Businesses can become financially distressed and face challenges with solvency and potential bankruptcy. Business owners in this situation may be able to cut costs, tightly manage cashflow, and return to profitability. Sometimes they need to renegotiate debt, attempt to sell business assets, or ultimately dissolve the business. There may also be personal liability concerns for owners and officers. Today’s guest Charlie Goodrich helps businesses navigate these situations and achieve as favorable an outcome as possible.

More specifically, this episode includes:

• Definitions of bankruptcy, solvency, and related terms
• The process of dissolving when you have no secured or personally guaranteed debt
• The process when you have personally guaranteed debt or various kinds of lenders and investors
• Formal bankruptcy and alternatives to the formal bankruptcy process
• Examples of dissolving small businesses
• Personal liability concerns for owners and officers
• Managing bank lenders when your business is becoming distressed
• Being a vendor to a customer who is bankrupt

Charlie Goodrich can be reached at 781-863-5019 or charlie@goodrich-associates.com.

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Running a business is so hard that most go out of business within 5-10 years. There are many risks and factors outside your control. Today’s guest Bill Flynn shares his insights about several areas business owners can control and how you can position your business to overcome those odds to thrive with long-term success.

More specifically, this episode includes:

• Creating a Brain-Friendly Organization
• Conducting Effective Meetings
• The 80/20 Rule in Business
• Cash Flow is King
• Avoiding Leadership Bottlenecks
• Strategy and Execution are the Same Thing
• Start with an Articulated Vision

Contact gest Bill Flynn at catalystgrowthadvisors.com

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Healthy businesses have an established business model in which most new incremental hires produce profit for the business. Payroll expense can be viewed as an investment that yields a profitable ROI. Usually a hiring decision boils down to a question of how much more revenue do you need to sell in order to afford a new hire. This episode helps answer the question of whether you can afford to hire an employee.

More specifically, this episode includes:

• Viewing Employees as Profit Centers
• Return on Investment vs Affording a Hire
• How Much Do You Need to Sell to Afford a Hire?
• How Much Does a Salesperson Need to Sell to Pay for Themself?
• How Much Must the Business Grow to Hire a Manager?
• Labor Value Multiple
• Forecasting; Fixed & Variable Costs

Download the employee Hiring ROI Workbook using this link

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/