What is a Business Workout?
A business workout is a legal option offered to financially struggling companies of all sizes with restructuring tactics that don’t include filing bankruptcy or facing a foreclosure lawsuit.
Would you rework your business strategy and change its financial structure to avoid failure? If you’re trying to save your company a business workout can provide many options. Meet with the Lanigans to determine whether a business workout can save your business.
Consider All the Alternatives
If you’re a business owner, it’s wise to consider all the financial alternatives available including those offered by an insightful and skilled business and bankruptcy legal team.
Schedule a consultation with Eric Lanigan and Roddy Lanigan to talk about what went wrong with your company. Why are debtors knocking at the door and what can be done to turn things around? There’s probably going to be a discussion about whether filing a Chapter 11 bankruptcy is an option or likelihood.
Your Business Can be Salvaged
Your business can be salvaged if the right changes are made at the right time, to the proper financial elements in accordance with the law. Timing is everything because if you wait too long the refinancing, debt relief, credit rebuilding won’t be available to you.
Winter Park, Florida, attorneys Eric Lanigan and Roddy Lanigan provide business workouts to companies that are losing money due to unexpected economic changes, poor financial choices or decisions that didn’t quite pan out. Inexperience, staffing, shipping, publicity, lack of marketing can ruin a business. A meeting with the Lanigans is a step toward the return of revenue and financial stability.
What Would You Do to Save Your Business?
Whether it’s a corporation with more than 100 employees, a medium-sized firm with a staff of 30, or a one- to two-person small business: what would you do to save the failing business?
Many business owners do whatever they can internally, cutting budgets and eliminating staff. But is downsizing, cutting services or products or draining the company of talent the right action?
Are You Ready to Face the Music?
Business ownership involves a pride that’s built on heritage in generational family businesses. When a business is losing money and facing increasing amounts of debt that it’s unable to pay off or down, a business workout may become an option. But what if a Chapter 11 bankruptcy will better make a business soluble? Would you file bankruptcy? You might have to be prepared for a bankruptcy.
Lanigan and Lanigan handle business workouts for companies to help turn finances around, meet creditor obligations and continue to grow revenue.
Will a Business Workout Save Your Company?
Business workouts may succeed in cases where business owners are trying to prevent having to file for Chapter 11 bankruptcy.
The U.S. economy is ever changing and with that business owners have to evolve. If lines of credit, loans and financing are a necessity the Lanigans
Nothing Wrong in Filing Chapter 11
Consulting with Lanigan and Lanigan, P.L., companies can be presented with options that may include and recommend a Chapter 11 Bankruptcy and plans to save a business with turnarounds that will allow the doors to remain open.
Understanding Business Workouts
In a business workout, company management revamps a new business plan for creditors that will demonstrate debt restructure which is reasonable and that the company can then afford and which meets debt payment requirements.
Businesses have to work out satisfactory arrangements in accordance and with creditor needs. Creditors may agree to these arrangements in order to gain more on the investment than they would if the businesses in debt were to instead liquidate.
Lanigan & Lanigan, P.L., will help businesses negotiate with creditors to reach arrangements and further advise on making the right choices when drafting a new business plan. Eric and Roddy Lanigan provide feedback on preparing for possible future issues and will aide in devising better business strategy to demonstrate to creditors you’re serious about paying off debt and becoming a successful business entity.
How to Handle Creditor Demands
Creditor demands keep businesses from resolving financial challenges which comes from a lack of liquidity or inability to generate cash flow. Clients begin having difficulty juggling daily business with creditor requests. As these businesses and professionals’ cash dries up, so does the ability to keep creditors content.
Once liquidity becomes an issue, businesses often don’t have the time or know-how to work with creditors to properly restructure debt. It’s the key aspect of turning the financial direction of a failing business into a manageable, successful plan and concurrently run their businesses.
Steps in Business Workouts
Lanigan and Lanigan, P.L., begin Business Workouts for clients by:
- Analyzing client debt
- Client financial standing
Clients meet immediate business financial obligations while negotiations with creditors begin to restructure debt to help run the business more effectively.
Get Back to Business
The goal is to resume business with new tactics and strategy to prove profitability as a business entity. Clients determine how to fully manage and balance debt with goals that clearly demonstrate a different profile.
Lanigan and Lanigan, P.L., will investigate options for companies struggling in current economic structures. They will assist you in showing creditors that the company has an overhauled business plan and one that will maintain the health of the business long term. Find out what you could do differently and whether a business workout can save you from Chapter 11 bankruptcy.