The turbulent economy has created a new language. Words such as credit crunch, toxic, meltdown, double-dip recession, housing bubble are now common words. It seems that almost no one has escaped unscathed from the new economy.
Large scale corporate layoffs and poor job prospects for college graduates have led to an increase in the number of people starting their own business. The new breed of entrepreneur seeks financial independence. The thought of being the boss makes the new business owner smile. Unfortunately, in a short period of time the reality of owning a business sinks in.
• How will I make payroll, pay taxes, pay the rent, pay my accountant?
• How do I collect the money my customer owes me?
• How do I pay for the new advertising campaign?
• How do I save for my retirement?
• How do I put in a pension plan to keep my key employees from leaving?
• How do I save up for my new house?
• How can I afford the new computer system?
• How do I obtain bank financing?
The list of bills is endless. Hopefully, you are fortunate and are able to escape the many problems many owners encounter on a daily basis. However, many owners end up running into financial problems. These problems may have been caused by poor planning or maybe a series of unfortunate events.
The recent Hurricane which hit New York City is an example, of an event beyond your control. Even companies which were insured were not reimbursed for damage caused by the storm. Maybe, the owner had insured the inventory but did not have business interruption insurance, which is a policy which covers loss of income in the event the business has been closed.
The brutal fact is despite the best intentions and planning many owners have financial difficulties. If you find yourself dealing with creditors who will not leave you alone because you are late on payments, or maybe an attorney has filed a lawsuit against your company. You need to find a way to solve the issue in an expedient fashion. The longer your financial issues are left unattended, the more difficult it will be to resolve the situation.
Business Advisory Center is dedicated to helping small business owners find their way out of debt. They are experts in preparing a settlement proposal, which includes a review of the company’s financial situation, and preparing a settlement offer to the creditor or creditor’s representative, which may be in collection agency, attorney or the creditor company itself.
The offer is made within the parameters of what your company can afford. As most companies which are having financial problems are not in a position to settle all the debts at once, we help you prioritize the most urgent debts first. The objective is to settle what is necessary to help you through these tough periods.
Business Advisory Center has been providing debt relief for small business since 1997. We understand the collection process and have a comprehensive understanding of the amount that the opposing party will accept in settlement. They prefer to resolve a legal dispute with your business prior to going to court. Pursing legal action is costly, time consuming and may yield nothing in the end. An amicable debt settlement is in all parties’ best interest.
BAC has been settling past due payable, collection cases, lawsuits, judgments, loans and leases out of court since 1997.
We invite you to contact Business Advisory center for a complimentary consultation. You can also check the frequently asked questions page.