Have you ever found yourself in a situation where you think you cannot make the right decision and desperately need to turn to someone for advice?
You have a family business which has been in operation for more than two decades. However due to the economic crisis in recent years your company was severely affected and has been losing money for two years now. You have a very difficult time deciding what to do with your business because of your employees who have become like family to you. You know you cannot just close shop and file for bankruptcy because these very dear people will be left out in the cold. What will happen to their children if they lose their jobs? On the other hand, what will happen to you if you continue operations fully knowing you are at the losing end? Who can help you make the right decision?
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Business-wise, you know it would be a hopeless case to keep the company open. However, your faith in the loyalty of your employees make you want to go on. They tell you they are willing to sacrifice even if they do not get their salaries on time. Some say they are willing to forego payment of their salaries just to get the company back on its feet. What then can you do in the face of the steadfast support of these wonderful people?
You decide to get the services of a lawyer who will help you decide what steps to take in turning your business around. You discover that you may be given a chance to be profitable again under the Chapter 11 bankruptcy of the Bankruptcy Code. This law states that you may continue to run your own company but under the strict supervision of a bankruptcy court. All important decisions regarding the business will have to be approved by this legal body. Examples of big name companies who underwent Chapter 11 filings are Kmart and Enron. You should hire an attorney who is well-versed in this type of case because of its complicated nature. You definitely cannot do it yourself. It is the lawyer's job to do the numbers, restructuring, etc.
With your lawyer's assistance and with the unwavering trust of your employees in you, slowly but surely you can make your business profitable once more. The steady conviction of your staff motivates you and you know you will not disappoint them. You realize the truth in the saying that "faith can move mountains".
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