Learn the types of advisers that can help you, and why you should retain them.

While, as a small business owner, you are hesitant to spend money on hiring attorneys, financial advisors or other restructuring professionals, talking to and engaging such professionals, and others, will permit you to use the tools available to you, to speed up your business’s recovery. Just as eating chicken soup and resting can cure a common cold, seeing a doctor, and receiving specific advice on how to cure your infection will be more effective. The same principal applies to the retention of professionals to help you and your business survive. Hiring and retaining a professional will also help you because (i) the professional is trained to help companies in financial distress, and deal with circumstances such as yours; (ii) the professional can objectively counsel you and give you honest advice on the risks associated with difficult decisions; and (iii) the retention of the professional can demonstrate that you are serious about preserving the value of your business. In addition, the professional can focus his or her efforts on developing the strategy to save your business or helping you deal with your personal issues, so you can focus on doing what you do best, building and operating your business. The following professionals can help you navigate through these difficult times:

Attorneys

Legal documents such as lease agreements, mortgage documents, employment agreements, and insurance agreements, govern your business’ relationship with third parties, and usually state what your rights and obligations are. Attorneys can review those documents, assess \your rights, and advise you as to how to best ensure compliance with them. They can also negotiate better terms for leases, loans, and other business transactions on your behalf, and, if necessary give you advice on in and out of court mechanisms that will let you restructure your business and preserve its value.

Financial Advisers

A financial adviser or accountant can help you prepare a business plan, and understand, with a level of granularity what your capital needs are. By having a clear picture of what you have to do to conserve the value of your business, you can develop a strategy to move forward. Financial Advisers can also assess and streamline the procedures implemented by your business, and give you advice on how to best manage it.

Appraisers

If your business has significant assets or inventory, retaining an appraiser will allow you to understand the value of your business or inventory so that you can engage in negotiations as to how to preserve value or refinance your loans.

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