This makes sense when you consider it. What numerous enterpreneurs don't understand, and what they don't find out until they are halfway down the road, is that chapter 11 bankruptcy is costly. You must make clear, in an acceptable fashion, your need for the money and its specific use. To buy some time for drafting your debt reformulation plan, your must calm your seller and creditor base. You must document your company rationale for each individual's dismissal. When you're the weaker party, hold the meeting at the seller's or property holder's office. When you are an unwilling successor, get out of the small business right now. Unquestionably, you might not agree to all the services they advise, but remember there is always room for negotiation and discussion as this is your business. You should develop this as clear as possible in a single document. Your family pays you to develop the tough determinations, and you will never have a tougher choice than separating a family member. You will be a hero to your family, your board, your backers and your personnel.

Use Restructure Enterprise Road maps and Return to Profitability. With this process, you bargain a cut in your debt with a financier or merchant, extend your payment terms and increase your credit line. Your enterprise recovery plan also should detail which personnel and departments are responsible for responding to specific situations. Typically, I would suggest that you layoff any weak worker on your team quickly, but this isn't the case with the Chief Sales Officer.