Turning Around a Failing Business
We are adamant believers that your business is not dead, until your bury
it. That being said, it is far too often that staying in business is far
tougher than getting into business. While many struggling entrepreneurs
overcome their problems, survive and eventually prosper, too many others
fail. In their wake, they leave vanished hopes, lost investments, destroyed
aspirations and unpaid creditors.
Our experienced attorneys will implement survival strategies that have
helped numerous financially troubled companies regardless of their type
or situation. Salvaging your business takes plenty of hard work, luck,
and determination. There is no quick fix and no business is beyond redemption.
You may think that your business can't be saved, but we have salvaged
many businesses that were about to be auctioned by the bankruptcy court.
Any troubled business can find success by finding the right turnaround
strategy. Business is the foundation of American life, but so is business
failure. This entrepreneurial heritage dates back to 1610, when shares
of stock were sold in the Jamestown colony, America's first permanent
settlement. Within several years, the young Jamestown colony was defunct,
leaving behind a swarm of angry British investors, one Indian tribe still
awaiting payment for foodstuffs and seed, and our nation's first downtrodden
band of failed entrepreneurs.
Our services will provide an in depth look at your business. We tear down
the structure of your business, create a sturdier foundation, and then
build it back up successfully. We will guide you through each critical
step for fixing your ailing business: cash management, internal controls,
personnel, marketing, and pricing and selling.
Our goal is to help you through this nerve-wracking process. Once you see
your problems more clearly and gain a fresh positive outlook, you will
bail out your business with a new determination and purpose.
There is no one way to bail out of trouble. Yet from our experience with
hundreds of troubled businesses, we have found significant differences
between successful and unsuccessful recovery attempts. Listed below are
a few key recovery strategies:
Financial Controls: Successful recoveries improved their financial controls. Failed companies
may have tried to improve their financial controls, but did not use their
financial data intelligently.
Cash-Generation Tactics: Successful recoveries prioritized cash-generation tactics throughout the
workout. Cash generation was sporadic, weak or largely ignored among failures.
Improved Marketing: Both successful and unsuccessful companies attempted to improve their
marketing; however, successful firms made fundamental changes to products,
services and prices. Failures were more status quo.
Cost Reduction: Cost reduction is attempted by nearly every troubled firm, but failures
relied on cost-cutting as their primary strategy. Cost-cutting, while
always important, is only one of many strategies survivors employ.
Selling Part of Your Business: Selling profitable parts of business to raise cash is common among successful
turnarounds. Failures more slowly shed their winners.
Decentralization: Improved communication and decentralization characterize surviving companies.
Failing firms are more autocratic, uncommunicative and centralized.
Improved Management: Larger firms that succeed usually bring in new management to spearhead
their turnarounds, while failing firms generally do not.
Combination Strategies: Survivors use many turnaround strategies. Failed firms rely upon few or
solitary survival tactics.
Having a plan and implementing that plan correctly is important. A good
job on one or two central strategies beats dabbling with a dozen, yet
every successful turnaround must do enough important things well.
If you own a business and you find yourself asking, am I losing money?
Am I up to my neck in bills? Is my business giving me headaches? Then
give us a call. We will welcome the opportunity to help you get back on track.
YES, YOU CAN LOSE EVERYTHING!
You may think that your wealth is safe and that you don't need protection.
But don't delude yourself and accept reality — for every 60
minutes you spend making money, spend 60 seconds thinking about how to