Abstract:
BACKGROUND : Practice has shown that decision-makers experience various tensions during
a business rescue event, which adds to the complexity of their decision-making. Even
though business rescue has been operational for more than a decade, decision-makers
require training and development beyond the scope of the legal and finance realms to cope
with the related tensions.
AIM : This study endeavoured to report on the tensions experienced by decision-makers,
classify them into puzzles, dilemmas, trade-offs and/or paradoxes, and to identify practical
responses to the most commonly experienced tensions.
SETTING : The study was conducted in South Africa and made use of decision-makers in the
field of business rescue.
METHODS : An interpretative phenomenological analysis was completed using 12 exceptionally
experienced decision-makers. A multi-method approach was employed using in-depth
interviews and follow-up questionnaires, validated with the literature after the completion
of a pre-test.
RESULTS : Findings reported 16 major tensions, consisting of one puzzle, two dilemmas,
four trade-offs and nine paradoxes with appropriate responses used in practice by
participants.
CONCLUSION : Significant findings include the differentiation in response to tensions based
on the level of sophistication of stakeholders involved, the implementation of a team approach
to decision-making and the use of empathy to decrease tension.
CONTRIBUTION : An insider’s perspective is provided into tensions experienced during a
business rescue event, which may assist in the training of novice decision-makers.
Participants used anecdotal evidence to verbalise their approaches and/or strategies to
managing tension, which can be dissected and used to collate shared practice among
decision-makers.
