This week on The CEO TV Show we were fortunate enough to interview Lynn Tilton, CEO of Patriarch Partners who is a self made billionaire and a true inspiration to business owners everywhere.

Lynn has bought and turned around 150 companies with combined sales of $8 billion and employing 120,000 people. I asked Lynn what the keys to success have been in this difficult process.

“I’m humbled to say, after all these years of working with 150 companies that success comes down to people, especially a leadership team that knows how to move together in tandem with the employees in the company. If a company needs turning around, it’s because things didn’t go well. So getting out of that situation means new leadership.” Tilton explained to me.

How does that happen? Are those people already in the company?

“Some of them might be. But if a company is in trouble, chances are it is because the current leadership have lost their way. So finding the right people – from inside or outside – is the first key to turning around a business.” Tilton went on to explain. “That’s what’s missing in our country today – we’ve lost that sense of loyalty.”

How does someone build loyalty?

Watch our video interview with Lynn Tilton and find the keys you need to turn your business into a huge success.