Did you know that 45,000 businesses in the United States fail each month? And that 44 percent of small businesses used credit cards as a source of financing in 2008, compared to 16 percent in 1993, according to the Small Business Administration? Learn how to take a proactive approach to managing your debt and creating cash flow with out borrowing money. Join the National Restaurant Association, Nation's Restaurant News and SettleSource, Inc. for this free one-hour event. Learn more at http://bit.ly/dqfzkI .
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
Matthew Gaude • FSC Securities
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Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
Matthew Gaude • FSC Securities
- Gaining the peer-to-peer advantage: The 2015 NAAIM annual conference highlighted the importance of collaboration by Linda Ferentchak
- Debate over valuations heats up
- Fundamentalists vs. technical analysts by Martha Stokes, CMT
- Marketing the unrealized potential of 403(b) plans (Ryan Finnell, Retirement Tax Advisory Group)
Drew Tulchin talks about how to finance green businesses in the U.S. in terms of capital options and sources in the 2010 November edition of Green Fire Times.
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Expense Reduction Analysts guide to cost reduction in the area of Banking and Finance. Covers credit card transactions and fees; service charges and finance processes.
More than half of all small business used some kind of business credit last year as working capital. Find out how you can manage exposure. Get solutions for your cash flow needs from Christine Janklow, president, SettleSource, Inc. and David Gass. president, Earn.com. Learn more at http://bit.ly/aHxjc0 .
Drew Tulchin talks about how to finance green businesses in the U.S. in terms of capital options and sources in the 2010 November edition of Green Fire Times.
A recent behavioral finance webinar from Unified Trust delivered by Dr. Gregory Kasten. Link to the replay can be found below.
http://bit.ly/BehavioralFinanceWebinar
Expense Reduction Analysts guide to cost reduction in the area of Banking and Finance. Covers credit card transactions and fees; service charges and finance processes.
More than half of all small business used some kind of business credit last year as working capital. Find out how you can manage exposure. Get solutions for your cash flow needs from Christine Janklow, president, SettleSource, Inc. and David Gass. president, Earn.com. Learn more at http://bit.ly/aHxjc0 .
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Rather than shy away from some of the more efficient non-core funding techniques, we believe it wise to make certain your Board and your Examiners understand what is being accomplished through the use of wholesale funding tactics and our third webinar on the ALCO Process is designed to describe an approach to this issue. We will provide guidance on:
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The research was conducted by Ebiquity and based on 500 interviews held July 20-27. Research was completed online among owners and managers of U.S. small businesses that have attempted, either successfully or unsuccessfully, to secure funding for their company through business financing channels.
The forecast was prepared by Emergent Research, based on existing assessments of the small business credit market outlined in the Harvard Business School paper, “The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game.” The forecast assumes moderate U.S. economic growth averaging 2-3 percent over the forecast timeframe.
Approaching Your BankerTips1. Keep in mind tha.docxrossskuddershamus
Approaching Your Banker
Tips
1. Keep in mind that to stay in business banks need to make loans.
Do not be afraid to ask for one. That is what the Commercial Account Manager wants you to do. To increase your chances of getting a loan, look for a bank that is familiar with your industry and who has done business with companies like yours. Seek out banks that are active in small business financing. Some banks lend on a conventional basis (lending money without government support), while some banks participate in government programs (in the form of government participations involving direct government funds or loan guarantees). However, be aware that banks often demand stiff collateral requirements for start-ups.
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A practical action plan and other things to consider in restructuring business debt
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Ask yourself these questions . . .
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These and the following questions are a self
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Bill Handel, vp of research at Raddon Financial Group, reviews the current regulatory environment and discusses the challenges and opportunities, identified at the recent CEO Strategies Group workshops, that lie ahead for credit unions.
How much do you know about H1N1? Find out:
• Why it caused a pandemic.
• How it’s transmitted.
• What the symptoms are.
• How long it can survive on restaurant surfaces.
Don’t miss this opportunity to get tips to prevent flu viruses from spreading among employees and customers. Find out what you can do now to prepare for fall flu season in this one-hour, NRA members-only webinar. This invaluable education session, developed with Ecolab, will show you the potential impact of a pandemic and how to educate employees and guests about possible risks. Listen to the archived recording at http://bit.ly/avLwHX .
