Dear Clients, Colleagues, & Friends of the Firm:
We are carefully monitoring the situation involving the COVID-19 outbreak and have assembled a Crisis Team of experienced financial and legal professionals to help businesses define and deal with the impact it has and will have on businesses in our community.
Challenge: Smaller, privately owned companies are going to be hit the hardest, since they traditionally have less access to the professional community and less resources to survive.
Solution: We will provide an initial telephonic consultation of up to 30 minutes at no charge to assess the situation and identify the issues which must be immediately addressed. Thereafter, if appropriate, we will work with ownership in defining their issues and developing an appropriate Plan of action.
Businesses will be impacted on many levels, not the least of which will be:
- Customers – is there actual or anticipated interruption, will they operate and at what level;
- Employees – who do they furlough and who do they let go;
- Trade venders – negotiate extended payment terms;
- Secured lenders – negotiate standstills; and
- Landlords – negotiate extended payment terms.
Rest assured that we all will get through this. But, now is the time to act.
Successful businesspeople come out ahead after a crisis by taking prompt and decisive actions, preserving capital, adapting to the optimal size of the operation, positioning themselves to ride through the havoc, and being properly positioned when the market turns. Towards that end, the Firm and its team of financial and legal professionals can work with management to develop and implement further Plans, monetize unnecessary assets and settle disputed liabilities as part of cleaning up the balance sheet and navigating through the current crisis.