Phil MeekinView Profile
Only a privileged few get through life without hitting personal or business cash flow problems. Most of us suffer this way at some time. It can be a short term blip or a serious life-changing experience.
If it is not happening to you in this recession, you’re very fortunate. But, I bet you know somebody whose business is in financial difficulty, has cash flow problems, etc. Perhaps you are a solicitor, accountant or business adviser and this is not your area of specialism. If you’re affected, you may never have been in that position before – where do you go for help?
Here are some ideas of what you need…
- As a first priority, somebody who knows about business turnaround and recovery
- A positive, constructive “can do” approach
- Chances are you’ll be going through an extremely stressful time so a friendly, understanding approach always helps
- A professional, objective pair of eyes to help you see exactly where you stand financially
- Assistance in analysing what options are available – this may be restructuring or re-financing – or a combination of the two
- Expertise in dealing with businesses experiencing similar problems
- Free initial advice and competitive fees and costs
Many events can result in sudden and severe cash flow problems, including falling sales or a huge bad debt. Perhaps you have “tooled-up” during the good times to cope with expanding sales and now find yourself with over-capacity in terms of premises, plant and staff. With the current dearth of available commercial credit which way do you turn? Alternative forms of raising money other than High Street banks may be an option. This can include factoring, re-financing fixed assets, or attracting private investors.
Sometimes, it is evident the core business is basically sound but where the future is uncertain due to its present format and maybe needs re-structuring.
So if you have heard about (and perhaps worried about) “trading whilst insolvent” or procedures such as Voluntary Arrangements, Administrations, Liquidations or Pre-Packs and would like them explaining please feel free to contact me. Area covered is England and Wales.