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In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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Debt Management: The 3 R's to Surviving a Recession
1. Debt Management
The 3 R’s to Surviving the Recession
Wednesday, Dec. 9, 2009 at 2 p.m. EST
Moderator:
David Koenig, director, tax & profitability, National Restaurant Association
Panelists:
Christine Janklow, President SettleSource, Inc.
Sarah Lockyer – Financial Editor Nations Restaurant News
2. Disclaimer
As part of the Association's continuing effort to educate and inform webinar
participants, NRA members and the public, the Association has arranged
these webinar sessions. Speakers and webinar Presenters are solely
responsible for the content and accuracy of any materials they present; that
the same contain no libelous or unlawful matter; and that they either own or
have the right to use/distribute any materials presented at the Association
webinar. Speakers and Presenters are also solely responsible for any
statements and remarks they make and present. The Association does not
give any opinion on or assume any responsibility for the content of any
Speaker or Presenter's remarks, content or materials.
3. Introduction
Today’s turbulent global economy has reduced sustainability
throughout the business community.
With large corporations and financial institutions receiving bailouts
and even filing for bankruptcy protection, business confidence
may be at its lowest point in decades.
Effects are widespread and have lead to significant erosion in
consumer spending, thus leaving thousands of small businesses
in peril.
Is there any light at the end of this tunnel?
Yes! Proactive positioning can make all the difference between
survival and demise. An old adage says it best, “No one plans to
fail, we just fail to plan.”
4. Three R’s to Surviving the
Resourcefulness: Necessary for businesses at
Recession any stage. The ability to take what is
In an effort to illuminate the available and make it better.
reasons many businesses of
all sizes are struggling we
Resilience: What makes difficulties survivable.
will cover both the causes
Much of what makes a business resilient is it
and effects of what can
culture, attitude and preparedness for the
disable any business from
unplanned.
thriving.
No matter the cause, at the
core of turning things Recovery: The will and ability to find a way
around, there are three through difficult times and keep focused on
common strengths referred the end goal of repairing and growing
to here as the “3 R’s” that stronger than before.
are key to surviving.
These are part of
entrepreneurial DNA, so use
them and maximize them to
elevate your situation
5. Five Reasons Businesses Fail
1.Loss of Revenue- Income is the reason most are in business, lost
income and declining customer base may be due to circumstances beyond
your control or other attributable factors, such as:
• The current economic climate.
• Your product pricing vs. competitive pricing
• Reduced traffic to your location(s)
• Declined customer spending (average tickets)
2.Poor Business Models – While losing revenue is problematic, it is most
often because the original or existing business model is no longer viable.
• Business planning (and measuring) is essential to insure that opportunity
and competitiveness are optimized.
• A business model must also be executed properly for the entity to realize
revenue.
6. 3. Management/Operational Issues – As it goes, entrepreneurs by
nature may not possess (or employ) the proper balance between
ownership and management skills to balance internal and external
dynamics that affect overall operations.
• If internal management is insufficient, the effects are usually strongly and
adversely reflected upon the bottom line.
4. Lack of Capital – To start and sustain, all businesses must have
sufficient working capital.
• As is often recommended in individual financial planning, a business should
strive to maintain a balance sheet that can support 3-6 months of payroll
and operational expenses.
• Doing so is paramount in insuring a cushion will exist to manage unforeseen
loss or crisis.
7. 5. Credit/Debt Issues – Many businesses have relied on access to
easy credit in the forms of lines of credit, credit cards, loans and
home equity lines of credit, to finance their businesses.
• Small businesses are now struggling as a result of tighter lending, high
rate credit cards, reduced lines and maturing loans, leaving many heavily
burdened with mounting and high cost debt.
• If there is a true culprit of financial distress it is DEBT. When there are
payments due monthly even the smallest slump in the economy can
signal the end of a business.
I will discuss some facts about credit/debt and alternatives to
provide relief and substantially reduce debt exposure during
our discussion today.
8. Small Business and Debt
Debt Distressed or Reasons for Small Business Closures
Underperforming Business
Debt Statistics
*20% estimated by Federal Reserve statistics for total credit card debt 2009 **Small Business Administration 2006
Closure stats Source: BusinessWeek-Data Buccino & Associates Independent study
US Bankruptcy Statistics (+ increases from 2007)
9. Debt: How much is too much for my business?
Any debt can be too much for a business not generating multiple times the principal
and interest payments in added net profits attributable to the use of borrowed funds.
