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| “Are
You Prepared for a Downturn (Business Preservation
Thoughts) ” |
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by Scott
G. Husaby |
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from Krass Monroe, P.A. |
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Can you answer yes to all of the following
questions? If not, you may be a candidate for a Krass
Monroe Business Preservation Review.
- Have you maximized the limited liability characteristics
of your operating entities?
- Are your real estate, franchise
rights, intellectual property
rights and other non-operating
assets held in separate entities?
- Have
you spun
off under-performing
stores into
separate
entities
in order
to minimize
cross default
and cross
collateralization
issues?
- Are
you
utilizing
supplier
agreements
for
different
entities?
- Do
all
of
your
leases
provide
the
ability
to
sublet,
have
buy-out
provisions
and
/or
have
an
option
to
purchase
the
real
estate?
- Are
you
prioritizing
the
payment
of
your
business
obligations
so
items
that
have
potential
personal
liability,
such
as
payroll
taxes,
are
satisfied
first?
- Are
you
minimizing
spousal
guarantees
and
insuring
that
any
required
personal
guarantees
have
burn-off
provisions
(or
were
subsequently
renegotiated
to
add
such
provisions)?
- Have
you
built
sufficient
walls
between
your
business
assets
and
personal
assets,
and
are
you
avoiding
the
commingling
of
business
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