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1. Free Ebooks DownloadFree Ebooks Download Mba EbooksMba Ebooks By EdholeBy Edhole Mba ebooksMba ebooks Free ebooks downloadFree ebooks download http://ebooks.edhole.com…
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  • 1. Free Ebooks DownloadFree Ebooks Download Mba EbooksMba Ebooks By EdholeBy Edhole Mba ebooksMba ebooks Free ebooks downloadFree ebooks download http://ebooks.edhole.com
  • 2. Ending the VentureEnding the Venture Chapter 17Chapter 17 http://ebooks.edhole.com
  • 3. Bankruptcy OverviewBankruptcy Overview  Statistics on BankruptcyStatistics on Bankruptcy  FrequencyFrequency  Breakdown of typesBreakdown of types http://ebooks.edhole.com
  • 4. Lessons from BankruptcyLessons from Bankruptcy  Don’t diversify too muchDon’t diversify too much  Bankruptcy only protects from creditorsBankruptcy only protects from creditors  Can be difficult to separate owner andCan be difficult to separate owner and companycompany  Don’t wait too longDon’t wait too long  Don’t hide itDon’t hide it http://ebooks.edhole.com
  • 5. Bankruptcy Act of 1978Bankruptcy Act of 1978  PurposePurpose  Three types of BankruptcyThree types of Bankruptcy  Chapter 11Chapter 11  Chapter 13Chapter 13  Chapter 7Chapter 7 http://ebooks.edhole.com
  • 6. Chapter 11- ReorganizationChapter 11- Reorganization  Least severeLeast severe  ProcessProcess  Present casePresent case  Design a planDesign a plan  ExtensionExtension  SubstitutionSubstitution  CompositionComposition  Divide interestsDivide interests  If affected, tell howIf affected, tell how  AgreementAgreement http://ebooks.edhole.com
  • 7. Surviving BankruptcySurviving Bankruptcy  Can be used to restructure and reorganizeCan be used to restructure and reorganize  Don’t file for Chapter 11, unless you mean itDon’t file for Chapter 11, unless you mean it  Be prepared for creditor’s to examine financialBe prepared for creditor’s to examine financial statementsstatements  Understand the process and what is protectedUnderstand the process and what is protected  Transfer litigation to bankruptcy courtsTransfer litigation to bankruptcy courts  Prepare realistic financial planPrepare realistic financial plan http://ebooks.edhole.com
  • 8. Prepackaged BankruptcyPrepackaged Bankruptcy  Settle debts before legal proceedingsSettle debts before legal proceedings  ProcessProcess  Creditor BenefitsCreditor Benefits  Other Applicant BenefitsOther Applicant Benefits  Applicant DrawbacksApplicant Drawbacks http://ebooks.edhole.com
  • 9. Chapter 13- Extended PaymentChapter 13- Extended Payment PlansPlans  Sole proprietorshipSole proprietorship  Unsecured debt less than $100,000Unsecured debt less than $100,000  Secured debt less than $350,000Secured debt less than $350,000 http://ebooks.edhole.com
  • 10. Chapter 13Chapter 13  Order of priorityOrder of priority  Secured creditorsSecured creditors  Administrative expensesAdministrative expenses  Claims from business operationsClaims from business operations  Wage claims up to $2000Wage claims up to $2000  Contributions to employee payment plansContributions to employee payment plans  Claims by creditorsClaims by creditors  TaxesTaxes  General CreditorsGeneral Creditors http://ebooks.edhole.com
  • 11. Chapter 7- LiquidationChapter 7- Liquidation  Voluntary v. Involuntary BankruptcyVoluntary v. Involuntary Bankruptcy http://ebooks.edhole.com
  • 12. Reorganization StrategyReorganization Strategy  Successful strategySuccessful strategy  Prepare a planPrepare a plan  Sell plan to secured creditorsSell plan to secured creditors  Communicate with creditorsCommunicate with creditors  Don’t write checks you can’t coverDon’t write checks you can’t cover http://ebooks.edhole.com
  • 13. Keep Venture GoingKeep Venture Going  Avoid Excess OptimismAvoid Excess Optimism  Develop Effective Marketing PlanDevelop Effective Marketing Plan  Good Cash ProjectionsGood Cash Projections  Know the Market EnvironmentKnow the Market Environment  Identify Stress PointsIdentify Stress Points http://ebooks.edhole.com
