. It will be very difficult for Guiltless Gourmet to make it on their own."

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