“3 Vital Factors to Consider… Before You File for Business Bankruptcy, Restructure Your Debts or Turnaround Your Failing Company”

How to fix the problems at your troubled business and get rid of your business worries.
by Dan Betts, Managing Principal, Turnaround Central

If you’re… (Check all that applies)

Worrying about where to get the money to pay your company’s bills, taxes, and employees
Considering a business bankruptcy filing
Meeting soon with your banker because you are in default, you can’t make the loan payments or must stop foreclosure
Searching the web for business turnaround, bankruptcy, receivership and insolvency information to help your company, but you can’t find anything helpful

...you are about to discover the information you need to solve your problems.

(The intended audience for this article is business owners and managers with struggling companies and small businesses - both in the United States and elsewhere - and current and prospective turnaround consultants.)

There are 3 vital factors that any person leading a failing company must consider. These are:

1. Stress And Worry May Keep You From Saving Your Company
2. Lawyers Don’t Have All The Answers
3. Innocent Mistakes Often Kill Troubled Companies

As you read this article , you’ll hear how you can get rid of these problems and discover how to help yourself and your failing company.

Factor #1: Stress and Worry May Keep You From Saving Your Company

Here are some common worries associated with a failing company:

  • You can’t pay the employees on time. What can you do about it?

  • Is bankruptcy the right answer? Will this save your company or kill it? Is your attorney giving you good advice or is he just trying to make a big score?

  • Should you pay your taxes? What happens when the IRS or some other taxing authority padlocks your door?

  • Can you make your loan payment? Should you ask your banker for help? Will you screw up talking to your banker causing the bank to foreclose?

  • You’ve made personal guarantees. What happens when the business fails? Will you be working the rest of life to pay these debts? Could they take your house?

  • A family member is dragging the business down. What do you do? Can you fire the family member without causing a major rift in the family? Or keep the family member and pray he or she stops screwing up?

Here’s the problem. Worrying is taking valuable time away from you… time that you should be using to save your company.

And it’s a vicious cycle. Because your worries are stopping you, your business declines further. And this causes even more worry and less action.

Factor #2: Lawyers Don’t Have All The Answers

Here’s what we call lawyers in Texas, “buzzards in a three-piece suits.” This is especially true for bankruptcy attorneys.

Let me explain.

Of the companies that file for Chapter 11 bankruptcy, only 1 in 10 survives the procedure. And the one lucky company only survives because it has a ton of cash when it files.

(As you may know, Chapter 11 is a form of bankruptcy that lets your company continue to run with protection from your creditors, but with the oversight of a bankruptcy judge. Chapter 7 bankruptcy on the other hand is a liquidation of your company. You can get a detailed description of these and other legal alternatives in the "Fix Your Failing Company Toolkit.")

Now, as you might guess, most failing companies don’t have much cash when they file for Chapter 11. So why do their bankruptcy attorneys encourage them to file Chapter 11? The bankruptcy attorneys make a fortune on the deal, that’s why!

How much will your attorney make? Typically a Chapter 11 filing is going to cost you at least $50,000 in attorney fees for the smallest company and over $100,000 is common. Your bankruptcy could make your attorney’s year and buy him or her a new luxury car..

Let me show you how outrageous these fees can be. In a recent bankruptcy filing, a $20 million technology firm took Chapter 11 and it had over a $1 million in fees before it was over. Fortunately, it had $3 million in the bank before the filing… so the company survived.

Here’s what typically happens to most cash-poor companies filing a Chapter 11 bankruptcy. The CEO or business owner becomes tired of fighting the creditors everyday. He or she thinks that Chapter 11 will make their debts go away (it will) and save their business (it won’t.) The business leader goes down to the bankruptcy attorney’s office, and the attorney, with a gleam in his eyes, wholeheartedly recommends filing Chapter 11.

(By the way, if the attorney gives you non-bankruptcy alternatives to Chapter 11, you will know that your attorney is looking out for your best interests... but these individuals are often hard to find.)

Then, within the next few months, the company runs out of cash completely because of paying the high legal fees. Since there’s no cash remaining, the creditors’ attorney (which the bankrupt company is also paying for) files a motion to convert the Chapter 11 into a Chapter 7 liquidation bankruptcy. Without cash in the bank, the judge has no choice, but to order a liquidation of the company.

Game over for your business. But that’s not all…

Do you have personal guarantees on debts that your bankrupt company can’t pay? Will angry creditors and investors sue you anyway? The hits just keep coming for you, but your bankruptcy attorney had a great year.

