When small business owners here in Atlanta begin drowning in debt, a number of them feel like they have no options other than putting up a "Going out of Business" sign and calling it a day. However, in many cases business do have a number of opportunities that can help resolve debt problems and keep doors open. In some cases, bankruptcy allows business owners to do this.
Many people may think that a business bankruptcy is too complicated or difficult, but in fact in many cases the simpler Chapter 7 bankruptcy protection is a viable option. A pretty large restaurant business that started right here in Atlanta has recently emerged from Chapter 7 bankruptcy and it has a plan to enjoy a major resurgence.
Bennigan's filed for Chapter 7 bankruptcy protection back in 2008. During that time the company closed 150 of its locations, but franchise stores remained in business.
Today, the company has about 100 restaurants worldwide, and agreements are in place for up to 40 more.
The company's new CEO, who took over in 2011, recently talked with Fox Business and provided several tips for companies that need to make a comeback post-bankruptcy or after difficult times. They include:
- Determine a clear mission and strategy.
- Put together a great team of employees.
- Plan to go above and beyond what is necessary to provide a good customer experience, provided the business involves customer service.
Small business owners in Atlanta may benefit from taking advantage of the reprieve and fresh start that bankruptcy offers. Of course, this is not the best solution for all business owners. Those business owners who are struggling with debt might benefit from talking to a bankruptcy attorney about various debt relief options.
Source: Fox Business, "4 Turnaround Tips From Bennigan's CEO," Michele Helies, July 11, 2013