Offer in Compromise Accepted in Three Weeks

I recently had success in getting a 6% offer in compromise settlement accepted in just three weeks. The client owned a failing restaurant franchise and knew that the end was near. Revenue wasn’t nearly enough to cover the note payment, and every month the business was losing more and more money.

The first thing we did was establish a relationship with the bank where it was understood from the start that the business was on the brink of demise, and instead of closing the doors, walking away, and making the bank clean up the mess, we would work together in order to net the bank as much money as possible.

Throughout the wind down of the business, the banker and I were in constant contact, calling each other with every update and sharing information. We established a relationship based in openness and honesty. We were able to liquidate the business in a way that netted the bank much more than they would have received through foreclosure, and decreased the deficiency that my client would have to settle on

When it came time to present the offer in compromise settlement, the banker knew that we were coming to them with everything we could offer. Instead of letting the file sit on his desk until he felt like getting around to reviewing it, in a matter of days he gave it his endorsement and sent it off to the SBA (a process that often takes months).

Within weeks the offer was accepted by the SBA and my clients are able to move on with their lives.