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Work with Distressed or Failing Businesses

Written by: Robin Elliott

Article Overview: When a business owner feels like he’s sinking in quicksand that’s when it’s critical to stop and gain perspective with an expert. Here’s some things that can be done.

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Work with Distressed or Failing Businesses

When I was approached by the frantic owner of a failing business in 1995, we stood back and rationally analyzed the situation. By leveraging the Hidden Assets in the business, getting rid of unproductive staff and refocusing, we turned the corner and the business is still flourishing today.

You know that, when a business is in trouble, logic often flies out of the nearest cracked window and emotional choices rule the day. Yet this is could be an opportunity for you and the owners to benefit. Instead of simply closing the doors and selling off the inventory and equipment on a fire sale, look for the Hidden Assets in the business – a sales team, intellectual property, customer database, unfulfilled orders, access to residual sales of consumable products and services, relationships, inventory, equipment, distribution and goodwill. These could be converted, with little or no upfront costs, to windfall profits and ongoing income for both you and the owners of the distressed business. You could possibly establish a lucrative, win/win Joint Venture that leverages these Hidden Assets by adding your own distribution, inventory piggy-back or other resources.

The key is finding an open-minded business owner who realizes that he needs help and is mature enough to get his ego under control. Make sure you have adequate contractual protection and be prepared to negotiate. After all, you’re in a position of strength and you can often turn a seemingly bad situation around.

Smart business owners know that it’s wise to talk with objective experts when they’re panicking about cash flow. I know I have had occasion to regain my perspective and regroup when I did so in the past. Together, we can do amazing things.

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Try wikipedia.com for more information Try wikipedia.com for more information - That depends what type of business you are involved in. Maybe if you share that, we can help you a little better. I work mostly in the Work at Home industry so my advice would only be along those lines.
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