Don Todrin
Donald Todrin is the CEO and Founder of Second Wind Consultants, Inc. who specializes in SBA Loan Workouts, business debt forgiveness and solving difficult business problems in general.
Don has authored dozens of articles on SBA loan default and debt workouts. His academic background includes: A Bachelors degree in Economics from the University of Massachusetts, Amherst, a Law degree from Northeastern University, and a Masters degree in Small Business Taxation from Boston University.
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Don has authored dozens of articles on SBA loan default and debt workouts. His academic background includes: A Bachelors degree in Economics from the University of Massachusetts, Amherst, a Law degree from Northeastern University, and a Masters degree in Small Business Taxation from Boston University.
Follow Don on Twitter and join his Facebook fan page.
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- 12/15/2009
Education/Experience
A Bachelors degree in Economics from the University of Massachusetts, Amherst, a Law degree from Northeastern University, and a Masters degree in Small Business Taxation from Boston University.Interests
sba default, business workout, debt workout, sba loan default, debt forgiveness, sba loan workout, second wind consultantMotto
"solving difficult business problems"Favorites
None yet.Fans
Displaying Results 1 - 172 (of 172) for Yahoo! Voices
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I'll Get Back to You About Doing a Debt Workout; I Have to Ask My Wife First..I'll Get Back To You; I Have To Ask My Wife First...I hear this a lot. Worse, many (many, many) wives do not "like" our strategy and thus prevent the implementation.
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What's This "Reinvention" Thing Mean?In a word, change. Change that results in lower overhead and greater profitability. Change that has an upside winning potential. This frequently includes radical adjustment, i.e. big changes. -
Fear: The Major Barrier Preventing Debt WorkoutsWe speak to small business owners all over the country and we always evaluate what prevents some from participation in our debt workout program. It works extremely well, protects assets and reduces debt dramatically. -
Borrowing to Pay Past Due Debt? Don't!Many small businesses are confronted with declining revenues and choking debt service. The economy is in a long-term wind-down so what we have now is what we can all expect for a long while. This is understandable.
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The Economy is Not Getting Much Better, but Some Businesses Are Doing Great. Why?I see it in many markets... one business is doing very well while another in the area is doing very poorly. People waiting an hour for a table in one restaurant while another across the street is empty. What are the secrets to success in this recession? -
Debt Workouts Require a Leap of Faith. Get Over It, You Have No Choice!Workouts, at least the debt workouts we at Second Wind perform, preserve the business protecting its assets from liquidation at auction, and stripping off the debt. This frees the business to run debt free -
Our Debt Workout Strategies Have Almost Total Success, Every TimeOur track record for success is phenomenal. Almost every one of our clients exits successfully with a reduced personal guaranty averaging 7% of their debt---that's a 93% debt reduction! That works.
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Apple IPad: The Best Thing That's Happened to My Business!Yes, I've read the reviews saying an iPad is an iPhone on steroids, a supersized iPhone, another unnecessary electronic gadget, etc. But, I bet these "reviews" come from people not yet using one on a daily basis -
Why You Must Be in Default to Do a WorkoutEvery day, I speak to small business owners all over the country. I hear the same issues every day. No one ever wants to go into default. Every business owner I speak with fights tooth and nail to pay their loans and other bills.
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John Wooden, One of the Most Successful Basketball Coaches of All Time, on LeadershipJohn Wooden, arguably the greatest coach ever, built a lifetime dynasty of success in college basketball and has been called a coaching genius. He provided many of his basketball stars with the foundation to become successful business owners -
How to Be a Great Hockey Player and a Great Small Business OwnerWayne Gretzky, one of the all-time great professional hockey players, once commented that a good hockey player plays where the puck is, very well. -
Why Don't Attorneys like Our Debt Workout Strategies?We talk with our clients' attorneys all the time. Frequently, clients want the "ok" from their trusted legal advisors to engage in our strategies. -
A Flat Organization Works Better Than a Pyramidal OneA flat organization is defined as one that is designed with delegation of responsibility with authority as a prime objective, but also with frequent inspection and accountability.
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Unsecured Vendor Debt... Be Gone!Some of our clients suffer from being unable to pay large unsecured vendor debt. Typically, one gets behind on payments while on credit terms and while buying and paying current invoices, old invoices get older. -
SBA Corrects a Major Injustice... A Little Bit. Disaster Loans Can Be Worked Out... A Little BitUntil recently, we have been confronted with a real obstacle to working out SBA disaster loans. Despite the reality that the SBA supports Offers In Compromise granting debt forgiveness in its traditional 7(a) and 504 loans -
Surprise! Trying Your Hardest and Doing Your Best Doesn't WorkYes, you have read me correctly---trying your hardest and doing your best does not produce the best results! Never did, never will, so stop buying into this myth.