This table illustrates acceptable levels of debt to capital for selected industries.
Source: Standard & Poor’s
10. Small Business Financing Type Percentage
Credit Cards 59%
According to the National Small
Earnings of Business 51%
Business Administration 2009 Bank Loan 45%
Small Business Credit Card Vendor Credit 30%
Survey; This table describes Private Loan (Friends or Family) 19%
the most common methods of Used no financing 19%
financing used (within the last Leasing 7%
12 months) to meet capital Small Business Administration 5%
(SBA) loan
needs among its respondents. Factoring (Pledging Accounts 1%
Receivable)
Private Placement of Debt 1%
Private Placement of Stock 1%
Public Issuance of stock 0.5%
Source: NSBA 2009 Small Business Credit Card Survey
11. Capital Constraints
Credit cards are the leading source of small business financing. Credit cards
facilitate easy access to capital, especially in the early years of a business. Small
business owners have the least access to capital and are often left no alternative
but to fund by way of revolving credit.
This chart illustrates how capital constraints can affect businesses.
Source: NSBA 2009 Small Business Credit Card Survey
12. Capital Trends for Hospitality
Lending is still frozen for many: Look to regional banks, equity deals,
equipment financing or landlord incentives for needed capital.
National lenders and major banks are still saying no
Seek debt-to-equity deals: There are investors on the sidelines that
are willing to partake in this.
Granite City was the latest to do this successfully
Don't forget about angel investors or stealth capital.
Redstone American Grill is expanding via investors that agree to finance the building of
restaurants and the operator agrees to manage locations for a fee
Source: Sarah Lockyer, Finance Editor Nations Restaurant News
13. Capital Trends for Hospitality – Cont.
Continue to trim costs: With such reduced sales across the board, operations need to
adjust to a new reality –
Close underperforming locations
Renegotiate leases
Trim labor (but don't disrupt service)
Review every P&L line item, work with suppliers to find new, lower-cost menu items
Use technology to help drive efficiencies [California Pizza Kitchen, Ruby Tuesday, Wendy's have made great
strides here.]
Look for ways to provide Value -- a must have in today's market. While it’s a struggle
to operate today, consumers are looking for value above all else.
Operations that will succeed will offer lower prices, additional deals, added value to a
meal, additional services, specials, etc.
Join a purchasing co-operative.
Smaller restaurants have been banding together in various regions to create more buying power among
suppliers through purchasing co-operatives.
Source: Sarah Lockyer, Finance Editor Nations Restaurant News
14. Survival Kits for today’s tough economy
The Bellwether Food Group a firm primarily focused on strategy development and
implementation with both Chain Restaurant Operators and Foodservice
Manufacturers provides these key suggestions to retain and improve your
customer base:
Stay true to your brand and customers
- Don’t try to be all things to all people – know who your loyal
customers are and consistently exceed their wants and needs
Innovation that supports your brand essence is critical to success
- Products should reflect what your core consumers have loved about your menu
- Your most loyal consumers want to experience new news
Service the heck out of your loyal customers
- The last thing you want to do is cut back on service
- The most successful chains are improving their service rating to their core
consumers
Source: Bellwether Food Group
15. Survival Kits for today’s tough economy- Cont.
Bellwether’s Jon Jameson says:
“These times demand developing new menu items and LTO’s (Limited time
offers) that your loyal consumers expect and want, at price points that
reflect the current reality of the economy, while most importantly, reflecting
the quality, integrity and flavors that your consumers demand from you.”
“Although business has been difficult and revenues are down, the best brands
and restaurants have a laser focus on exceeding consumer expectations in
quality of products, customer service and new innovation.”
Source: Bellwether Food Group
16. Survival Kits for today’s tough economy- Cont.
Analyze your P&L to save pennies without ever reducing the overall
experience of your core consumers
Stay connected with your customer feedback – consistently find out how
you are delivering the guest experience
- Simple customer comments cards or ask them to go to your website and fill our a
score card on their experience
- Every week, study the guests data and determine how you can make it better the
next
Tough economic times are the best times to renegotiate contracts, leases
and purchases
Source: Bellwether Food Group
17. Debt Management
• In this section we will focus on two types of
debt; Vendor and Supplier and (Business)
Credit Cards
• We will discuss options to resolving Business
Debt and provide specific examples of how
various methods can provide relief.
