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 lawyers will implement survival strategies that have helped more than 1000 financially troubled companies regardless of the type or situation. First, salvaging your business takes plenty of hard work, luck, and determination. There is no quick fix. No Business is beyond redemption. You may think that your business can not be saved, but we have salvaged numerous businesses about to be auctioned by the bankruptcy court. Your business is not dead until you bury it.
Our services will provide an in-depth look at your business. We will tear apart your business and put it back together successfully. We will guide you through each critical step for fixing your ailing business: cash management, internal controls, personnel, marketing, pricing and selling.
Anyone owning a troubled business can be consumed with stress, fear and even panic. You may question your ability to save the business. You are afraid of defeat, afraid to lose your paycheck and afraid you will lose the family home and your personal assets. You are tired from too many lawsuits, too many unpaid suppliers and too many bounced checks. You are frustrated by endless operating in a twilight world of no cash, no credit, dwindling sales and mounting bills. You do not know where to go or how to get there. Plain and simple, you hurt.
Our goal is to help you through this nerve-wracking maze. 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.
Any troubled business can find success by finding the right 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.
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:
- Successful recoveries improved their financial controls. Failed companies may have tried to improve their financial controls, but did not use their financial data intelligently.
- Successful recoveries prioritized cash-generation tactics throughout the workout. Cash generation was sporadic, weak or largely ignored among failures.
- 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 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 profitable parts of their business to raise cash is common among successful turnarounds. Failures more slowly shed their winners.
- Improved communication and decentralization characterize surviving companies. Failing firms are more autocratic, uncommunicative and centralized.
- Larger firms that succeeded usually bring in new management to spearhead their turnarounds, while failing firms generally do not.
- 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.
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