Is Your Business in Trouble? An article on Business Turnaround

This month, MaineAhead is publishing a very interesting article on business turnaround and how 4 industry professionals can help Maine businesses. As one of my friends, a Portland bankruptcy lawyer said earlier this week, “a good article, the type of work that is necessary for the continued development of our industry and your practices”. I encourage you to read this roundtable and I would like to thank Mark Wellman and the MaineAhead team to give me (and OpusCG) a chance to express our views.

Here’s how the article starts…. “If your expenses are higher than your revenues, then your company is not well. Jacques Santucci, Mary Weickert, Dan Walsh, and James Ebbert offer potent medicine, though it may be hard to swallow.

In 2006, a mere 1,250 businesses filed bankruptcy in Maine. Since then, bankruptcies have more than doubled, with an all-time high, so far, of 4,100 in 2010. That’s a lot of Alka-Seltzer. Some economists say having some businesses close is ultimately good for the marketplace. It’s a way of correcting excesses, thinning the herd, a pecuniary version of Darwin’s survival of the fittest. Small comfort to the businesses’ owners and employees. In a state like Maine, where small enterprises are the norm, the fall of a business is all of life’s top stressors rolled into one. Financial hardship. Job loss. Moving. Divorce. Breakup of the family. Death of a loved one. People who spend more time together than they do with their own kin, who sometimes have solved problems together for decades, are unceremoniously dispersed. All the things the company provided—products, services, jobs, business for other businesses—go poof. The four experts in this roundtable don’t like “poof.” They want to help troubled Maine businesses turn the corner….”

I let you read the rest …. Or give us a call to discuss it. Stop by our office.