RECESSION BUSINESS STRATEGIES: PART TWO
Your lawyer encourages you to meet with a bankruptcy attorney.
The attorney recommends that your company file for protection
under Chapter 11 of the Bankruptcy Act, explaining that “this will
give you time to reorganize, perhaps six months, during which
time no creditor can put you out of business”. The bankruptcy
Lawyer’s argument is persuasive. You pay an exorbitant amount
of money to prepare the filing, and in a few days, you sign the
papers and your company is in Chapter 11.
True to the bankruptcy lawyer’s word, all creditors are backed
off. The creditor telephone calls stop. Cash builds up because
only the essential bills are paid. And for the first time in months,
you begin to find some practical peaceful moments in your office
to think about the business.
You tell yourself to think fast and think smart. Very few
companies emerge from Chapter 311. The number is one in
five. Here are some things many owners and managers think
about when in Chapter 311.
· How did I get into this mess / shit? (Regret)
· Maybe I‟m not cut out for this business (Doubt).
· If that blanket-blank customer had paid its bills. (Blame)
Extracted from a book titled: RECESSION BUSINESS STRATEGIES by Prof John C. Mbuya
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