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Turn Key Projects

One of the most difficult challenges in business is turning around a sick company before all of the assets are under water and the company is forced into bankruptcy. Realizing the painful reality of how bad things really are is sometimes difficult or impossible for owners and senior executives to deal with truthfully. They grasp at straws hoping somehow a miracle will save them, and they will close that big outstanding proposal, and things will be back on track. This almost never happens.

Usually, people from outside the company must grab the reins and take charge of running the company. They are known in the business world as turn-around specialists, and they possess unique business skills that are developed over time from saving other distressed companies. They can be extremely challenging to deal with, but they can save a sinking ship. Your law firm and your accounting firm can provide you with the names of turn around specialists.

These are not fun things to watch because of the huge emotions involved, but sometimes bankruptcy can be avoided with some very creative thinking and decisive action. An existing business in trouble still has assets that can be exploited to drum up new sales, and the turn around specialist knows how to leverage them. Some of the things to consider are the following to generate additional cash flow:

Once the turn-around person is on board, additional meetings will take place between the creditors. The challenge is to make your creditors become believers. There are situations where just more time with a fresh new approach can save the day. Remember, your creditors don’t want you to fail and go into bankruptcy. So give it a fair chance before declaring the same a failure venture.

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