The document provides advice on crisis management and communication. It discusses how crises can threaten reputation and assets if not handled properly. It analyzes three CEOs' responses to crises - Tony Hayward of BP who failed to recognize and respond to the crisis quickly enough, Richard Branson of Virgin Trains who acted quickly and said the right things, and Bill Marriott of JW Marriott who expressed sympathy and explained what was happening. The document outlines the PACE framework for crisis response - Prepare, Alert, Communicate, Evaluate - and provides tips for each step like having communication plans, assigning responsibilities, being transparent, and reviewing procedures after the crisis ends.