Source: www.settlesource.com
18. Five Options for Dealing with Debt
1. Pay as agreed – in full, on-time and according to payment terms.
2. Re-negotiate new terms –
– Lowering payment amounts
– Lowering interest rates
– Extending payment terms
3. Consolidate – or “transfer” debt through low interest (secured) loan
4. Settle Debt – a method of paying reduced settlements though
negotiating balances owed
5. Bankruptcy – a legal means of seeking partial or total debt
forgiveness
Source: www.settlesource.com
19. Coming to terms with Debt
As in other areas of our lives and business, once we acknowledge a problem or issue and its
causes, we are more empowered to deal proactively to find solutions. Depending on your
attitudes toward money, business image and using credit for capital it is common to:
1. Feel embarrassed if your business suddenly –
– Is unable to meet it monthly obligations with creditors
– Is subject to diminished credit by existing creditors
– Has been denied credit
2. Keep borrowing – in better economies we were able to cover mistakes easily by
accessing more debt to pay old obligations. This only increases the problem.
3. Do Nothing – Because we can become easily overwhelmed by misinformation or our
general outlook about a problem. We continue business as usual in hopes that thing get
better.
4. Close or file for Bankruptcy – We also can be propelled by fear into seeking
protections that may far exceed the actual responses necessary to fix the situation.
Source: www.settlesource.com
20. Coming to terms with Debt
It is important to acknowledge -
1. DEBT DOES NOT = DISASTER, DEMISE OR FAILURE!
2. YOU ARE STILL SUCCESSFUL!
– You and your business were once and may still be worthy and successful enough to
acquire the trade lines that have helped you grow and operate.
– Acknowledge how things have change and what will be needed to recover
3. BE WILLING TO TAKE ACTION!
– There are actions you can begin to take now to improve your finances and
reduce your debt!
4. SEEK THE HELP OF A PROFESSIONAL!
– There are many financial advisors, turnaround experts, commercial debt counselors
and settlement companies that can take the burden off you by providing appropriate
advice and services
Source: www.settlesource.com
21. Minimizing Debt ACME Prepared Foods Monthly Cash Flow Analysis
CASE STUDY: Cash Receipts $90,000.00
ACME Prepared Foods* – Monthly Expenses
Purchase for Resale (51.4%) $46,260
Situation: Experiencing a drop in annual
Rent Building & Equipment $8,500
sales revenue of 31% from last year.
Salaries $24,400
Annual Revenue: $1,150,000 Payroll Taxes $3,250
Accounting Legal $1,200
Annual Expenses: $1,240,200 Advertising $1,600
Operating Office Supplies $5,367
Net Revenue: ($90,200) Insurance $1,250
Utilities/Phone $2,726
This exercise will get into how to create Auto Expense $694
cash by creating a repayment plan on Miscellaneous $175
vendor/supplier expenses to help
Other Loans/Credit Cards $1,429
improve cash flow. While beginning a
reorganizing plan to reduce overall Bank Loans (Principal) $5,667
expenses. Bank Loans (Interest) $830
TOTAL MONTHLY EXPENSE $103,348.00
Table 1.1 CASH FLOW FOR MONTH ($13,348.00)
*Fictitious Example
22. Creating Cash without Borrowing
In order for ACME to improve its cash flow, a vital step is to determine a repayment
plan for creditors it is late in paying or not able to pay in full. This will alleviate
pressures and risks due to aging or unpaid accounts.
Most importantly it will provide operating cash and valuable time to work out a
solution for the business, its top priority!
ACME begins by selecting its largest open accounts for the month. It is going to defer
payment on these accounts. The goal is to defer the maximum amount to allow a
plenty of cushion and time to reorganize.
Source: www.settlesource.com
23. Repayment Plan
Table 1.2 on the next page, lists the total amount owed to each creditor, past due
and days late.
Step 1: ACME will divide the total amount owed by the maximum number of
payments it calculates each supplier is willing to accept.
