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WE SOLVE FINANCIAL PROBLEMS. We help businesses, farmers, and individuals get a fresh start. We accept and welcome referrals from clients, lawyers, and other professionals. WE HELP QUICKLY.
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"David Krekler and his great staff helped us get through a tough real estate purchase back in 2011-2012 in Cave Creek AZ. The seller was from out of state and worked in yet another state. At one point we had 4 different attorneys assisting us in this complex purcase and Mr Krekler stuck right with us and got the job done! Will still live in our home and are very happy here."
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We solve financial problems for small businesses. We keep businesses in business.
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Recent Activity
Many businesses in your industry, and other similar industries, are hurting. Bridal vendors, like caterers, limousine services, and wedding venues, all have taken great financial losses as a result of the pandemic.
For example, President Tuxedo, a popular tuxedo rental chain in the Ohio and...
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Many businesses in your industry, and other similar industries, are hurting. Bridal vendors, like caterers, limousine services, and wedding venues, all have taken great financial losses as a result of the pandemic.
For example, President Tuxedo, a popular tuxedo rental chain in the Ohio and Kentucky area, closed without warning, leaving many people in the lurch. Others have filed Chapter 11 bankruptcy, including tuxedo rental businesses like Men’s Wearhouse and Jos. A. Bank (Actually the owner, Tailorerd Brands, filed for Chapter 11 protection).
So assuming that you want to remain in business, what will you need to do? It is a two-step process. The first step is to maintain liquidity. Plan now. Get as much credit available as possible. Possible sources could include cash reserves, credit and loans, and even credit card use. Your family may provide a line of credit, but you should be careful here because we do not yet know when the pandemic will lift and whether or not your business will have enough liquidity to survive.
This same caution applies to borrowing if you use your personal collateral, such as home equity lines.
Investigate all available government money. Last year saw the PPP roll out, and the second phase is now available. We are strong advocates for using the Economic Disaster Injury Loan program through the SBA. Your state and local governments and civic organizations may also have funds available.
Don’t forget to collect outstanding accounts receivable. Sometimes these are ignored and can be a source of ready cash.
Delay all payments you can. Try to reach voluntary adjustments with landlords and suppliers. Even without an agreement you may be able to simply delay payments to many creditors. Be careful in doing so, to make sure you are not incurring penalties which are not beyond a price you are willing to pay for the credit.
Reduce or eliminate all non-essential expenses. Look into debt refinancing.
The second step to keeping your business will be solvency. This might well involve some form of reorganization. We have represented numerous businesses engaged in industries like yours, particularly caterers and limousine services. We have also represented others in the travel industry, who are also being hard hit now.
There are various bankruptcy solutions available. Which will work best for you will depend upon your circumstances. We are big fans and advocates of the subchapter V form of Chapter 11. For more information read our newsletter article from a year ago , or an article which the Wisconsin State Bar asked me to write https://www.wisbar.org/NewsPublications/InsideTrack/Pages/Article.aspx?Volume=12&Issue=1&ArticleID=27422
. These Sub V reorganizations are proving to be very effective.
Finally, keep in mind that there are always ways to achieve your goals. Exactly how to do that is beyond the scope of this reply. Good luck.