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Another Example of Reinventing Your Business ModelBuilding Profitable Business Orgs: Full utilization of your resources. Greater productivity, greater profitability. This is the reinvention objective. -
"Arm's Length" Buyer in a Workout... What's That?SBA Loan Workout: This is a very important concept in a workout as so many borrowers in default believe they can protect their assets and business by selling to their wife, son or daughter, brother or sister, mother or father... all "insiders" or buyers -
A Dozen Indicators that Say You Need a Debt WorkoutI find that most small business owners prefer to wait and see what happens as opposed to "getting in front of the train" by being proactive in response to changing conditions. -
SBA Guaranteed Loans in Default: Local Seminars to Explain Your OptionsSecond Wind Consultants is organizing a series of seminars designed to bring our strategies to you, the borrower in default. These strategies help defaulted borrowers preserve their assets and reduce personal guaranty...
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An Easy Way to Understand How Bad Our Economy Is, and What You Need to Do to Survive and ProsperIt is a very complicated issue with many, many diverse factors affecting our economy, far too many to easily understand it or to discuss remedies, as is evidenced by the many opposing opinions we see every day from many very smart people.
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Two Secrets to Achieving Successful Workout ConclusionsIt seems so obvious that it defies logic; most people---lawyers, various representatives of borrowers in default, etc.---do not totally grasp, understand and do what a workout requires.
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Don't Believe What You Read in the Newspaper; It Does Not Apply to YouThe newspapers are reporting increased business activity, and thus, everyone believes the recession is over and that we are returning to the time when things were so good. -
Sometimes We Have to Throw a Hand Grenade into the Kitchen!Debt workouts are very tricky. They are an uphill battle on a very steep and slippery slope. A successful workout requires gaining the attention of the players involved, bank and clients -
A Workout is an Honorable, Appropriate, Responsible Solution to Loan DefaultContrary to what bankers would have us believe, repayment of debt is not a moral or ethical issue, it is a business contract and must be evaluated and controlled by business principles, not ethical considerations.
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"Fair" and "Reasonable" in a Workout?I am frequently asked whether a particular Offer in Compromise (OIC) for a defaulted loan is reasonable. I am aware of the pain many borrowers feel when they determine the bank is not being "fair". Let me explain...The bank is not your friend. -
What is Your Corporate Culture? is it Working?What an interesting concept: "corporate culture". We see it all the time. Every corporation has one, good or bad. -
It's Happening Again. Deja Vu. Banks Are Calling Performing Notes!This decimated thousands of borrowers all over the Northeast and Texas, where most of this occurred. Thousands of performing notes were called and the underlying collateral---mostly real estate -
A New Twist in Outsourcing Jobs. Beware... This Will SpreadIBM has been "discussing" the possibility of "crowd sourcing" more than two-thirds of their workforce---over 200,000 jobs---in the next few years. While they refuse to acknowledge this, higher-ups in management have leaked this "discussion" -
"Small Business" Does NOT Mean 500 Employees and $10 Million in RevenueThere are many definitions of a small business. One standard definition is $10 million in sales and 500 employees. That's not small business! That's big! -
Let's Talk Business: Successfully Navigating the Recession. The Book is on the Way!First the blog, now the books, then... the movie? Yes, my blog has been very successful. It's been viewed by hundreds of thousands of anxious business owners wondering how to survive the downturn and resolve crushing debt in view of plummeting revenues
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Family Loan: If You Borrow Money from Your Family, Protect ItMany small business owners borrow money from their family to support a business endeavor. Family loan is natural and occurs all the time. Unfortunately, because it is family loan, it tends to be treated loosely, less formal
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Employee Profitability: Inspect Your Employees' Work Efforts for Measurable ResultsToo many small business managers let the employees do their jobs without measurable benchmarks and thus, without measurable results of employee productivity. -
Force Revenue -- it is Your LifebloodRevenues are down, the economy is terrible. What to do...? You must force revenue. What does this mean? The answer comes in many styles and shapes, and depends heavily on the type of business you have. -
Loan Workout: If You Are Not Moving Forward, You Are Moving BackwardI have determined that there is a serious small business owner disease epidemic taking place all over America and it is deadly. No one ever recovers from it. No one. Once infected---unless the remedy is applied which is a loan workout ---you will perish. -
If You Don't Do the Loan Workout Now, You May Be Throwing Out Valuable RevenueWhy pay your debt when you will end up doing the loan workout eventually? Consider the following... You all know how bad things really are for you and your business. Revenues are way down and overhead continues to creep upwards
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What Happened in Texas in the Late 80s? Bankruptcy Filings Spiked as the Economy Rebounded!I was engaged in the "Savings and Loan Debacle" in the late 1980s when hundreds of banks were being shutdown by the FDIC and many notes were being recalled. The economy was totally chaotic with interest rates at upwards of 18 percent for normal bank loans
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Productivity Vs. Overhead: A Battle that Must Be WonI have hired a contractor to convert a porch into a three-season sun room. It's not a large project, but certainly a project that is expensive, time-consuming and deserving of close attention, as it is an example for the many contractors working on a -
If You Are Not Going Forward You Are Going Backwards - Relentless Pursuit is the WatchwordIt is a simple concept. Let me repeat it so you get it clearly: If you are not going forward you are going backward; there is no treading water, staying neutral, waiting to see what happens. That's losing ground.