Step 2: As ACME will notify each creditor in writing the reasons a payment plan is
needed and specific steps it will take to fulfill it obligations with each creditor, they
must:
Be careful not to offer payment terms that can not be met
Establish relationships with back up suppliers prior to negotiating with selected
creditors
Keep a few suppliers paid on time to use as future credit references when needed
Negotiate with suppliers for better pricing, asking for discounts for COD or cash
payments
24. ACME’s Creditor Repayment Plan
Table 1.2
Creditor Total Owed Amount Past Due Days Past New Monthly No of PMTS Deferred PMTS
Due Payment CASH FLOW
CREATED
Creditor A $75,445.00 $40,074.00 90 $6,287.08 12 $69,157.92
Creditor B $16,500.00 $12,750.00 120 $1,375.00 12 $15,125.00
Creditor C $7,325.50 $5,420.00 30 $610.46 12 $6,715.04
Creditor D $3,898.24 $2,435.00 90 $433.13 9 $3,405.11
Creditor E $5,834.02 $4,300.00 120 $972.33 6 $4,861.69
Creditor F $1,524.69 $963.00 30 $169.41 9 $1,355.28
TOTALS $110,527.45 $65,942.00 $9,847.41 $100,620.04
Example: Creditor A is owed $75,445.00, Acme will offer repayment
in 12 equal installments of $6,287.08 each and include payment of
first installment along with its written notification to Creditor A.
25. BEGINNING CASH ($13,348.00)
Created Cash Flow CASH RECEIPTS $90,000.00
TOTAL CASH AVAILABLE $76,652.00
By establishing a repayment plan
with its vendors/suppliers ACME Monthly Expenses:
has achieved a realistic expense Payments to Vendors (Repayment Plan) $9,847.41
budget. Its beginning negative cash Purchases (Non-deferred) $2,456.00
flow ($13,348) has now been Rent Building & Equipment $8,500
nullified by the new repayment Salaries $24,400
schedule. Payroll Taxes $3,250
Accounting Legal $1,200
Instead of paying over $46,000 for Advertising $1,600
current purchases plus trying to Operating Office Supplies $5,367
repay past due invoices, ACME Insurance $1,250
pays only $9,847.41!
Utilities/Phone $2,726
Auto Expense $694
This leave a substantial $20,608.59 Miscellaneous $175
cash flow without reducing any Other Loans/Credit Cards $1,429
other expenses.
Bank Loans (Principal) $5,667
Bank Loans (Interest) $830
Most importantly the loss of
TOTAL MONTHLY EXPENSE $69,391.41
$13,348.00 has been eliminated!!
CASH FLOW FOR MONTH (Created cash without Borrowing) $20,608.59
ENDING CASH $ 7,261.00
Table 1.3
26. Renegotiating Leases This is an example of a percentage based lease
As most lease negotiations are designed to protect this company from large
influenced by the economic climate, cash outlays during bad months and gives
now might be optimal to achieving
the landlord incentives during better months
favorable concessions with
landlords.
Company A: Sales down 60% from $58,000 monthly
Some tips to approaching a landlord to $23,000 in just six months.
are:
-Troubleshoot by carefully reviewing your lease
contract before negotiating
In this extremely distressed and volatile case,
protecting cash flow may require Company A to
-Be organized and have financial statements in negotiate and its tie rent to graduated sales
hand volumes
- Be open and honest Example A: Incentive only lease structure
-Make sure they understand that it is impossible Current Base Rent: $1,800
for you to continue with present lease terms
2% of sales less than $19,999
-Let them know (if true) that closure or more
drastic measure may be necessary without a 3% of sales of $20,000 - $39,999
new arrangement
4% of sales of $40,000 - $59,999 (cap)
-If possible provide landlord an incentive
27. Changes In Credit
These are the most common
changes experienced by
business card holders as
made by their credit card
companies since 2008
These changes can wreak
havoc for business card
holders and prompt the need
for changes that will
accommodate repayment or
prohibit non-payment.
Source: NSBA 2009 Small Business Credit Card Survey
28. Dealing with Unsecured Credit Cards
As over 59% of small businesses utilize credit cards for daily purchases. Of those,
16% carry balances over $25,000 in credit card debt, and 21% with balances
between $10,000 and $25,000.
More than 60% carry balances month to month. This poses danger when only
making minimum payments, and subject to changes in terms as we will illustrate
in a later slide.
What can you do if this occurs? Begin my evaluating your new payment structure. If
it is unaffordable than immediately contact your creditors:
Ask them what can be done to lower interest rates
Ask them if there are any “balance liquidation” programs available – most major
lenders offer a hardship program subject to qualification
If you are late on a loan or line of credit ask if there are any “forbearance” options to
defer payments for a few months and add them onto the end term of the loan
Source: NSBA 2009 Small Business Credit Card Survey
29. Commercial Debt Settlement
Commercial debt settlement can be highly effective as a debt reduction tool.