So the moral of this story is: Chapter 11 is seldom is the best choice for your company.
Obviously, the solution is to fix your failing company, sell it or use little-known, inexpensive legal maneuvers. These are much better choices than Chapter 11 and you’ll find out more about them later in this article.

Factor #3: Innocent Mistakes Often Kill Troubled Companies

Because you’re not an expert in business crisis management, you’re certain to make dumb, but honest mistakes right now.

Let’s see how easy you can make a mistake. Do you know what to do when…

  • The sheriff seizes your equipment for the leasing company?

  • The bank calls your loan?

  • You can’t make the rent payment?

  • The IRS padlocks your door?

  • You’re out of cash and your big customer’s check is lost in the mail?

  • A creditor is asking you to make good on your personal guarantee?

The list could be much longer. You can imagine all the problems for which you don’t have an answer. And when you decide wrong, you could be shutting your doors shortly and paying your creditors out of your own pocket.

Remember when you were in school. Leading a failing business is like having a pop quiz the day after you were sick. It’s not your fault you missed yesterday’s lesson, but now you must have the right answers or you’ll fail.

You need a cheat sheet. You’ll find out how to get one in the next section.

Here's How You Can Fix The Problems and Stop the Worries Starting Right Now

My name is Dan Betts. I’ve been fixing companies for the last 18 years. And, I'm the author of the Employee Termination Guidebook.

I’ve helped thousands of failing companies and their owners and managers get a fresh start and overcome their business problems.. I don’t know if this makes me an expert, but many people call me one. I can say that I’ve been around the block a few times.

Until now, you’ve not found anyone as interested in solving your business problems as you are. Now you have. You and I are in the same corner and fighting the same battles. And I won’t let the lawyer (and banker) take advantage of you.

Luckily, what’s in my head is now in a book. I’ve written a training manual for business owners, executives and management consultants. It explains exactly how to fix your failing company.

Remember …the worries, the fears, the money-grubbing lawyers and the dumb mistakes, these will all go away when you get my training manual.

I call this program The Insider Secrets to Saving Your Business: The Step-by-Step Turnaround Guide

The Insider Secrets to Saving Your Business

In it you’ll discover...

  • The bad news about selling your business when it’s in trouble and how to turn this to your advantage.

  • A little-known way to never overdraw your bank account.

  • How the pros reduce debt by up to 75% through negotiations with suppliers, banks and taxing authorities. You’ll save thousands with this proven technique.

  • Discover exactly what’s wrong with your company and how to fix it. It’s so much easier than you think.

  • How to tell when your current company structure is “right” and what to do about it.

  • Ingenious tricks for dealing with the IRS and other taxing authorities. The IRS can and will shut down your business. This won’t happen when you follow my approach.

This is just a partial list of how this Insider Secrets can help you.

What’s unique about my program is that it takes you by the hand and leads you effortlessly through the steps to save your business. It’s not a bunch of theory, just useful, practical advice and tips. There’s nothing on the market like it.

Here’s what’s most important. Insider Secrets contains exclusive information that your lawyer, your banker and (most) turnaround consultants want to keep from you. Earlier, you learned one secret that your greedy bankruptcy attorney would never want me to reveal. And I reveal plenty more in Insider Secrets. For example…

  • The secret way to get rid of your personal guarantees. You get three strategies for making personal guarantees go away. You’ll breathe easier knowing these.

  • How to play hardball with your banker and get him or her to write down your loan. You’ll love this one.

  • A perfectly legal way to delay your loan payment without any consequences.

  • A proprietary list of 5 requests that you can make of your banker. There’s a good chance that your banker will approve at least one of these and your troubles will be over.


What It’s Not

Something else about Insider Secrets: It’s not academic theory, but a practical guidebook that gives you the steps you must take right away to fix your business.

You’re not going to hear about “Failure Prediction Models,” “Altman Z scores,” “Multi-Discriminate Analysis,” or any other mumbo jumbo like that. So if you’re doing your PhD in Business Crisis then my training manual isn’t for you.

On the other hand, when you manage a failing company, then my training manual is perfect. You get practical and understandable advice, facts and tips that’ll make your business turnaround a success. For instance:

  • Bulletproof budgets that you can create easily with my proven formula. Your CPA will love you for this.

  • Do you need to get rid a family member working in the business? Discover 2 proven techniques to fire a family member without causing a major family rift and a business meltdown.

  • The #1 mistake everyone makes when they need turnaround financing and what to do about it.

