It's all about change. Most entrepreneurs perform their core business service very well, but the skill of running a business is most often deficient. Thus they respond by working harder and more, 24/7 if they could, believing that's how to get ahead. They are willing to sacrifice their own needs for the betterment of their business.
Working harder and longer isn't always the answer. It is more about learning how to do it better and making the changes required to succeed. It is more about learning the science of doing business that is missing.
Frequently success is about a second chance after a significant debt workout,resolving a defaulted SBA loan or a defaulted 941 tax obligation, working out a foreclosure by a bank or whatever debt is challenging your existence.
That's what I have learned first hand after implementing 56 businesses myself (so far), most successful, some very successful. Eventually over the years I made all the mistakes imaginable and learned the hard way what works and what doesn't work, and how to deal with debt effectively.
Through advanced eduction, learning from some very successful mentors and by hard fought experience, I learned the science of doing business successfully, including the art and science of dealing with excessive debt. So now I continue to open new business, as well as teach, train and help others develop their business without them having to make every possible mistake imaginable... again.
My reward is helping business owners succeed and helping their dreams come true, sometimes through debt workout giving providing a second chance.
The goal is satisfying the entrepreneurs greatest wishes, stability and security and a feeling of success and more, yes a better way of life, including more advantages, more cash, and more control, more options.
Achieving these goals, is what I am working for, to create successful business run by successful business entrepreneurs.
Do some of my clients get rich, creating great wealth? Definitely yes and this is a huge accomplishment and I am very proud of their success stories, as success is a driving force for us all, and achieving great wealth is of course a delightful indication of runaway business success.
Unfortunately the road to success has many bumps, pot holes and ruts. There is not a single successful entrepreneur that has not experienced a bad debt situation, bills they could not pay, payrolls repeatedly missed and paid late, vendors who shut them off, collection issue, defaulted loans, unpaid payroll taxes, IRS liens, defaulted SBA guaranteed loans, defaulted 941 payroll taxes, foreclosures, any one of which can cause a business to fail, and on it goes.
We all want to expand faster then our resources and experience will support, or our revenues are inadequate to support our business plan. Sometimes the uncontrollable circumstances like the economy, cause us to fail. We all make mistakes, thus we all get in trouble one time or another.
With much experience I have developed a unique skill, designing and implementing successful workouts, providing a second chance for the entrepreneur, to climb out from under the crushing weight that uncontrolled debt can become over time and which prevents forward motion and can challenge the very existence of ones business.
Be it the IRS, your bank, The SBA, a secured or unsecured creditor, it makes no difference, there are effective workout plans and strategies we can implement that will correct the situation…completely, and I do not believe in bankruptcy.
Be it a desire to start up a new business the right way, or elevate revenue to the next level, or to rid yourself of the crushing effects of out of control debt, call me I can help. 413-584-2581
September 30, 2009 at 7:18 pm09
As a newbie, I am always searching online for articles that can help me.
Thank you for sharing this !
August 25, 2009 at 7:18 am08
I am the guarantor on an sba loan that we are struggling with…. We would like to preserve our personal credit while negotiating with the bank. Will the bank attack the guarantors personal credit?
August 25, 2009 at 7:18 am08
No they wiill not, the guarantor does NOT get a credit hit for a defaulted loan .
August 25, 2009 at 7:18 am08
thanks for asking
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April 2, 2009 at 7:18 pm04
Hi Don,
I hope that you have some insight and advice for my situation, and hopefully it will help others as well. I have not found many knowledgeable people when it comes to SBA loan defaults.
My brother purchased a company in Feb 2006 with an SBA loan for $1.5 million. The business financials were reviewed by an accountant, Comerica Bank and an independent assessment of the business was made by Comerica to be worth $2.1 million based on the financials provided to us by the seller. Long story short, after operating the business for over 6 months, it was clear that the seller had misrepresented the net income/profit of the business substantially and had basically defrauded my brother. Unfortunately, in order to obtain the SBA-backed loan from Comerica, my brother, myself, and my then husband (now ex-husband because of this situation) personally guaranteed the loan and put up my primary residence, my brother’s primary residence (which I also have ownership of and am on the title and mortgage docs), and my condo in LA (rental property) as collateral. When my brother realized that he had been defrauded by the seller, he asked for rescission and a lawsuit against the seller is pending.
In the meantime, we went to Comerica to explain the situation to them and asked them to not foreclose on the properties since the business is not generating income which could pay the monthly loan payments of $20,000/month. We also asked them to join my brother in the lawsuit against the seller, and no surprise, they declined. My brother’s savings are gone. My savings are gone, and I maxed out on the equity from my properties, because I loaned him money to try to keep the business afloat. Comerica moved to foreclose on all 3 properties that were collateralized in 11/06. My brother was forced to close the business in 11/07 when my family ran out of money to keep it afloat since monthly expenses exceeded income.
