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ere are some questions and answers that experience has shown to be on the minds of virtually all business owners who find themselves in the position of having to hire a Turnaround Consultant. Maybe they're on your mind too.

Question: Why would I hire a turnaround consultant when I am or before long will be short of cash?

Answer: Your company is in a liquidity squeeze and may also be in a profit squeeze and these conditions could influence your company's survival. The strategies to deal with each or all of these issues are not your average text book strategies to grow a company. Matter of fact, the thinking in a turnaround is remarkably different from the thinking employed to build your business.

If you knew you needed heart surgery, would you try to save money by doing the surgery yourself? Of course not. Like a heart surgeon, Turnaround Consultants have specialized knowledge and experience that they use to help their 'patients' regain their former health.

Question: I know I am going to pay the consultant but I really think he is working for the bank. How do I deal with that?

Answer: Selecting a turnaround consultant is not a trivial matter. Like lawyers and accountants, there are many different 'species' and they do have different motivators. When the prospective client accepts that hiring a consultant is an idea that must be explored, there is no better advice than to talk to past clients and have them give you the straight scoop on who that consultant was really working for and what he accomplished for their company (See What our clients say for starters). It's the only way you'll know for sure before the engagement starts.

Question: I don't like this pressure that I am getting from my bank. I've been their customer for many years. If they think they're going to pressure me into hiring a turnaround consultant among other things shouldn't I refinance with some other lender and not deal with the issues that my bank is raising?

Answer: No, but it's a complex no. So here's the scoop.

The window for easy refinancing has closed significantly and seems to be continuing in that direction. Therefore, refinancing and receiving the same deal that you currently have may be more difficult and with due diligence fees, legal fees and your team's time, your new home with your new lender may just be more expensive.

But here's the most important reason. Refinancing takes time away from dealing with the business issues that gave rise to the bank's concern. If these issues are left unaddressed your company may suffer in the long run. Please remember, institutions aren't in business to lose viable customers so think before you jump. If your instinct is still to jump please jump right to Crossroads.

If the answers above make some sense please read more at Here for You.