Michael Goldman & Associates, L.L.C. - Consulting & CPA Services

When a business is in trouble, time is of the essence.  Typically resources are leaking out of every aspect of the company - employees are leaving, customers aren't paying, vendors aren't shipping, and cash is nowhere to be found.  It is important to realize that these are symptoms, not causes of the distress.

Our experience, training, and expertise allow us to quickly determine how to monitor the situation, quickly respond to whatever problems are found, and deal with problems as opposed to symptoms.  Having been there before makes it easier to stay calm, tough, and realistic.  Our typical approach to a turnaround situation is to:

• Take control of cash
• Develop short-term business plans that include clearly defined action plans, timetables, and specific performance measurements
• Prepare a liquidation analysis in order to properly evaluate and compare alternatives
• Explore financing alternatives such as equity, debt, asset sales, restructuring, and bankruptcy

While there are constant themes throughout most turnaround situations, we also recognize that every situation is unique, and that there is no "one size fits all" approach.  When we make a recommendation in a difficult area such as terminating employees or telling your vendors that there is no cash for them, we've been there before.  Anybody can hand you a spreadsheet telling you to fire 10% of the staff and get extended payment terms.  The person that can tell you how to do it, what to expect when you do it, how to react to that reaction, and even do it for you if necessary, is a lot harder to find.  Michael Goldman is that person.

For further information, please contact us at michaelgoldman@mindspring.com or 847-681-9020

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Last modified: March 31, 2007