Some small business owners do not get the basic concept of a debt workout. It is not you against them!

For many it is a battle, you against them. Them being the bank, lessors, vendors, credit card companies, whomever you owe money to and cannot pay. Your objective is debt forgiveness, not total absolution. It will cost you something; affordable losses we call it.

We have been doing workouts for many years and we have learned that the following principles work and are the basis of our success:

1. Complete disclosure of everything pertinent to the matter, the whole truth.

2. We are in it together and must resolve the workout together as a team, the bank and the defaulted borrower, not as enemies in battle.

3. Greed kills the deal.

4. Workouts require sacrifice, affordable losses, we call it.

5. It is not about all you can grab, steal, and plunder. It is what’s fair and right, for both sides, about 93% forgiveness works well.

6. There are rules of the game and they must be adhered too.

In the end this translates to our averaging 93% reduction of personal guaranties, preservation of business and personal assets, and release from impossible debt.

This works, we always succeed, so we must know what we are talking about.

Check your context when you enter into a debt workout. Adjust it if it is not in tune with the above standards. Looking back at what could have been is not productive, attempting to grab every possible dollar is not the objective but a fair and equitable result is. Could we have paid a little less? Sometimes, but in view of the massive forgiveness in the end, leaving a few extra dollars in the deal can be very productive to achieving the phenomenal results we accomplish in the end.

It is not over until the personal guaranties are released, requiring a give and take attitude along the way to support reaching the major goal, is the way we accomplish such incredible results.

While there are many reasons to consider the bank the enemy, remember they lent you money for you to develop your dream, and now that you are in default, it is not their fault, any more than it may be your fault, so we are in it together and must resolve it together.

Remember, you do not have a right to a workout. But if we approach it appropriately, we will achieve the results we want — a second chance, affordable losses and a new life, safe and secure from disaster. We average 93% debt forgiveness of the personal guaranty and that’s good. We must know what we are talking about.

Call Norm at 413-584-2581. He will arrange a no obligation teleconference for us to review your situation. Call him.