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Business Turnarounds

Sometimes staying in business is far tougher than getting into business. Many struggling entrepreneurs succeed in overcoming challenging business problems, survive and eventually prosper, many others fail and leave vanished hopes, lost investments, destroyed aspirations and unpaid creditors in their wake.

Our highly experienced lawyers can implement numerous survival strategies that have helped many financially troubled companies--regardless of the type or situation they found themselves in.

Salvaging your business takes a substantial amount of hard work and determination, as there are no quick fixes for a highly distressed business. Even though you might conclude that your business cannot be saved, our firm has successfully salvaged many businesses that were about to be auctioned by a bankruptcy court. As such, we believe that your business is not "dead" until you bury it.

Our comprehensive advisory services provide an in-depth analysis of your business. We can dissect your business and successfully reconstruct it from the ground up, guiding you through each critical step of improved cash management, establishing internal controls, hiring the most qualified personnel, implementing new marketing programs, establishing ideal product and service pricing, and initiating improved sales programs.

Stress, fear and even panic can be overwhelming when a business is in trouble and many outsiders may question your ability to save the entity that you worked hard to build. You become afraid of defeat, afraid to lose your paycheck and fearful that you will lose your home and personal assets. You are exhausted from too many lawsuits, unpaid suppliers and bounced checks and increasingly frustrated by operating in a twilight world without cash, credit, declining sales and mounting bills. You do not know where you are headed and the outlook is bleak, making you more defeated by the day.

Our mission is to assist you navigate the nerve-wracking maze of a distressed business. Once your problems are identified and you begin to gain a fresh and positive outlook, you will find the determination and purpose to save your business.

The struggles of the American businessman can be traced back to 1610, when shares of stock were sold in the Jamestown colony, America's first permanent settlement. Within a few years of its formation the Jamestown colony was defunct with a collection of angry British investors, a Native American tribe awaiting payment for supplies and seeds and our nation's first collection of failed entrepreneurs.

Unfortunately, there is no single technique to save a troubled company. With experience helping hundreds of troubled businesses, our firm has identified numerous differences between successful and unsuccessful recovery attempts. Listed below are a few key recovery strategies:

  • Successful turnarounds employ improved their financial controls. Failed companies may have tried to improve their financial controls, but did not use their financial data intelligently.
  • Successful turnarounds prioritized cash-generation tactics. Cash generation was sporadic, weak or largely ignored among failures.
  • Both successful and unsuccessful companies attempted to improve their marketing; however, successful turnarounds made fundamental changes to products, services and prices. Failures failed to act in this area.
  • Operating cost reduction is tried by nearly every troubled firm, but failed turnarounds relied on cost cutting as their primary strategy.
  • Selling profitable parts of a business to raise cash is common among successful turnarounds. Failures were slow to realize and exploit the value of their strongest components.
  • Improved communication and decentralized management were common in surviving turnarounds.
  • Larger companies that succeeded in a turnaround frequently brought in new management to spearhead the turnaround while failing firms generally did not.
  • Surviving companies use numerous strategies and tactics to improve their business while failed initiatives relied upon few or singular survival practices.

Having a solid business plan and implementing the plan correctly is important. Execution of one or two focused strategies always trumps dabbling with ten or more and every successful turnaround must do several important things well.

If you are a business owner and don't know if you are losing money or are overwhelmed by bills and a lack of prospects, contact The Presser Law Firm, P.A. for the advice and structure that can save your business.


The best defense is a good offense.