The firm was so close to missing payroll that Romney stopped payment on checks sent to vendors, promising to pay them later. He renegotiated debt with banks and leases with landlords. He carried out about 200 layoffs that were announced just as he took on the job.

The pressures were immense. Just as in the early days of Bain Capital, Romney would peel off his suit jacket and his shirt would be soaked in sweat, says Rehnert, the Bain Capital partner who helped Romney during the transition at Bain & Company. Sitting at his desk, Romney would catch Rehnert's attention, and start flapping his tie.

Yet Romney got it done, stabilizing the consulting firm and turning it over to new leadership in 1991. He returned to Bain Capital, where he worked until he ultimately left in 1999 to run the Salt Lake Olympics.

Rehnert says the experience of saving Bain & Company changed Romney. He never saw him flap his tie again.

Next: Rising expectations

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Contributing: Beth Healy, Scott LaPierre and Ann Silvio.