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Sales Commissions May Not Be the Best Incentive to Your Sales DepartmentYes, paying sales commissions is the standard. Almost every sales department has such an incentive. But, is it really the best way to go? -
Assumption of Debt: A Valid Consideration for Purchasing a BusinessHere is a very important and useful concept (especially in this debt-heavy economy) that can answer the question, "How do you purchase a business with limited cash?"
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Are You Out of Capital or Running Below the Break-Even Point or Not Taking a Check? Admit It, Your Business is Dead, Bury It!There are lots of factors that can bankrupt a business. Once started, the downturn is very difficult to reverse. One thing leads to another and soon you are operating below the break-even point, getting by juggling payable with receivables
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Ownership. What Does that Mean?Ownership: a quality we all look for in an outstanding employee, partner, manager, leader or boss. The person who "takes ownership" is one who makes a full personal investment in a cause. -
Stop Pretending the Economy is Getting BetterStop deluding yourself, believing your wishes will come true. Be practical and pragmatic. Do the loan workout now, before it is too late.
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Pssst! a Warning to Married, Male Business Owners..Men, I am about to give you a gift of enormous value, a secret which, if understood and implemented, will improve your home life, office life and marital relationship manyfold. It is, without a doubt, a golden nugget. -
Management by Wandering Around (MBWA). Do It. It Works"Management by Wandering Around" (MBWA), a Tom Peters phrase, is a hallmark of my management practice and I highly recommend it to every small business owner with more than a few employees. -
Divorce May Be a Great Asset... In a WorkoutPersonally, I am not a fan of divorce. However, it happens, and all too frequently. Also all too frequently, it either causes the breakdown of a business, or accelerates the downfall -
It's Time for a New Plan and Action. You Have Waited Long EnoughYes, this downturn is tough to navigate. It is difficult to know exactly what to do, but you have waited long enough. It is time to act, meaningfully, decisively, with commitment, focus and a clear plan of attack. -
Enough! Know when to Pull the Plug and Shut Your Business Down. It is Your Business, Not Your ChildI talk to many small business owners who have not taken a check in quite a while. They're living off credit cards (that will end), savings (that, too, will end) and spousal support (that goes over big) for reasons that defy logic -
An Invitation to Female Small Business Owners: Survival.It worked! I recently posted an entry to this blog asking, "Where are all the female small business owners experiencing financial trauma from the downturned economy?"
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Be Aware of the Savvy Consumer, This is What They WantI was with my wife today, Saturday, shopping, not unusual, as this is a job she particularly relishes, and she loves to shop with me as she 'uses' my card, when we shop together.
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What is Your Corporate Culture Like? is it Working?What an interesting concept: corporate culture. However, we see it all the time. Every corporation has one, good or bad.
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Eight Facts Often Overlooked that You Need to Know About Your Customers to Effectively Sell to ThemThis may all seem quite obvious; however, it is quite amazing to know how few small business owners take the time and effort to find this information out, therefore missing out on a better
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"I Am Working with My Bank and They Are Cooperating..." Forget It! Keep Dreaming, it Ain't SoA Don Todrin article on debt forgiveness - No, they are not cooperating; they are sizing you up and preparing for the take down, the liquidation, as it is sure to come.
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Do Not Be Disappointed, the SBA Acceptance for an Offer in Compromise is a One Sentence EmailIt happens frequently in our office. We do many Offers in Compromise a year, and therefore, we receive just as many acceptances and we know what to expect -- a one or two sentence email -- maybe a paragraph at best, but a very short one.
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"We Have Written Your Note Off," so What?A Don Todrin article on SBA Loan Default - I hear much confusion over the phrase many hear from their banker: "We have written your note off!"
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Beware of Irrational Behavior. There is No Defense Against ItYes, it does happen. People can act totally irrational; against their own best self interests and those of the best interests of the deal, unwilling to compromise or do business because they are acting irrationally.
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Women Small Business Owners: Where Are You?A Don Todrin article on SBA Loan Default Workout - I have done the research and women are a driving force in new business start ups. They are implementing more new business plans than men. Millions of small businesses are initiated and owned by women.
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Disaster Loan is a Disaster, Debt Workout and Debt Forgiveness is Almost ImpossibleA Don Todrin article on SBA Loan Default - It makes little sense, as the SBA has a definite Offer in Compromise program; we initiate it frequently and resolve defaulted loans very effectively.
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Reluctant Entrepreneurs: Necessity Driven, Not Opportunity DrivenA Don Todrin article on SBA Loan Default - We have discussed the natural path the unemployed can consider in this tight job market: Converting hobbies to small home businesses, pursuing one's lifelong passion
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Need to Workout Defaulted Debt with Your Bank? Stop Believing Your BankerA Don Todrin article on SBA Loan Default - Enough, your banker is your opponent. He/she is committed to collect all you owe. This is not the person you want to seek advice from, no matter how close you have been and how helpful he has been in the past.
