The document outlines four initial objectives a company can pursue when undergoing a turnaround: 1) improve profitability and grow long-term, 2) improve profitability and prepare for sale, 3) improve profitability but remain the same size, or 4) begin liquidating after stabilization. It then provides details on the specific actions needed to achieve each objective, such as emphasizing core competencies for long-term growth or maximizing short-term profits for sale. Finally, it notes that turnarounds require a clear roadmap and these objectives provide an essential first step.