  • The stress of a turnaround doesn’t have to tear your family apart. You get some advice learned the hard way.

  • Four simple ways to fix any cash problem.

  • Tricks you can use to continue running when the company is out of cash.


How To Use Insider Secrets

Let me give you a word picture. Insider Secrets comes to you as an e-book. (Or, you can also get a paper-based version - see more below.) You download it instantly from the Internet. You open the e-book and start reading. Within just a few minutes, you’ve answered a pressing problem and you write it down.

You continue to read and find more and more answers. Soon, you have pages and pages of notes. And when you walk into your company the next day, you’ll know exactly what you need to do. And you’re going to sleep better starting tonight.

Here’s an unexpected result of releasing my Insider Secrets program. It’s becoming “standard practice” in the consulting industry. Exactly 27% of my sales are to management consultants including well-respected turnaround consultancies and the Big 4 accounting firms. Here’s some of what they’re learning from Insider Secrets and you will, too:

  • The easiest (and best) way to get board and banker approval for your turnaround plan.

  • How you can increase sales by 35% using my 5 simple methods.

  • An insider’s list of external financing sources (14 in total.) Any one of these can finance your turnaround.

  • Master 8 proven steps for creating an awesome turnaround plan that’ll knock the socks off your banker and your investors.

  • You must offer a severance package, right? Wrong. Truth is, no law compels one. Find out how to do the “right thing” without breaking the bank.

  • This is critical. How to find the one piece of your business that can restore profitability to the whole firm.


What Else Will You Discover In Insider Secrets?

Here are 6 more useful ideas you’ll find in my program...

  • The good news about family run businesses and how you can fix them quickly. Turnarounds of family businesses are unique and need a special approach.

  • Some surprising ways to keep the bill collector from calling.

  • Sneaky ways to protect your personal assets, your nest egg and your wealth from lawsuits by angry creditors and investors. Consultants take note -- This applies to you as well.

  • The one question you must ask yourself before you fire an employee.

  • Warning! Expect creditors and investors to sue you when the company gets into financial hardship. Discover my 3 recommendations for reducing your chance of a lawsuit.

  • Discover dirt cheap advertising methods that any business can afford. Bonus Material -- I let you in on my Internet Marketing Secret.

Also, you’ll need these techniques and tips to be successful...

  • Proven! 46 powerful techniques for motivating the troops and keeping your best employees.

  • When to hire extra security to protect you and your staff from an upset ex-employee. Your family will thank you because you followed this advice.

  • Discover 56 amazing techniques for squeezing more cash out of the business.

  • Five remarkable techniques for grabbing market share when you don’t have any money.

  • Would you like to run employee termination meetings like a pro? I show you how and you won’t have to fear that a fired employee is going to “blow up.”

  • Plus much, much more!


Limited Time Offer - Fix Your Failing Company Toolkit (Free)

For a limited time, your Insider Secrets book also comes with the Fix Your Failing Company Toolkit.

Fix Your Failing Company Toolkit

This Toolkit contains advanced materials and helpful checklists and templates. Here’s what you get in the Toolkit:

Special Report #1: Business Bankruptcy and Other Legal Choices for Your Failing Company

Special Report #2: A Legal Trick To Have A Debt-Free Business

Special Report #3: A Turnaround Plan Template – An Example To “WOW!” Your Board, Your Banker And Your Entire Organization!

Special Report #4: A Detailed Checklist To Speed Your Business Turnaround

Special Report #5: Mining Gold From Your Bad Debt Write-Offs – A Lifesaving Technique For Troubled Businesses

Special Report #6: Renegotiating Leases And Vendor Contracts For Maximum Savings – A Guide For Troubled Companies

I sell this toolkit separately for $247 on this web page, but, for a limited time, I am giving it to you free when you try the Insider Secrets manual as part of a market test. Let me clarify "limited time." I may decide, at any time, to stop giving away The Fix Your Failing Company Toolkit and just sell it separately.

This means that only when you get Insider Secrets today are you sure that you will also get the valuable $247 Toolkit for free.

As you know, The Insider Secrets to Saving Your Business and the Fix Your Failing Company Toolkit are the easiest and fastest ways for getting the knowledge, skills and techniques you will need to fix the problems at your troubled business.

Now, you must take the first step.

The thing that you fear most may come true ... unless you take action today to fix the problems at your struggling business.

Remember, your "trusted sources" like your banker and attorney will often not tell you the truth. And, your natural instincts and choices will often be the wrong ones, and actions based on "gut feeling" will just make everything worse for you, your company and your family.

