When businesses go down that slippery slope towards financial failure, it takes swift and often radical action to determine what portion of the business can be saved and to take the necessary actions.
Far too often, CEOs or Board of Directors wait until they are talking with bankruptcy counsel.
Family businesses in particular have difficulty when a business is moving towards failure. After all, the business is part of the family and most often employees are seen as extensions of the family. Tough decisions are not just unpopular, they are gut wrenching.
We have experience in both buying and selling businesses during a bankruptcy proceeding. The same skills that we use with all our clients can be especially helpful in a distressed situation … assuming that the Board and CEO are willing to make rapid changes.
If your business is on a slippery slope and the holes getting deeper, please consult with your attorney or accountant and have an honest discussion as to whether your business needs a third-party to come in and fully analyze your position and provide a course of action. We will be willing to take on assignments of this type when we have the time resources available (these situations are highly time intensive in the early stages), and the necessary expertise to assist.