A profit sharing procedure can produce much sense in a restructuring environment, because you don't have to pay out cash unless there are some profits. During this time, you'll fill out and certify much paperwork for the legal forum. After reviewing the list of common problems, you may feel like you have just received a critique of your management of the corporation. Prepare this package of documents for bankers.

Most importantly, your outside auditor can file amended tax returns to get immediate money refund from taxes you paid when your firm was profitable. Some of these topics I briefly covered in Lesson 15 if you were looking for turnaround financing. * Recognize that most refinancings through conventional sources are going to be difficult to get because they are going to want you to pay them through available funds. A good outside Certified public accountant with turnaround experience can be a Godsend during a company catastrophe. For companies thinking about a public issue, I advise the following. * Assignment for the Benefit of People you owe (ABC) or Bankruptcy (My preferred liquidation process). However now you must account for all company property, look at all claims against the company and object to those you believe are invalid. The bank credit card enterprises won't want to go to trial because it are going to cost them much more than the balance you owe and because they just might lose the case. (It can furthermore make you marketable as a turnabout manager if you ever pick this career path.) The SEC are going to furthermore need to review a disclosure statement listed by the corporation to ensure people you owe and investors are receiving important information about your enterprise and its insolvency. * Create list of buyer and vendor talking points including who their account reps will be. This divergence of aims causes family turmoil that frequently flows into the workplace.