Business Workouts

Owning your own business is the toughest job in the world. Business cycles, combined with economic fluctuations that are difficult to predict, can make budgeting and controlled growth seem nearly impossible. For small to mid-size businesses, the loss of a major customer or the bankruptcy filing of a major supplier can strain your business’s cash flow to the point that it misses a debt service payment, or otherwise attracts the attention of its lenders.

The worlds of business bankruptcy and business recovery are connected by a tightrope. As tightrope walking goes, the experience is the difference between a spectacular performance and a spectacular fall. Our world at Hanson & Payne revolves around insolvency. We have assisted countless businesses through the minefield of the business workout. Over the years, we have developed strong relationships with the lenders and attorneys whose cooperation and patience are a necessary component of any successful workout. Our tenure in the field has also led to our credibility with the commercial lenders, whose yes or no vote on a workout proposal typically means the difference between an opportunity to recover and a bankruptcy filing.

If you suspect that your business is spiraling out of financial control and you have concerns about your own personal liability for business obligations, we can develop a strategy for limiting your exposure on business debts. If your business is in need of time to financially recover from a setback, or needs to restructure its secured debt to reduce the monthly debt service payments temporarily or permanently, call us for an initial business consultation. Our business consultations typically last 1-2 hours. Our workout services include the following services:

  • Forbearance agreements with secured lenders
  • Renegotiate equipment and real estate leases
  • Negotiate discounts with creditors
  • Accounts payable management
  • Accounts receivable collections
  • Sale of stock to new investors
  • Sale of business – asset and stock sales
  • New business start up
  • Chapter 11 bankruptcy
  • Receivership