Something happened the other day that got me thinking about the experience that I had over a decade ago pulling my father’s company out of Chapter 11 Bankruptcy or “Reorganization” as he liked to call it. He had been in this situation for 4 years when I joined his company. I thought I was joining his company to work as an outside sales representative. I felt that if I could boost revenue that the other challenges he was having would eventually subside. However, he had different plans.

Unbeknownst to me, I was soon introduced as the new payables clerk! I had never worked with creditors and this was to be a great learning experience for me. Things had taken a definite turn for the worse at the company. We needed to get a handle on some persistent problems or boosting revenue would be of no consequence. (more…)