In the following video, Motley Fool consumer goods analyst Blake Bos gives investors three must-have things for anyone basing an investment thesis in a company on a potential turnaround story. He gives us the mindset you should have going into the investment, tells us why the right management for the company is crucial, and gives us a look at why healthy free cash flow is vital. Then he applies these three ideas to three of today's most well-known possible turnarounds: J.C. Penney (JCPN.Q), Best Buy (BBY -0.99%), and Radioshack (RSHCQ).