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Casual Articles - The Debt Workout - How to Avoid Bankruptcy and Stay in Business
In these days of takeovers and mergers, of downsizings and lean management, chances are that you are going to be caught in a job upheaval at least once in your career. Probably more than once!Change in the wind may come like an invigorating breeze on a hot humid night. For instance, your boss is promoted to a new job and you have to get used to reporting to someone new, who turns out to be even better. But change also can come as a spark before the forest fire, when an outside takeover of your company leads to unexpected layoffs, outsourcing, and redefinition of the company itself.But whatever the situation, once you’ve got a new job or a new boss or a new company, you must reali
Branding Services is a tactic that marketing executives and managers should not only understand, but also employ. Branding services helps your company clearly position your company over your competition by branding your product/service in the minds of your target markets. This helps build brand identity, brand image and overall brand equity.Once you build brand recognition with your products/services with your company, you're destined to establish total brand equity. Think about safe cars - there are thousands of vehicles to choose from for a safe car, but isn't the first name you think of Volvo? This is because they have done a great job of branding services.Once you’ve established
You are unlikely to be aware of an impending bankruptcy, or be given the courtesy ahead of time to speak with the debtor firm, which received your precious goods or services on credit. As a result, you are unable to suggest alternative approaches to help and to minimize the damage to your own business. An insolvent company can stay under your radar while still ordering supplies, before all hell breaks loose and it finally disappears from view, taking your firm’s capital with it.
When small corporations feel they have run out of options, they tend to close their doors or file for Chapter 7 bankruptcy liquidation. The costs of the alternative, Chapter 11 court-appointed workout, would protect from creditors in the meantime and keep the business operating. But it involves an up-front payment of perhaps fifty thousand dollars or more. Business people who have hung on too long often complain that they can’t come up with the cash. Besides, the vast majority of small firms that file Chapter 11 quickly realize that they have to liquidate and close down. And it is rare, indeed, for unsecured creditors t
You’d like to become self-employed, but would like even better the chance to enter the marketplace with a product or service which has and established track record. You, in other words, have a franchise idea, and need to take the next step.But taking on a franchise demands a lot from you; you’ll need to have the financial wherewithal and business experience to make you good franchisee material. And you’ll need some of the kind of franchise idea for which you’d be a good fit.Some franchise ideas make millions, and some franchise ideas make paupers. The great majority of the time, a franchise’s performance is directly tied to its proprietor’s dedication and skills in overcoming obst
You are unlikely to be aware of an impending bankruptcy, or be given the courtesy ahead of time to speak with the debtor firm, which received your precious goods or services on credit. As a result, you are unable to suggest alternative approaches to help and to minimize the damage to your own business. An insolvent company can stay under your radar while still ordering supplies, before all hell breaks loose and it finally disappears from view, taking your firm’s capital with it.
When small corporations feel they have run out of options, they tend to close their doors or file for Chapter 7 bankruptcy liquidation. The costs of the alternative, Chapter 11 court-appointed workout, would protect from creditors in the meantime and keep the business operating. But it involves an up-front payment of perhaps fifty thousand dollars or more. Business people who have hung on too long often complain that they can’t come up with the cash. Besides, the vast majority of small firms that file Chapter 11 quickly realize that they have to liquidate and close down. And it is rare, indeed, for unsecured creditors t
First impressions count. And there’s no better way to start off on a positive note than to orchestrate a smooth, genial exchange of introduction. Follow these etiquette tips when approaching someone for the first time:Watch your timing. Establish your presence in a small group before you introduce yourself. Make eye contact with each individual first. You don’t want to appear as if you’re “crashing” a conversation.Higher-ups extend the first hand. Chivalry may not be dead, but it’s dying. It used to be considered proper for a man to wait for a woman to extend her hand before shaking it. Today, the individual who carries the more important job title or authority level initiates a hand
When small corporations feel they have run out of options, they tend to close their doors or file for Chapter 7 bankruptcy liquidation. The costs of the alternative, Chapter 11 court-appointed workout, would protect from creditors in the meantime and keep the business operating. But it involves an up-front payment of perhaps fifty thousand dollars or more. Business people who have hung on too long often complain that they can’t come up with the cash. Besides, the vast majority of small firms that file Chapter 11 quickly realize that they have to liquidate and close down. And it is rare, indeed, for unsecured creditors t
The phone rings. Good news... it's a potential client. You say, "Thanks for calling, I'll send you our brochure." But what should you really be sending them? I'm often asked to review brochures or asked about brochure design. But before I make any comments I always ask one question- "Why do you think you need a brochure?" Often there's an awkward silence before the answer comes. "Because we need one to send to customers." Do you really need a brochure?The desire to have a brochure is often automatic. But if you run a service business I suggest you consider all your options. The usual t
Losing your job can be devastating. You have to deal with loss of income, colleagues, perks (e.g. a company car) plus wondering how you will manage – when will you get another job, how will you cope financially etc. There is also the underlying feeling of rejection – rejection from the job you have lost, plus more rejection each time you don’t get a job you have applied for.The hardest part of job search is keeping up a positive attitude, and it’s imperative you do this!The whole process of job search can make people feel depressed so you need to take good care of yourself. If you do become run down it can affect you mentally, physically, and socially. It can show itself in bot
If your firm is struggling to stay in business, put yourself in the position of your creditors. Don’t become their worst nightmare. It can make much more sense to speak plainly and honestly with them, in a structured process outside of bankruptcy known as a workout.
The basic format can be looked at as an “unofficial” Chapter 11 workout. In our experience, many firms in serious financial trouble want the situation turned around, or “worked out”, to permit them to stay in business, as would Chapter 11. Your workout process must then be tailored to resolve disputes, delay and reduce payment commitments, and maintain a good working relationships between the different parties.
The bankruptcy process is cold and methodical, as proscribed by law. There is no need for pleasantries. A voluntary workout is different. Goodwill is important. It emphasizes courtesy and good communications in an environment designed to voluntarily reconcile the needs of creditors with those of your firm. You will need to share appropriate financial information to let others make
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