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Our Clients Are so Impressed with Our Results They Become Our Reps and Spread the Word, Helping Us Save America One Business at a Time!A Don Todrin article on SBA Loan Default - It has been happening over and over. Our clients experience such phenomenal results and are so impressed and excited about us, what we do,
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Why Bankers Sometimes Are so Unwilling to Compromise?A Don Todrin article on SBA Loan Default - In a word, it works. Their tough boy no nonsense, no compromise demeanor results in much higher payoffs to their bank.
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Defaulted Bank Loan WorkoutsA Don Todrin article on Defaulted Bank Loan Workouts - We frequently speak about SBA guaranteed loan workouts which have their own specific requirements.
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Our SBA Loan Default Workout Guaranty: We Will Never Have to Pay it Out!A Don Todrin article on SBA Loan Default Workout - Our guaranty is a direct reflection of our success. In short, with the appropriate support from our clients including adequate financial strength
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Mail-call-mail: The Right Way to Use Both Marketing ToolsA Don Todrin article on Building Profitable Business Organizations - Forget the bulk mail program. Too expensive and typically yields inadequate results. Same with inserted fliers, coupon book, handouts, door tags, it's all old school.
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Do Not Wait Until You Are Completely Submerged to Do Your Debt Workout. Act Now!A Don Todrin article on SBA Loan Workout - Please do not wait till your ship is under water, sinking rapidly and you're gasping for air. It is never too late, but you may be wasting valuable assets
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The Elevator Speech... Have OneA Don Todrin article on Building Profitable Business Organizations - You have all heard the term before, a thirty second statement on what you do. But how many actually have one?
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The Dreaded Cold Call....Warm Up to It, it WorksA Don Todrin article on Building Profitable Business Organizations - It is always considered the worst part of sales, for all but the definitive pro, who understands the enormous power of such a strategy.
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Some Small Business Owners Do Not Get the Basic Concept of a Debt Workout. It is Not You Against Them!A Don Todrin article on SBA Loan Default - For many it is a battle, you against them. Them being the bank, lessors, vendors, credit card companies, whomever you owe money to and cannot pay. Your objective is debt forgiveness, not total absolution.
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A Tough One: No Mortgage on Home and with a Defaulted SBA Debt in Workout...What Happens?A Don Todrin article on SBA Loan Default - I, unfortunately, see this every now and then: A business that has been ruined by the down economy unable to continue and pay its debts...
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Business Turnarounds: Slow Growth May Mean Slow DeathA Don Todrin article on Building Profitable Business Organizations - We talk about how rapid growth is dangerous and can lead to rapid death as we spin into oblivion,
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Its Time to Adjust Your to Do List in a Major Way.A Don Todrin article on Building Profitable Business Organizations - We all have our 'to do' lists, whether we do this daily or weekly, it is a common enough practice.
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Building Profitable Business: Enrollment is a Misunderstood ArtA Don Todrin article on Building Profitable Business Organizations - Enrollment is the art of moving a person to action. We all do it every day, whether it is within our family, our business, or any situation which brings us into contact with others
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Business Turnarounds: Six Words to Guide You to Successful Management and Operation of Your BusinessA Don Todrin article on Business Turnarounds - The job of a CEO, a business manager, an owner-operator, or whatever you're calling your leadership position, is frequently involved in hands-on operations, sales, problem solving,
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SBA Loan Workout: How Lawyers Sometimes Inadvertently Prevent Business ConclusionsA Don Todrin article on SBA Loan Workout - First of all, let me start by saying there are many excellent lawyers who do great jobs. However there are some basic facts and issues that often prevent the satisfactory conclusion
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SBA Loan Default: Assignment of Notes or Contracts... The StrategyA Don Todrin article on SBA Loan Default - Sometimes it is important to pay attention to the small print...or in some cases even add some typical boilerplate small print into your documents as there may be important business issues
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A Debt Forgiveness Workout Requires a Leap of Faith. Leap, We Will Catch YouA Don Todrin article on SBA Debt Forgiveness - Bankruptcy does not work, it will cost you your business and your personal guaranty will require the payoff anyways, so what's the point? There are no other options.
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Business Workouts: Customer Experience, the Newest FocusA Don Todrin article on SBA Loan Default - I was recently confronted by a huge demonstration by a retail chain to deliver an exceptional customer experience. I asked a few questions and got the whole picture.
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Business Debt Workouts: There Should Be a Law Against Time and Materials ContractsA Don Todrin article on SBA Loan Default - I can't believe it happened to me again. I know better, unfortunately my wife does not. I never ever allow a contractor to work on my projects for time and materials.
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SBA Debt Forgiveness - Landlord Release: A Possible BenefitA Don Todrin article on SBA Loan Default - Frequently, the banks require a landlord release to support a loan to be made to the borrower / tenant. Usually landlords resist this, as it is certainly not to their advantage
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Business Debt Workouts: The Benefit of Your File Collecting Dust in a Workout NegotiationA Don Todrin article on Business Debt Workouts - As discussed elsewhere, when negotiating a workout, it is best to present the highest and best offer you can that makes sense and is reasonable under the existing circumstances...and then live with it.
