Bankruptcy Protection for Developers, Contractors, Subcontractors and Vendors Perhaps because of the stigma of bankruptcy, or desperation to hold on to something they can no longer afford, we see clients who act against their own financial interests. They do things that can’t be undone or mitigated when they finally do file for bankruptcy protection. We see this acutely in the construction … [Read more...]
Failed Businesses, Bankruptcy and Divorce
August 26, 2011 By
I'm a bankruptcy attorney, not a marriage counselor. But this article in INC magazine resonated with me, based on the number of business owners and their spouses I've seen struggle with the aftermath of a failed business. Here's an excerpt: One reason business failure is so hard on marriage is that the entrepreneur and the spouse experience it differently. The entrepreneur may regret his … [Read more...]
Small Business Forecast for Charlotte: Troubled
August 17, 2011 By
A recent economic report focused on the outlook for small businesses. It highlighted several sectors that are important in the Charlotte region. ...cost and pricing pressures will need to be managed differently depending upon which industry a small business operates. Summarizing these differences for several key industries:The construction industry will face higher costs combined with lower … [Read more...]
Small Business Financial Literacy: The Cash Flow Statement
July 25, 2011 By
When we engage small business owners in a bankruptcy counseling session we often ask, how much revenue does the business need to simply break even: pay its debts and obligations (including payroll and taxes) as they become due? Often, the owner sitting across from the table from us has no idea how to answer that question.This Q&A on small business finance should be read by all small … [Read more...]
A Bookkeeper or Bankruptcy?
July 6, 2011 By
This article on hiring a bookkeeper resonates with me, because I so often see business owners who could have avoided bankruptcy if they had done so. Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don't pay for anything new until you have absolutely have to. It's especially difficult to justify hiring financial help like a bookkeeper.With user-friendly software … [Read more...]
A Bankruptcy Lawyer’s Advice for Small Business Owners (or wannabe owners)
May 16, 2011 By
This list of ten signs not to become a small business owner resonated with me since I see so many self-employed and small business owners in my office seeking advice for how to save or wind down their enterprises. I like the list in the article because it focuses on personality traits and organizational skills that so often doom a small business enterprise while I'm more familiar with the … [Read more...]
Small Business Capital Event
May 6, 2011 By
Does Your Business Need Money? Connect with lenders, investors, resources and business contacts. One-On-One Meetings with 25+ Funding Sources Small Business Resource Expo Preparing to Access Capital Workshops - putting together your funding proposal - learning the language of funding sources - managing your customer base with your bottom line in mind - understanding equity financing and … [Read more...]
Struggling to Make Payroll? Consult with a Bankruptcy Attorney
April 4, 2011 By
A recent story in Inc. Magazine dished out some useful advice for small business owners struggling to make payroll.Notify your employees Find methods of financing Utilize available resources Avoid staggering the payroll Pay tipped employees what they're owed Restructure your businessWhat the article failed to recommend was a counseling session with a qualified bankruptcy … [Read more...]
Let’s Differentiate Between Business Failure and Personal Failure
March 25, 2011 By
We counsel a lot of business owners whose companies stumble and fall. Sometimes the business needs bankruptcy protection, sometimes the owners do, and sometimes both file for bankruptcy protection.This article from Harvard Business School, while written for larger businesses, some of which get venture capital, there are plenty of takeaways for mom and pops and the self-employed. Business … [Read more...]
Reorganizing a Small Business’s Finances
March 21, 2011 By
We frequently advise clients who own a small business and find themselves unable to pay either their personal debts, or those of the company.Some of the company’s debts may be personally guaranteed by the individual owner(s). These clients often want to discuss filing a personal bankruptcy in order to deal with their own debts, and also want to file a bankruptcy for their business in … [Read more...]