I was forced to file Chapter 11 bankruptcy in 1/07 to keep the home where my kids live and to prevent the foreclosure on my brother’s primary residence since I’m also part owner of that property. Fortunately, we have been able to keep our primary residences. The rental property is about to be foreclosed because the court has approved for the 1st lender to have relief from automatic stay. I’m in the process of putting together a reorganization plan which Comerica and the other unsecured creditors need to approve. My bankruptcy attorney has 20 years experience with Chapter 11s, so I trust that she knows what she is doing, yet she is unable to answer my questions regarding the SBA loan default. Here are my questions:
1. If Comerica agrees to my reorganization plan, they will have about $400K in secured position on 3 properties, and about $1 million in unsecured claim. If they agree to my plan, Comerica will not lose any money since the SBA will cover their remaining loss at 75%. Would Comerica still go after my brother and my ex-husband for the “personal guaranty” even though we’ve essentially worked out the loan default with me? My brother and ex-husband have no other assets other than the properties which we originally put up as collateral to obtain the SBA loan and which were already included and worked out in my Chapter 11 re-organization plan. I want to ask Comerica to agree in writing that if they agree to my re-organization plan, that means they will consider the loan default situation resolved, and not pursue further payments from my brother or ex-husband. My attorney doesn’t think Comerica will agree to that nor does she think it’s a good idea to ask them to do that. Unfortunately, I think she takes the view that I am her client only and she only needs to protect me and not my brother or ex-husband. I would rather look at the big picture and make sure that my brother and ex-husband do not have to deal with Comerica if I take the brunt of the financial burden.
2. Along the same lines, if Comerica agrees to my re-organization plan in the next few months, and my brother wins his lawsuit against the seller after Comerica has agreed to my plan, will Comerica still go after my brother?
I left a message with Norm to set up a teleconference with you to discuss this situation also. My situation is complicated, and I hope my summary here makes clear what my concerns are. Thank you in advance for any insight and advice that you can provide.
April 6, 2009 at 7:18 am04
Unfortunately Bankruptcy is never a good answer for a workout situation. My strategies work out far better. It is certainly very late in the game for you as you are deeply immersed in a bankruptcy and as you see it results in liquidation of your valuable assets.
I look forward to talking with you, however it may be too late for me to provide you with any service until you are out of bankruptcy and then you will have already lost a fair amount of collateral. However we will talk and see whatever I can do.
March 30, 2009 at 7:18 pm03
I love your site. Keep it up !
March 31, 2009 at 7:18 am03
Thanks, I appreciate the comment.
March 31, 2009 at 7:18 am03
Thanks.
March 27, 2009 at 7:18 pm03
Have SBA non secured loan originally to expand my professional practice but clients in mortgage industry and most went out of business last few years.
Now have 100K balance, payments way too high under present payment plan with HSBC.
I really need help on this and other business debt ASAP.
Thank you.
March 28, 2009 at 7:18 am03
call Norm at 413-540-2966 he will arrange a tele-conference
March 21, 2009 at 7:18 pm03
Business is steady, although I come up about 4,000.00 short every month. I am about to be liquidated on the SBA loan if I don’t come up with a payment this week. I feel that if Comerica will lower my payments the business will make it this year. I am current on everything but the bank..I have a good cash flow every week and summer is one of my busiest times of the year but they don’t seem to care. They have deffered my payments three times already in the past two years and my loan is for 230K. Are things hopeless for me?
March 22, 2009 at 7:18 am03
No, not hopeless, but very challenged. You cannot expect any further assistance from Comerica, however there are strategies which will support your survival. Call Norm at 413-549-2966, he will arrange a teleconference with me to discuss the options.
November 26, 2008 at 7:18 am11
There is much we can do to help your situation, call Norm at my office for him to arrange a no obligation teleconference and we can discuss your options. Norm 413-549-2966
November 25, 2008 at 7:18 pm11
Hi Donald – I have some questions for you.. I am a business owner and have an sba loan backed by BOFA for $100k. payments are becoming tough now.
in addition, my credit is hosed because of the real estate market. I lost a ton of money and properties, specifically 5-7 condos and SFH I owned in CA.
in addition, I have about $400k in credit card debt. I’d like to not declare BK. i’ve aggressively negotiated settlements (20-40%) with the CC and also 0%-1% 60 month payment programs with chase and bofa. what can i do more?
can you assist in helping me strategize? i love how you think and I find your posts enlightening and massive change necessary to survive in this economic climate. i will not give up and declare BK.
how can i reach you? thank you.
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November 11, 2008 at 7:18 pm11
I understand your thoughts and have a better plan that will work more effectively for you, call Norm at 413=549-2966 he will arrange a teleconference for us to discuss my ideas.Yes this is exactly what I do, remove debt and preserve the asests.
call. don
August 16, 2008 at 7:18 am08
there are always choices, maybe it is cutting costs, geting rid of debt, or marketing more effecively increasing your cash flow…I do not have adequate information to asses your situation, but I doubt you have no choice.
call me if you woud like to discuss this further. 413-687-8388
don
August 14, 2008 at 7:18 pm08
Nancy Says:
I read your comments regarding Merchant cash advance. I have been thinking about using one of these companies, because my back is against the wall. I need cash now and unable to get a loan because of my credit and I have only been in business one year/10 months. I know these companies are not the best way to go, but what other choice do I have?
March 24, 2008 at 7:18 am03
I believe what you are saying is you are holding 30% of the debt, or purchase price as second paper and are now asking that if the new buyer defaults what are your options?
You cannot use your second position as anything other then debt you will owe. My next question is was the debt reduced by the purchase price when sold and the obligation transferred to the buyer? If not you may be in for a lot larger problem then the 30%
Call me lets discuss.
dt
413-687-8388
March 23, 2008 at 7:18 am03
Hi,
May 07′I sold my company and I carried around 30% ( 450,000.00 )on the backside. As of Jan. he has drove the company 430,000.00 into debt.
If he defaults on the SBA loan( 650,000.00 ), and they auction the assets, can I use my personal guarantee as cash
so to speak at auction to buy it back at a discount? So I do not have to get a loan from the bank or SBA to keep the company operating.
I do not wish to have all the guys in the shop or installers looking for new jobs since they have been with me almost 8yrs.
Hope you can help?