Business turnarounds are useful to study because they are so high pressure. In many ways, they offer a microcosm of various business concepts in practice. You see unvarnished leadership under pressure and high stakes. You get to see business expertise in action, but you also get a compressed story of how businesses can fall onto hard times — how the capital cycle turning or various bad decisions made years before result in a mess that then has to be fixed.
Business turnarounds should be part of the diet of anyone who is serious about studying business expertise.