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SBA Loan Default: Business Decisions Are Exactly That, Not Moral or Ethical IssuesA Don Todrin article on SBA Loan Default - Never before has it been clearer that business decisions are based on return on investment, nothing else. They are not moral or ethical issues, but profit and loss decisions.
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SBA Loan Workout: What Happens to an SBA Loan when You File for Bankruptcy?A Don Todrin article on SBA Loan Workout - This is not intended to be legal advice, see an attorney for that, but as businessmen we must always consider the implications of many legal acts before we see the attorney
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Debt Workouts: A Reminder: You Must Be Able to Walk Away from a DealA Don Todrin article on SBA Debt Workouts - We all know this, but we sometimes forget, or get lazy or worse of all allow emotional insecurities, like wanting to be liked and appreciated adjusting ones actions to accommodate others' emotional needs
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SBA Debt Forgiveness: When You Have a Minority Ownership of Real Estate, when in Default of an Unrelated Loan... A Defensive StrategyA Don Todrin article on SBA Loan Default - It happens frequently, you go into default on your primary SBA guaranteed loan, or any secured bank loan, and when the bank examines your financial statement and tax returns
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SBA Loan Default: Please Stop Believing Your Franchisor's Projected Numbers, Do Your Own Due DilligenceA Don Todrin article on SBA Loan Default - If you are considering a franchise opportunity, do NOT rely on their projected numbers as to what your sales revenue and therefore profitability will look like.
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Debt Workouts: Presentation Strategies, Forget the PowerPoint, the Value of YouA Don Todrin article on SBA Loan Workouts - Last evening we were scheduled to speak about our debt workout strategies before a group of business leaders. It was a great opportunity to spread the word,
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SBA Loan Workouts: What and Why Do Banks Bid at Auctions for Your Assets and the Effect on the Borrower and GuarantorsA Don Todrin article on SBA Default Workouts- Always this question: What will the bank bid at the foreclosure auction? Sometimes it's the full amount of the debt, other times it is nothing and other times it is a small amount above the highest bid.
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SBA Loan Default: Yes You Can Do a Short Sale Even with SBA or IRS Liens on Your HomeA Don Todrin article on SBA Loan Default - I hear it from small business owners all the time, a belief that they cannot implement a short sale on any of their assets including their home
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SBA Debt Forgiveness: Shortfall Liability on a Short SaleA Don Todrin article on SBA Debt Forgiveness - A frequently asked question is what happens to the unpaid debt in a short sale? Is the borrower still liable for what is not paid off in a short sale?
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Business Workouts: They Charged Me for the Chips and Salsa. Penny Wise and Pound FoolishA Don Todrin article on Business Workouts - We must be careful in how we respond to the current decline in business revenue. I see and experience a number of knee jerk reactions. Some are not so smart.
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SBA Loan Workout: You Are in Default and You Own a Valuable Minority Position in Real EstateA Don Todrin article on SBA Loan Default - You have a business and have a defaulted loan. You provide a balance sheet and financial statement that discloses a partnership relationship on a valuable piece of real estate.
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SBA Loan Default: Beware of Asset Protection Strategies, If You Are in Default on a Loan, There Are Better Ways of Protecting YourselfA Don Todrin article on SBA Loan Default - Some small business owners, understanding their vulnerability to personal loss from the normal risks of business...turn to their lawyers for 'iron clad' asset protection
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SBA Loan Default: Why Do Banks Cancel Foreclosure Liquidation Auctions?A Don Todrin article on SBA Loan Default - It is happening more and more every day. In some areas of the country it is the rule not the exception. This trend will get larger and larger, creating a real dilemma for everyone involved
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SBA Loan Workout: Mortgage Modifications Do Not WorkA Don Todrin article on SBA Loan Default - The issue is complicated; people want to hold on to their homes. They want to pay their mortgage debt. They need to restructure their loans so they can afford to pay.
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SBA Loan Workout: Let Me Remind You Again, Employee Productivity is Critical, Especially in Our Downturn EconomyA Don Todrin article on SBA Loan Default - The times have changed. Revenues are down and expenses are up. Margins are thin as pricing is being forced into a downward spiral from brutal competition.
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SBA Loan Default: Do Not Water Down Your Mission, Specializing WorksA Don Todrin article on SBA Loan Default - If Ray Krock, the founder of McDonalds, had expanded his fast food concept to serve pie, and meatloaf, fish sandwiches, soup, etc., he would have been a diner;
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SBA Loan Workouts: Fifteen Months, 3 Lost Sales, and We Are Just Now Getting Someone to Talk to UsA Don Todrin article on SBA Loan Default - It is beyond hard to believe, no it is well beyond that, who would possibly believe this could be happening, but it is true.
