Don't let pride come before a fall
Thousands of failing businesses could be saved from ‘going under’ if the owner-managers could only overcome their fears of Insolvency Practitioners. Unfortunately, some (but not all) Insolvency Practitioners are seen as the undertakers of the business world and nobody wants to speak about their own mortality.
By the time a business owner thinks about approaching us, quite often the situation is critical. At that point, there may not be the time or the money to avoid failure. Early and honest discussions regarding the viability of the business is a key element of a successful turnaround or re-birth. It is essential that management speaks
to a business recovery professional at the earliest opportunity.
Unlike some firms of Licensed Insolvency Practitioners, we at CLB Coopers have a strong corporate finance business, as well as an audit and tax base. We are wholly committed to providing best advice to our clients. A business saved is a client for the future or a retained client for the person who introduced the matter to us. This honest assessment of a business’ viability is equally relevant to a situation involving management wanting to
groom or prepare a business for sale or the next round of funding discussions with the bank and / or investors. The key to all of this, is understanding where you are right now and where you want to be. Probably the most overused word in business speak at present is ‘strategy’.
That said, the serious message behind this word is to have a plan. With a meaningful plan, you can seek to persuade your co-workers, investors and creditors to stay with you. You can then see what you need to do to either survive or thrive. Remember, it’s your future so don’t be ground down. Be bold.
This article is a very brief flavour of the debt advisory and corporate finance services that CLB Coopers provides. If you would like to discuss this article in more detail, or have a specific situation you would like to discuss, feel free to call Mark Getliffe in confidence.
0161 245 1000
