If you have a diversified enterprise with national and international clientele, then you might think about a large collection agency. Be practical about what you can do on your own to produce your business profitable again before applying for Chapter eleven. At least twice a month, contact your turnaround coach to keep him or her updated on your progress. These control mechanisms will help you keep your organization delivering against the turnabout plan. Nevertheless, it is your job to keep your guard up. They are going to be open to your offer when you can show that your enterprise is facing real financial hardship. If you present to the board (or with each director separately in your premeetings), describe briefly the info gathering process, your findings and your analysis. * Financial records of your small company for past 6 months (for business owners and partnerships.) In addition, the company broker are going to set up confidentiality agreements with all potential suitors. The affinity charge card businesses would get $60,000 (60 months X $1000) and they would have to write off the remaining $240,000. Take receivership or an Assignment for the Benefit of People you owe (which is cheaper.) You will be able to learn more about these choices in my Restore your Near-bankrupt company Toolkit.

* Factors take over your collections duties; accordingly, you will be able to cut out your collections department. Since your turnaround plan is reasonable and has a strong chance of success with this lower debt exposure, you will be able to easily line up money, perhaps even from your current financial institution. * You want your business to go to a higher level, and another entrepreneur will be able to best achieve this. * Go through the lay off memorandum with emphasis on items in the severance package.