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SBA Loan Default: The Single Most Self Destructive Force in an Entrepreneur's LifeA Don Todrin article on SBA Loan Default - Do not let ego control your business decisions...it does not work. Small business owners generally have a common disease....an over controlling ego.
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The Deparment of Justice, Better Called the Department of Non-JusticeA Don Todrin article on SBA Loan Default - It is not urban legend. It is the truth. In the end, when nothing worked, the IRS and the SBA resort
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SBA Loan Workout: It is Time to Fire Some of Your ClientsA Don Todrin article on SBA Loan Default - We talk about the need to downsize to accommodate reduced revenues and increased overhead, and frequently we focused on reducing payroll, negotiating a discount on rent
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SBA Loan Workout: Surviving the Downturn, Successfully Emerging!A Don Todrin article on SBA Loan Default - "It's been over a year and we all understand the recession is here to stay for a long while. There is little any of us can do about this fact of business life."
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SBA Loan Default: There Are Three Things that Cannot Be Hidden: The Sun, the Moon and the Truth - ConfuciusThis article by Don Todrin of Second Wind Consultant discusses issues pertaining to SBA loan default, SBA loan workout and the best business rule we can all get behind and follow.
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How Deep Can Debt Forgiveness Go when Working Out a Defaulted SBA Guaranted Loan (or a Non Guaranteed Bank Loan)?A Don Todrin article on SBA Loan Default - This is a very complicated issue with many contributing factors: Some of the issues are net worth, income, spousal income, protected retirement investments, family, basic overhead, secured debt, other assets
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SBA Loan Default: Workouts Are Not a Get Rich Quick PlanA Don Todrin article on SBA Loan Default - It happens from time to time, and it comes in a few different varieties. Small business owners with significant debt want to do a workout to reduce their debt and call us for such support.
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SBA Loan Default: If You Take Cash from the Till, You'll Pay LaterA Don Todrin article on SBA Loan Default - I see this often: small business owners swiping cash out of the register or however it is received and held. Sometimes it's just the lure of the green
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Inventory: Small Business Owners' Achilles HeelWhat is it about inventory that so many small business owners love to build and horde?
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Right of First Refusal? No, It's a Trap for the UnwarySounds reasonable, gives an inside advantage to a favored manager, employee group, supplier, competitor, whoever may be asking for it, but does it really make any sense? Should you honor the request?
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Vertical Integration Revisited: Gaining Ground Again. Is it Right for You?Vertical integration, used to be more popular, marketers bought from manufacturers or importers, sold through wholesale lines into the retail market.
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The Tipping Point: Success in Sight from SBA Loan DefaultThis article by Don Todrin of Second Wind Consultant discusses issues pertaining to and/or related to SBA loan default and SBA loan workout.
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SBA Loan Default: Cash Flow Break Even Means Sustainability and SuccessCash flow break even is a critical key indicator, a way to measure the success or failure potential of your business and the first goal the small business owner must work to achieve if he is to remain in business very long.
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You Have Not Taken a Paycheck in How Long? Let's Review the SituationI hear this all the time, small business owners who have not taken a paycheck in a year, two years. Today I heard 5 years. I ask a simple question, what's the point?
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Most of You Are Doing the Same Ole Thing. Stop It! Haven't You Learned Your Lesson Yet?Small business owners are swimming in unaffordable debt. Because the economy has melted down, and revenues have declined significantly for so many businesses, the debt is choking the life force out of many of them.
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You Have Lost it All, Are You Going to Allow it to Happen Again?OK, the horse is out of the barn, your notes were called and your business closed and liquidated and your personal guaranties are now being paid off.
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A Reminder: You Must Be Able to Walk Away from a DealWe all know this, but we sometimes forget, or get lazy or worse of all allow emotional insecurities, like wanting to be liked and appreciated, and thus, adjusting ones actions to accommodate others' emotional needs...
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You Cannot Even Imagine the Reasons Banks Are Calling NotesIt is not just payment default. While that is the reason for a vast majority of notes being closed, there are a host of additional reasons banks can and do call notes.
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Why Are You Paying so Much in Taxes?Here is a statistic that will make you mad: 55% of the corporations in this country, big business corporations, pay no taxes at all.
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Warning 2010 WILL Be Dangerous to Your Business Health. Here is How to Survive and ProsperI read the blogs, study the economic experts and understand many of the issues. Politicians are not to be trusted or believed; unfortunately they are still controlled by special interest groups, thus, greed prevails and rules. It's politics as usual.
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Do Not Hide Out. The Importance of Clear and Direct Communications and Follow ThroughI was talking to a banker yesterday representing a sizable bank with a dedicated workout department, Special Assets they call it, and she commented about a particular borrower whom they were reluctant to give us a workout opportunity...
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It is Time to Fire Some of Your ClientsWe talk about the need to downsize to accommodate reduced revenues and increased overhead, and frequently we focused on reducing payroll, negotiating a discount on rent, and reducing other controllable overhead items
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It's a New Year; Here is Your ONLY New Year's ResolutionThe year 2009 was a year of change and for all of us, especially small business owners, that's a certainty. Revenues are down, overhead is up, credit is gone, and things are very different.
