Preparing for Your First Business Bankruptcy Interview
Important questions to ask yourself and think about. Think about the following questions and how you would answer them:
1. What are the problems I need to solve to make this company worth saving?
*** Not enough sales?
*** Costs too high? If so, which ones? Are any of them something I can do something about?
*** Creditors suing me or banks threatening foreclosure?
2. How much money/what else will it take to make those solutions happen?
3. Can the company even survive as a profitable business?
4. What caused the present problems? Are those problems still present? What can be done to make them go away?
5. Is there a business that the company could do well at, making money? If so, how much do I think that profit would be? If Part of the company is losing money, are there other parts can make money?
6. How much would I pay for this company if I were to buy it, free of any debt?
Important Documents to Assemble and Bring for Your First Meeting:
a. Copies of any loan documents esp security agreements or mortgages, from banks
b. Copies of any leases, or personal guaranty documents
c. Last financial statement, and last tax return
d. Any notices from taxing authorities for last two years.
e. Any appraisals or inventories of assets
f. If union employees, copy of any collective bargaining agreements.
g. Summary of aged accounts receivable.
h. Any papers for any suits that remain unresolved or with an unpaid judgment
i. Accounts receivable reports
*Free consultation for individuals and most small businesses. A follow up meeting may be required. We reserve the right to charge for consultations involving review of existing cases, divorces or litigation.