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  { Turnarounds }

 

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Business Turnaround

    Sometimes things don't always go as planned.  Sometimes a product, market, or industry changes, and what once worked is now no longer profitable.  Turnaround management services are provided to businesses experiencing any of the following symptoms:

  • Inability to consistently pay bills on time

  • Reduction in or loss of credit terms from vendors

  • Sustained financial losses over the past several quarters

  • Inability to meet payroll obligations on time

  • Accumulation of substantial debt, including past-due taxes (sales taxes, income taxes, payroll taxes)

  • Inability to draw a salary for your time and efforts in the business

    That last bullet-point is important.  If your company is not paying you, then you have a hobby, not a business.  If your company is only paying you a typical employee wage, you have a job, not a business.  A business is an investment vehicle.  While some would argue that an unprofitable "lifestyle business" might allow you to put food on the table while setting your own hours, we expect our clients to aspire to more.  Your business should provide you with the income, lifestyle, and investment returns of both an employee and an investor.

Business Closure

    Another often-neglected aspect of turnaround work is closing a business.  If you have decided to close your business, doing so in an organized, structured way can save you a substantial amount of money.  Even if you aren't sure yet, steps can be taken now to ensure you are in a much better position financially should you decide to close your business 12-18 months from now. 

    If your company is experiencing financial difficulties, the sooner you take action the better.  Many struggling companies can be saved, but hard choices must be made, and quickly.  Alton Consulting Group, LLC has experience not only in turnarounds but also business closures, and we believe you should know all of your options when evaluating your business' future.  For a no-cost, no-obligation consultation, contact us today.

 

 

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