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Follow Your Gut, Your Instincts Are Seldom WrongI read an article many years ago, that has suck in my mind ever since. It was about a Harvard study on how the best business leaders make decisions. It went on to describe how they would collect data,
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Newspapers Are Dead or Dying. A Different Way to Use the InternetPublic relations is an often overlooked tool for promoting business activity. The largest corporations spend a massive amount on public relations frequently creating imaginative and exciting events
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Once Again, There is No Limit to the Credit Card Companies and Banks ArroganceWe have been confronted recently by a small number of credit card companies and banks that refused to accept or acknowledge the rights of a customer to be represented by third party experts, with a Power of Attorney authority.
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The Ultimate Politically Correct Holiday Greeting, What Ever Happened to Straight Talk?I am very tired of politically correct requirements. Even worse is the underlying context requiring us to resist offending anyone by not respecting their political or other beliefs, as if that is my problem.
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It's Christmas and it Has Been a Brutal Year for Small Business Owners, Here is What You Need to DoPut on your game face. You are being watched. Watched by your family. For them to be content, happy, they need a sense of well being.
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We Fought the Department of Justice in Court and Won Hands Down. a 100% VictoryYou, of course, all have heard our claim that we are always successful in resolving our clients' debt workouts. We are sometimes put to an extreme test.
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What Bills to Pay when There Isn't Enough Money to Go Around?It is a very common question and more often than not answered incorrectly. First there must be some context to set the stage for the strategy. The rule is pay what is required to survive another day, to fight another battle.
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Free Samples..... Be Innovative, it WorksWe all see it in many places. Supermarkets do it frequently, and it works. Vendors offer tastes in anticipation of customers liking it and buying the product. A new customer is created and who knows where this will go.
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Would You Do Your Own Brain Surgery? Then Do Not Do Your Own WorkoutI speak with people all the time that decide to do it themselves. They figure they can fill out the forms themselves and save the fee, so why pay for expert opinion to represent them in negotiating a workout...
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Why Do I Offer to Fly in My Interested Potential Clients to Meet Us?It seems quite obvious. To enhance the sales process and close a deal, one might think. More power in a personal pitch, overcomes the internet barrier, get to meet the team and...
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Clear Communications. Is it Asking for Too Much?I am not going to teach you how to communicate successfully, we all know how, we just do not do it. However I will point out to you some frequently missing components, ways to prevent bad communications...
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Is it True Some Properties Cannot Be Appraised?It seems an impossible concept, properties that cannot be appraised. How can that be? Certainly every property has some value...
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I Do Not Believe in BPO's (Brokers Price Opinion). Do Not Get Caught in This TrapIn negotiating a workout, in many situations, the conclusion is an amount based primarily on your 'liquidated net worth'.
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When Does the Collateral Become the Property of the Bank?There is one obvious answer, after foreclosure. Until that moment the borrower has title and the bank cannot sell or liquidate anything, the borrower is in total control.
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Wage Garnishment, What's it All About? ReallyIt's like urban legend, many different rumors, many different understandings, here is the straight scoop.
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You Are Just Going to Wait and See What Happens! Are You Serious?I hear this 'plan' more often then I choose to admit. 'I am just going to wait and see what happens...'
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You Have a Responsibility in a Workout to Present Yourself in the Light Most Beneficial to YouI review many self implemented Offers in Compromise to the SBA, Banks and other creditors, and I am frequently amazed at what I see.
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Reminder:The Collateral and Your Business is YOURS Until the Bank Forecloses. Act Accordingly.You own the collateral, assets that are valuable as they make you money and are the heart of your business. It may be collateral for your loan, but it remains yours.
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Yes, You Must Be in Default to Enter into a Workout Negotiation, Universal Default!One of the more ridiculous practices, but it is very true; you must be in default to engage in a workout negotiation.
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Working 24/7 and Proud of It? Don't, It's a MistakeI just exchanged emails with a broker friend of mine who arranges financing for some of our clients, and he had just heard back from a lender this afternoon and wanted to get me the good news.
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It's True, Some Small Business Owners Are Doing Better. Why?I talk to small business owners where ever I go, where ever I shop, and whomever I speak with, and while it remains true the economy is far from recovering...
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We Have Met the Enemy and He is Us!Yes, once again, we are our own worst enemy. We are in a deep dark recession, revenues are down 20-80% depending upon many factors, yet you take huge losses instead of responding as you should.
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Ok, so You Lost Your Business and Cannot Find a Job. Start Another BusinessYes, times are tough. You had no intention of losing your business, and further have no desire to get a job. You have looked high and wide but as discussed in other posts, you are unemployable.
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Hold Harmless and Indemnification Agreement - What?Hold harmless and indemnification agreement: a phrase we have all heard of but probably have little idea of what it really means.
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Fail Proof New Product and Service Development...For Pocket ChangeMinimum Viable Product, a new phrase, a new idea, but it makes a lot of sense. It works like this.
