Are you struggling to pay your daily loan payments?
Did you take out multiple Merchant Cash Advances?
Is other debt weighing down your Cash flow?
Are you looking for healthier funding for your business?
Are you considering filing for Bankruptcy?
Have you laid off staff to keep up with decreasing revenue?
Are you defaulting on other debt to pay a Merchant Cash Advance?
Not all businesses will survive, so bankruptcy may be the right or only option. However, Business GPS should be viewed as a Bankruptcy alternative to get your business back on its feet without the potential costs, time spent, and damage done to the business through bankruptcy proceedings.
If you are considering filing for Bankruptcy, at least consult with us first to discuss a business plan that could save the business in a faster, effective and more cost efficient way.
We are not attorneys, and that is a big advantage for us in this business. Attorneys have the capability to settle debt, but their approach is very different than ours. Generally, attorneys have very large up front retainers and hourly fees before they even take on the issues. The timeframe of their work may be extended since they primarily have to communicate through the correct legal channels to only work with the opposing attorney.
The fact of the matter is, we can handle these debt issues in a much quicker, more effective and cost efficient manner. Since we operate primarily on a success/performance fee basis, we are incentivized to get your business the best deal out there--our fee depends on it!
The time-frame depends on each claim. In some scenarios we are able to effectuate restructures immediately within a few days. However, more complicated claims may take months to get you the deal your business needs. We want you to view us as a partner to the business during this process, so we usually work with businesses for at least 3-6 months. We have been on retainer for many past clients we’ve helped throughout the years, so we may be a part of the business for years!
Some of the restructures and settlements may impact your ability to get future funding from that specific source, but our goal is to guide you to more manageable, healthier debt that will not damage your business. We work with many “Business GPS Approved” lenders who can take a look at funding your business. We work with providers of consolidation loans, working capital, lines of credit, equipment loans/leasebacks, raw land financing, residential/investment property financing and more.
We work in tandem with lenders to not only reduce or restructure your debt, but also to get your business to a financial place in which you become more “fundable.”
We primarily operate on a success fee/performance basis. We do have a small commitment fee to get started, but after that, we don’t make another dollar unless we succeed for you. There are other businesses out there that do this, but they collect their fees up front, or as they work for you. We understand cash flow is tight, so we diligently work to get you the relief you need and place our fee on the back end.
The impact on your credit depends on each debt. The majority of our clients never have their credit impacted in a negative way. The only scenarios that may impact your credit are if you signed a Confession of Judgment and the Judgment was filed, if the debt is with a traditional lending source (bank), or if the debt is an individual or personally guaranteed business credit card.
Business GPS also has a Credit Repair Program to help business owners increase their personal and business credit. Please call to inquire.
Once we are engaged, the creditor communication flows through our firm. This will spare you from the constant calls, emails, texts, etc. that only add stress and anxiety to your situation. We take that burden off of you immediately, so you can focus on doing what you do best: running and growing your business.
We speak with thousands of businesses throughout each year, both private and public, and we often discuss potential acquisition strategies. We also have our own fund to deploy on an equity bases. If you are interested in selling your business, please call us to discuss.