The pandemic caused some businesses to tinker on the edge of survival. Many business owners do not know what their options are when the debt skyrockets out of control and the pressure becomes insurmountable. In this session, Sevan Gorginian will explain the 4 options every business owner has at their disposal. You will learn about the options available to your clients and what triggers a business owner to either close the business, sell it, implement an “ABC”, or enter business bankruptcy.

Learning Objectives:

• Understand the main triggers that cause a business to suffer financially including the SBA loans that will be audited by Treasury Department.
• Learn the 4 main choices a business owner has to choose from when the business needs to close.
• Learn how bankruptcy works for businesses including Chapter 7 (liquidation) and Chapter 11 (reorganization).
• Identify the advantages and disadvantages for business owners if they have a “personal guarantee” on the business debt.
• Learn how to advise your clients when they ask you “what happens if we just file bankruptcy”.