Second Wind Gets Everyone On The Same Team, it Works Out To Work Together
Throughout the business debt workouts I have completed here at Second Wind Consultants, one of the most important things I have learned is the value of working together with all parties involved in order to come to a resolution that is beneficial for everyone.
The way we do this is that we come to the table with our cards faced up. We are completely transparent and we never hide anything from anyone. We acknowledge that our clients owe money to the bank, and work with all parties in order to get the best settlement possible for our client while preserving the banks SBA guarantee.
We understand that the bank wants to get whatever cash they can from the collateral of the business, and we assist them in doing so. Either by finding a buyer to purchase the assets of the company, or liquidating for the banks benefit.
When the debt is stripped from the business we immediately come to the bank, once again with all of our cards face up, and submit a settlement offer on behalf of the guarantors, based on what our clients are able to pay.
I recently presented an 8% Offer in Compromise settlement on behalf of my client that I knew would get through to the SBA. The reason I knew this was because throughout the entire workout of the business debt, I worked closely with the bank in order to ensure that everything was done properly for the bank to get their SBA guarantee. We found a buyer to purchase the assets of the store for more than their liquidated value, we consented to a judgment, and we filed our Offer in Compromise immediately after the asset sale went through. Needless to say the banker was more than pleased, and instead of a lengthy negotiation regarding the Offer in Compromise settlement amount, they let me know what was needed in order to settle.
I cant even recall how many times I’ve had bankers actually thank me and tell me that they spend much out their day chasing around guarantors who stuck their heads in the sand as soon as they went into default. Of course they are going to get on our team and work with us in order to get a great settlement that works for both the bank as well as our clients.
