For a commercial enterprise surviving financial difficulty is a careful step-by-step process best approached by consulting with experienced advisors.
ibv have dealt with many businesses in difficulty, and are able to provide advice on the best approach to a particular situation.
A business viability review entails working with the owners of the business, assessing the present financial position of the business and its short to medium term viability by reference to profit & loss and cash flow forecasts which may be prepared upon several different scenarios. The review is carried out objectively and we have found from experience that owners often find the process useful for it gives them the opportunity to consider:
When the business viability review is completed, discussions will be held with management to consider the options and best way forwards for the business. Depending on the outcome of the review, turnaround management may be required to ensure the company returns to profitability and is a viable business going forwards.
If it is considered that the business is not viable in its current format, insolvency options may have to be considered.