Businesses can become financially distressed and face challenges with solvency and potential bankruptcy. Business owners in this situation may be able to cut costs, tightly manage cashflow, and return to profitability. Sometimes they need to renegotiate debt, attempt to sell business assets, or ultimately dissolve the business. There may also be personal liability concerns for owners and officers. Today’s guest Charlie Goodrich helps businesses navigate these situations and achieve as favorable an outcome as possible.

More specifically, this episode includes:

• Definitions of bankruptcy, solvency, and related terms
• The process of dissolving when you have no secured or personally guaranteed debt
• The process when you have personally guaranteed debt or various kinds of lenders and investors
• Formal bankruptcy and alternatives to the formal bankruptcy process
• Examples of dissolving small businesses
• Personal liability concerns for owners and officers
• Managing bank lenders when your business is becoming distressed
• Being a vendor to a customer who is bankrupt

Charlie Goodrich can be reached at 781-863-5019 or charlie@goodrich-associates.com.

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/