Learn how HoganWillig is working to save and restructure struggling businesses
In today’s day and age, it is estimated about 50% of all small businesses fail within their first five years, according to the U.S. Small Business Administration Office of Advocacy. This figure may seem daunting, but many problems facing struggling businesses are fairly avoidable. Here, at HoganWillig, we have a dedicated team working to help businesses get back on their feet with services aimed to assist a company’s struggling finances, legal issues and more.
Thomas Hughes, Associate Attorney with HoganWillig, says one of the main problems with struggling businesses is not seeking help soon enough.
“The biggest issue is waiting too long to seek help. Businesses are often slow to admit they haven’t been doing things the right way. It takes a while for them to come to an attorney. Many businesses are reactive instead of proactive in financial planning during turbulent times,” Hughes said.
Another major issue concerning struggling businesses is a lack of proper record keeping. If one isn’t accurately recording where their money is going and where it’s coming from, it can create copious problems when it comes to their finances.
“Sometimes, (business) owners, themselves, don’t even know where they stand, what they’re actually making, or spending. They know at the end of the day they might have some money left over, but they don’t know why,” said Amanda Wyzykiewicz, an Associate Attorney at HoganWillig.
Hughes also agrees if a business is not keeping up-to-date records, they will be creating a bigger problem for themselves each and every day. A business absolutely needs to keep accurate records and the longer one delays seeking help, the worse it will be when they do reach out for assistance.
“It makes our job tougher if the record keeping is poor, and it will keep getting worse. Things don’t get less overwhelming they usually snowball,” he said.
If you’re a business owner, the question is, when is the best time to seek help if you feel your company is struggling? The answer is simple; the sooner the better. However, one must also realize they have a problem before they can begin to search for a remedy.
“If you look out 30 days, 60 days and you don’t know how you’re going to make it, it might be worth coming to see us. If you’re looking at the numbers and they’re not adding up, and you’re wondering how you’ll make payroll and get bills paid, come talk to us. Don’t wait that 60 days and say I didn’t make payroll.”
Once a business owner realizes they need assistance and comes to HoganWillig for help, the recovery process begins. First and foremost, a business owner needs to take a deep breath and look at all of their financial or legal troubles, according to Hughes.
Also, once you start the revitalization, it’s extremely important to be upfront about all of your troubles.
“Be honest with yourself and be honest with us,” Wyzykiewicz said. “Trust us with your information; we’re not here to judge you. We want to know what’s going on, that’s part of the relationship. We‘re looking to help you.”
The process of assessing a business’s problems and creating a plan to help save the business takes some time. However, each case is unique and there’s no set timeframe when it comes to planning and executing the steps to save a company. Depending on the state of your business, it could take years or months to begin seeing the scales tipping in your favor.
However, according to Hughes and Wyzykiewicz, there is a 100% correlation between the sooner a client comes and the sooner their business begins to improve.
Don’t be shy, though. You don’t need to be a struggling business owner to come see us. We highly recommend a “Corporate Checkup” for companies wanting to confirm they are on the right path to success. We may even uncover issues you were unaware of, and fix them before they become hazardous to your business’s health.
Currently, HoganWillig is helping several businesses recover and we’re taking new clients. We help small and large businesses, typically in the range of having four to fifty employees in markets anywhere from manufacturing to agricultural. Amanda and Thomas have a vast team of exceptional administrative assistants and other attorneys at HoganWillig to help with their business clients.
Our fees vary when it comes to assisting business owners; it’s a case by case process.
To learn more about HoganWillig and our services, please visit our website or Facebook account.
To get in touch with either Thomas Hughes or Amanda Wyzykiewicz regarding your business, please email email@example.com