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Hard Money Loans, What is it All About?We also know that the few opportunities that may exist from borrowing are made much more difficult by the banks requiring better credit than ever, and many of you have suffered credit hits because of the current downturn, reduced revenues ...
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Videos on Debt Workout and Solving Difficult Business Problems...At LastIt is called web 2.0, combining, blogs, video, Twitter, Facebook, Youtube, all integrated producing one knock out presentation to your market, and getting a terrific response.
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Enough Complaining, We All Have an Enormous Amount to Be Thankful ForI hear it every day. People complaining. They complain when it rains, complain when it snows, complain when it's cold, complain when it's hot.
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"One Farm at a Time"... Saving Small Businesses and Their Owners from the Financial Meltdownt is a war! The casualties are very high...you need a plan. There are very few options. We have the way.
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Pretend You Are Opening a New Business...today. Stop Praying for a MiraclePeople are no longer buying as much junk as previously, quality and a good deal is what is required.
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What? an Increase in New Business Openings. Are They Crazy? NO!I am beginning to notice an increase in new business openings. One might say at first blush they must be nuts. In this economy? Why would anyone want to open a new business?
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What Makes the Right Customer Gift? What's in it for You?First and foremost, think this strategy through very carefully. If you miss the mark you will not only waste your money but will also run the risk of reducing your goodwill, instead of enhancing it.
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Men Work, that is What They Do. But in This Economy You Must Learn New Skills, or PerishMen go to work, that is what they do. But in this economy you must learn new skills or perish.
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Get Back to Running Your Business, Doing What You Do Best. Leave the Workout to ProsGet back to running your business, doing what you do best. Leave the workout to pros.
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You Have a Right to Be Represented by an Expert Workout Consultant with Power of Attorney. We Are Fighting This Important Battle for You AllThe audacity of the credit card companies and banks holding defaulted loans is sometimes beyond belief. The list of outrageous acts and statements made by banks defies mere greed and ...
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You Do Not Have to Be Dead Broke to Do a WorkoutOne frequently held misconception to do a workout is that one must be dead broke, without a job or income. Not so at all. In fact one of our clients has six figure incomes...
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Franchise Workouts, a Different Beast but SuccessfulMany franchise businesses are getting very hard hit by this recession. One reason is the very nature of the franchise equation, you pay royalties based on gross revenue not net profit...
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How to Successfully Buy or Sell a Business in This Down EconomyWant to buy a business but the owner won't lower the price so he can pay off his debt?
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Another Word for a Debt Workout - a Controlled Train Wreck!One must be realistic when entering into a workout negotiation. It is not like any other negotiation you have ever done. First, please keep in mind your position is defenseless.
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The Ultimate Measure of a Man is Not Where He Stands in Moments of Comfort... Dr Martin Luther King Jr"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy," Dr. Martin Luther King Jr.
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Shortfall Liability in a Short Sale Must Be Forgiven by the BanksAfter 18 long months of negotiating a short sale for a client, and after three blown attempts purely because the bank could simply not act, was paralyzed by its own inefficiencies, that bank being WaMu...
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There is Business Out There... How to Get It!Yes we are involved in a very deep recession, massive reduction of employment, foreclosures on homes are rampant, and revenues are down in most every business sector. This we all know.
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SBA Will Sue You in Federal District Court, Liquidate Your House and Garnish Your Wages If You Do Not Work This Debt OutI have been asked many times what will the SBA actually do? Will they liquidate our home, people ask in disbelief?
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It is Arithmetic Folks, Do the Math... Again. What Choice Do You Have?I talk to small business owners all the time who ponder whether or not they want to do a workout and eliminate their debt on the business as well as reduce the debt on their personal guaranty to affordable losses.
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If Your Goal is Wealth Accumulation, You May Be Shooting at the Wrong Target. Here is How to SucceedIf your focus is purely on revenue, profit, retained earnings, wealth accumulation, you may be missing the mark.
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Too Good to Be True? Our Workout Strategies Are Very Good and Very TrueIt has been said on almost every client consultation that our plan and projections are "too good to be true". It is my most frequent obstacle to overcome when I am offering our service to a small business owner.
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In a Workout Situation, it is Not the Bank's Goal to Support Your Growth and DevelopmentMany small business owners have a gross misconception about what a bank will do with you when you are in default on a loan. Once you are put into the workout department, which has a variety of different names to describe their liquidation process.
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Doing Business Just to Keep Your Employees Employed? Noble Idea, but a Failing StrategyWe must review this issue again, as I continue to talk to small business owners who tell me they are accepting marginal business, even loss leaders, non profitable business just to keep their men employed.
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Landlords and Small Business Tenants, You Are in the Same Boat, Pull Together for SuccessLandlords and small business tenants, you are both in the same boat, pull together for success. Here is how.
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Managing Your Debt: It is Really a Waste of Your TimeI see it all the time, small business owners, trapped in a down cycle, with debt eating up all their cash flow and all their time is spent managing the debt, juggling cash flow, talking to or avoiding the bank.