  • 14. ““I Have a Bad Feeling About This”I Have a Bad Feeling About This”  Warning Signs of BankruptcyWarning Signs of Bankruptcy  Materials to meet orders are lackingMaterials to meet orders are lacking  Payroll taxes are not paidPayroll taxes are not paid  Suppliers demand payment in cashSuppliers demand payment in cash  Increase in customer complaintsIncrease in customer complaints http://ebooks.edhole.com
  • 15. ““I Have a Bad Feeling About This”I Have a Bad Feeling About This”  Warning Signs of BankruptcyWarning Signs of Bankruptcy  Lax financial managementLax financial management  Directors can’t explain major transactionsDirectors can’t explain major transactions  Deep discounts to customers to get moneyDeep discounts to customers to get money  Contracts accepted below standard amountsContracts accepted below standard amounts to generate cash flowto generate cash flow  Bank requests subordination of loansBank requests subordination of loans  Key personnel leave the companyKey personnel leave the company http://ebooks.edhole.com
  • 16. Other IssuesOther Issues  Starting OverStarting Over  Learn from MistakesLearn from Mistakes  Dealing with venture capitalists in a newDealing with venture capitalists in a new ventureventure  Reality of FailureReality of Failure  Consult with familyConsult with family  Consult with professionalsConsult with professionals  Don’t hang in too longDon’t hang in too long http://ebooks.edhole.com
  • 17. Business TurnaroundsBusiness Turnarounds  Recognize warning signs and act!Recognize warning signs and act!  ““Hand on” managementHand on” management  Have a planHave a plan  Get out and understand the problemGet out and understand the problem  Goals and objectivesGoals and objectives  ActionAction http://ebooks.edhole.com
  • 18. Exit StrategyExit Strategy  ““Getting out”Getting out”  WaysWays  Succession by Family MembersSuccession by Family Members  Direct SaleDirect Sale  ESOPESOP  Management BuyoutManagement Buyout http://ebooks.edhole.com
  • 19. Succession of BusinessSuccession of Business  To Family MembersTo Family Members  High failure rateHigh failure rate  Why?Why?  Plan components/considerationsPlan components/considerations  Owner’s roleOwner’s role  Family dynamicsFamily dynamics  IncomeIncome  Business environmentBusiness environment  Treatment of loyal employeesTreatment of loyal employees  IssuesIssues http://ebooks.edhole.com
  • 20. Succession of BusinessSuccession of Business  To Non-family MembersTo Non-family Members  Train existing employeesTrain existing employees  AdvantagesAdvantages  Equity issuesEquity issues  Can take timeCan take time  Hire a managerHire a manager  Equity issuesEquity issues  Job descriptionJob description  Succession in Non-family companiesSuccession in Non-family companies  PartnershipPartnership  Corporations/LLC’sCorporations/LLC’s http://ebooks.edhole.com
  • 21. HarvestingHarvesting  Direct SaleDirect Sale  ESOPESOP  Management BuyoutManagement Buyout http://ebooks.edhole.com
  • 22. Direct SaleDirect Sale  Most common harvesting methodMost common harvesting method  Time and planningTime and planning  PaymentPayment  BrokersBrokers  Agreement termsAgreement terms  Advisory roleAdvisory role  Competition preventionCompetition prevention http://ebooks.edhole.com
  • 23. ESOPESOP  Substitutes for pension planSubstitutes for pension plan  Highly regulatedHighly regulated  AdvantagesAdvantages  MotivationMotivation  LoyaltyLoyalty  Easier transfer laterEasier transfer later  Tax deductionsTax deductions  DisadvantagesDisadvantages  ComplexityComplexity http://ebooks.edhole.com
  • 24. Management BuyoutManagement Buyout  Direct saleDirect sale  ProcessProcess  MethodsMethods  CashCash  BankBank  Note to entrepreneurNote to entrepreneur  AdvantagesAdvantages  Selling stockSelling stock  Why would bank and investors support?Why would bank and investors support?  Public OfferingPublic Offering  MergerMerger http://ebooks.edhole.com
  • 25. Free Ebooks DownloadFree Ebooks Download Mba EbooksMba Ebooks By EdholeBy Edhole Mba ebooksMba ebooks Free ebooks downloadFree ebooks download http://ebooks.edhole.com
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