At Herron Business Law, we practice what we preach: surround yourself with smart people. We’re honored to work with so many passionate businesses looking to make a mark in their fields. We care about each as much as our own business. And, frankly, we’re appreciative of the opportunity to play a role in the success of yours.
Here are a few examples of some of our clients’ interesting and successful endeavors that we were fortunate enough to play a role.
It happens. Businesses fail. What then? We’ve helped many business owners facing an uncertain future. The Herron Business Law team can help to manage corporate bankruptcy, personal guarantees, secured debts, taxes, lease obligations, lines of credit and credit cards. The first step is always finding an orderly way to wind down the business. This is done through maximizing the remaining value, avoiding any further personal risks and assessing options for what’s next. After the financial constraints of the old business are resolved, we counsel the business owner to pursue new opportunities or employment and capitalize on the valuable lessons learned from the failed endeavor, which in many cases can be a springboard to success.
One of our contracting clients faced some ups and downs, typical with this industry. Forced to take on merchant funding, soon their debt service ballooned to tens of thousands of dollars every month. The Herron Business Law team developed a plan to eliminate that debt service immediately, managed the collection process and worked out a strategy to restructure the company’s finances. Soon, the company was solvent, and growth continued. By going to bat for this firm in its time of need, Herron Business Law became a trusted partner, still advising the now-successful contractor on contract and employment-related issues, among other legal matters.
The family-owned manufacturing firm had been operating successfully for more than 50 years. But international competition and lack of capital to grow forced the company into Chapter 11 Bankruptcy. The business was ultimately sold successfully through the Chapter 11 Bankruptcy to a hedge fund. During and through the sale, the team at Herron Business Law negotiated settlements of the owners’ personal liability at a steep discount and helped to secure an employment agreement with the new owners. Today, the business is growing, our clients have steady income in the business they love, they’re relieved of old company-related debts and have the proper funding to build the business in ways they couldn’t before.