Turn around and Workout Mistakes

1. Taking money out of your retirement account or other protected assets to prop up your business or investment.
2. Not being very involved, giving up, being undependable or a goof ball
3. Thinking your lender cares about you or your business and will work with you, your interest and there interests
are very different, they will mislead you and even be less then honest with you to get what they want.
4. Don’t make your lenders creditors stronger and you weaker every dollar you give them does that.
5. Not getting great professionals involved, get the best professionals that you can afford in early.
6. Acting to late, don’t think the problem will go away or you will solve it. Act early and decisively.
7. Being nice or caring about other interests other than your own or your business or investment now is the time to
be self centered and selfish. Once the business is stabilized you can go back to being nice and caring.
8. Don’t do things the same way, you need to change. Think like an outsider would.
9. Don’t spend your days worrying or being paralyzed by the workout, the company needs you at your best to turn the
ship around.
10. Cut every non vital expense, but at the same time you need to bring in new income, so don’t make the wrong cuts.

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