Business Doctor

How to Turn Your Headache Business into a Debt-Free Money Machine

by Arnold S. Goldstein

Number of pages: 224

Publisher: Garrett Publishing

BBB Library: Entrepreneurship

ISBN: 978-1880539255

About the Author

Arnold S. Goldstein has been an insolvency lawyer and turnaround specialist for most of his working life and has helped rescue hundreds of failing businesses.


Editorial Review

This book, loaded with fascinating examples of turnaround successes, is essential for every business owner. From a synopsis of why companies fail, to ways to resolve creditor problems, its strategies should be read by anyone with a faltering business.

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Wisdom to Share

Panic and confusion are normal when your business goes bad, but you'll get over your confused thinking more quickly if you learn how to clear your head so you can think straight.

Negative thinking spawns only emotional decisions, which are always irrational decisions.

Failing companies must rely upon unconventional strategies that go contrary to Management 101 principles. You can't think mostly about profits, as do well-heeled managers.

While a survivor must manage, a manager seldom needs sharp survival instincts.

Big corporations organize in-house management teams to oversee their debt restructuring. Smaller companies rely more on their professional advisors, who better understand the workouts and can design a more objective and workable financial arrangement.

Debt workouts are the product of good negotiating skills.

A successful loan bailout involves more than numbers, or even legal and financial one-upmanship. Those things provide the framework within which to tackle the problem loan, but loan workouts are still very much a people game. Personalities and psychology are important ingredients.

Every successful loan workout represents a logical solution to a bad situation between the borrower and the lender. It takes a borrower and lender, working together in good faith, to find that logical solution.

While there are plenty of doors, the odds of knocking on the right door can be absolutely staggering.

A mismatch between lender and borrower occurs when neither knows enough about the other.