You need the cheat sheet on business turnarounds.

Insider Secrets will give you the specific step-by-step strategies you need to fix the problems at your failing business. And you will finally get the "whole truth" without any candy coating for once.

You can get Insider Secrets for only $197. You can choose to receive Insider Secrets either as an ebook (with instant delivery) or as 2-binder paper version of the book delivered to your door.

Or, if you prefer, you can save $147 and get "The Combination" -- that is, you get the ebook from an instant download and we also send you the paper-based version (the two binder set) for just $247.

I often get questions about the difference between the ebook and paper-based versions. The content is exactly the same and, with both, you get the Fix Your Failing Company Toolkit. The key difference is delivery and the format.

The ebook is right for you when you want the information immediately and don't mind reading it from the computer ...(by the way, you can print the ebook if you choose.) Delivery is free.

The paper-based Insider Secrets is right for you when you like to read from a printed page and don't mind waiting a few days to get it. You will have to pay a delivery charge.

And "The Combination" is right for you when you need the information right away and want a spare paper copy for home or office to read in bed or at the dinner table. (And you like to save $147.) You will have to pay delivery for the two binders only.

At either the $197 or $247 price, you are getting the exact steps and inside information to fix the problems at your struggling company and get rid of your worries -- all for about the price of a typical office supply order for pens, pencils, paper, and other stuff. When you think about it, you get a true bargain and it's a small price for how much it helps you.


Here’s How You Can Start Fixing Your Company In The Next 15 Minutes…

When you click on one of the links below, you will go to a secure web page for your credit card. To keep your personal and credit card information completely confidential, we use a third party secure processing company.

You receive a receipt with a transaction number through email right away.

When you get the paper version or "The Combination", your books will be sent the next day and you can expect arrival within a week (US only ... outside United States arrives usually within 2 weeks and you will also have to pay duty and extra shipping.)

When you decide on the ebook version, you will receive an email within 10 minutes with a link to where you download your book and your toolkit right away. The book and the toolkit come in the same e-book for easier access. (The same goes for receiving the ebook part of "The Combination" as well.)

Everything takes just a few minutes and you’ll be reading your e-book in fewer than 15 minutes from right now.

When you get the book, I suggest that you scan it and read those sections where you have the most pressing problems -- then, when you have time, read it from beginning to end. Take notes and carry out what you learn immediately ... and you will see a big difference in a short time.

Throughout your turnaround, you’ll use the Insider Secrets and the Toolkit as a constant source of good ideas, practical advice and the exact turnaround procedures you need.


Complete Confidentiality

Right now, you don't want anyone to know that your company is in trouble. You can rest assured that I'll never tell a soul about your business problems or that you're a client of mine. After working with hundreds of business leaders with failing companies, I completely understand and respect your need for privacy.


Money-Back Guarantee…

The Insider Secrets to Saving Your Business and the Fix Your Failing Company Toolkit come with a 30 day Money-Back Guarantee. Read the book and try the techniques and the practical procedures that I recommend. If the Insider Secrets or the Toolkit are not helpful to you – I’ll gladly refund your money.

Click on the link below to get "The Combination" which includes both ebook and paper-based versions of Insider Secrets and the Toolkit

Get Insider Secrets (Paper + eBook) Risk Free $247 plus shipping

OR, click on the link below to get your paper version with toolkit sent to you right away

Get Insider Secrets (Paper) Risk Free $197 plus shipping

OR, click on the link below to get instantly your ebook with toolkit safely from our secure web page

Get Insider Secrets (eBook) Risk Free $197

Remember, you need to take some constructive action today. As you have read and heard from so many people on this web site, you know the best place to start is by trying Insider Secrets.

I look forward to hearing from you today.

Wishing you prosperity and success,



Dan Betts
Managing Principal, Turnaround Central
Author of The Insider Secrets to Saving Your Business and Fix Your Failing Company Toolkit.

P.S. Every strategy and idea in The Insider Secrets to Saving Your Business and the Fix Your Failing Company Toolkit are business and personal lifesavers– and I have used all these in the real world. They work. Any ordinary person can get the same positive results. You can do it. You will get the exact step-by-step actions to fix the problems at your business... for about the price of a normal office supply order.

Also, remember, by getting Insider Secrets today, you are sure of receiving the $247 Fix Your Failing Company Toolkit for free. It's savings opportunities like this that you and your business need so much right now. Take advantage of it while you still got the chance. Get Combo, Get Paper, Get eBook.

 

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