What is Commercial Debt Settlement? A legal and ethical method to negotiate
reductions on balances owed on past due business debts. Usually best done by
commercial debt arbitrators.
How do I know it is a good option for my business? If you are currently unable
to pay commercial credit cards as required, or have been unsuccessful gaining
concessions, you can consider is the services offered by commercial debt
settlement firms.
How does it work? Rather than making monthly payments to your creditors, these
programs negotiate lump sum settlements with your creditors, frequently
reducing amounts owed by 50% to 60% of the principal balances.
• These programs usually take only 2-3 years to complete, so this is a good
option for a business with a plan to recover to rid itself of debt in a relatively
expeditious manner.
• In many cases the programs can also reduce your monthly payment toward
your debt.
Source: www.settlesource.com
30. How Commercial Debt Settlement Programs
Can Help.
A good debt settlement concern will involve an integrated approach of communication,
education and financial management. It would also do the following:
1. Carefully evaluate companies to make sure they qualify for program eligibility
2. Assume all communications with creditors
3. Ensure regular communication with clients to manage progress
4. Make sure debts are negotiated in good faith, documented in writing then settled and paid as
promptly as possible
Other benefits of (utilizing) commercial debt arbitrators:
They have experience, relationships and know when and how to settle
They are a NUETRAL and OBJECTIVE third party making the tough decisions toward best outcome
They negotiate dramatic reductions on past due commercial debts
They preserve vital cash flow which keeps businesses solvent
They save owners valuable time and stress dealing with creditors
They enable owners to focus on their business
Source: www.settlesource.com
31. Commercial Debt Settlement VS. Debt Servicing* – A one year cost/savings
comparison based on $120,000 Business Credit Card debt owed.
Debt Servicing (Minimum Monthly Payment Schedule)
Monthly Payments Annual Balance Cash Flow Loss-
Pay Down
$3,600 $9,540 ($33,660)
Annual Costs Debt Remaining Interest Accrued
$43,200 $110,460 $22,092
Debt Settlement (Minimum Monthly Payment Schedule)
Monthly Payments Annual Debt Cash Flow Gain +
Settled
$2,160 $40,000 $17,280
Annual Costs Debt Remaining Interest Accrued
$25,920 $80,000 $16,640
After 1 year of Debt Servicing business now owes $132,552
After 1 year of Commercial Debt Settlement business now owes $96,640
Source: SettleSource, Inc. *Costs and estimates are based on average client debt loads and minimum monthly deposit requirements. Case references
unsecured and interest bearing bank debts averaging annual decreases/increases at APR of approximately 20%+-. Savings and costs are based on a
50% savings. Results, actual savings and timeframes may vary.
32. Getting started on a Step 1. Begin by evaluating your financial
recovery plan stability. Ask if any of the 5 reasons for
failure apply
We have provided some Step 2. Evaluate your P&L to determine if
current and relevant any of the methods provided would help
information regarding avail time or cash to help the business
pitfalls and solutions to Step 3. Evaluate your day to day operations,
businesses facing seek input and support from your
increased financial employees on ways and plans to
pressures. improve. This affects them too, so make
sure they support your efforts and aid in
If you are serious about recovery
gaining ground for Step 4. Begin to take steps determined to
recovery, then we suggest negotiate for cash flow improvements
you begin with these first and gain favorable terms with creditors,
few steps. vendors/suppliers, landlords, etc.
Step 5. Stay positive! You are now on your
way to financial recovery, manage it,
Source: www.settlesource.com
work it and remember to maximize the 3
R’s!!
33. Contact us
If you have additional questions or wish to learn more about how we can help you
construct a plan to help your business please contact:
For help with Commercial Debt Settlement:
Christine Janklow, President SettleSource
P: 888.676.5606 x 101
Email chris@settlesource.com
www.settlesource.com
For other articles and resources about financial recovery in hospitality:
Sarah Lockyer, Finance Editor Nations Restaurant News
Email: slockyer@nrn.com
www.nrn.com
For help with strategic development and implementation:
Jon Jameson, Founding Partner Bellwether Food Group, Inc.
P: 843.422.4285
Email: info@bellwetherfoodgroup.com
www.bellwetherfoodgroup.com
35. Thank you for your continued support of
the National Restaurant Association.
View this and other recorded webinars on the web at
www.restaurant.org/webinars