I'm under no illusion that I have all the answers. I'm very skeptical of the current management team but just because I don't think they have the qualifications doesn't mean that I do, either. But your question is fair so I'll try to answer it. I might want to pursue a clean-sheet design for the "next-generation Mooney," designed from the ground up to appeal to today's buyers that not only remains true to the Mooney brand but is profitable to manufacture. Figure out what we can do to take advantage of the Cirrus's weaknesses or at least match their offerings.
With the M20 type certificate I would explore an advanced trainer to compete with Piper and Cessna, since the training market only continues to expand, and looking to avoid the mistakes Mooney made the last time they tried to market the AT. Give it a parachute and simplify the design as much as possible to help buyers lower their cost of operation (bladders to eliminate resealing, re-design the landing gear to not require expensive pucks, etc.).
And to do all of this I would hire the absolute best engineers I could find, including recruiting some from Cirrus, Textron, Pipistrel, Diamond, whoever I could convince to leave for the chance to build something new. Would this work? I don't know! But I would hire the smartest and most skilled people I possibly could and listen to them. Turn amazing people loose on your problems and see what they come up with. I would also focus on only a couple projects at first. Even the two I mentioned above might be too unfocused and we might have to pick one or the other until reaching a point where it's appropriate to bite off more to chew on. But without the capital, it's all academic anyway.