Dear Friend,
Are you a product based business person selling physical goods and currently have customers who you have supplied to but have not paid?
Now, let me tell you a story of Madam Kofo who was just like you and how she managed to pull through
Madam Kofo imports Medical Consumables from China and India
There was this particular order she got from a hospital that was opening two different branches in two states in Nigeria.
She needed more cash to order from her foreign suppliers and decided to opt for a loan from her bank with 5 years business relationship.
It wasn’t hard to get the loan because Madam Kofo’s Business has been doing quite well in the past years.
Finally, her goods arrived and she dispatched to the hospital new branches.
Unfortunately, the hospital had some state licensing issues that made the government authorize a temporary close down of the hospital.
However, Madam Kofo’s due date with the bank had elapsed and she was totally confused on what to do, as she also needed more money for new supply demands………then she reached out to us at Livingspring Solicitors and we helped looked at her entire corporate structure, reposition the company and helped in the Debt Restructuring Process by proposing a Debt Factoring solution in form of Invoice Discounting Facility for her Debts with her Creditor.
🧠Legal Business Sense:
6 key things to learn from Madam Kofo Debt Restructuring Story
1. Madam Kofo had a standing business
2. She ensured that all structures were put in place
3. She only took a loan for a profit making venture to advance a particular supply that was a good business deal
4. Madam Kofo had a circle of debt issues;
The hospital was owing her
Madam Kofo was also owing a bank
5. She consulted with an expert (that is our Law Firm) and didn’t mess up things by trying to sort out her debt issues by herself without an expert guide.
6. Most importantly, she didn’t play “hide and seek” with her bank when the hospital defaulted in paying her.
đź‘ŤMoral Lesson:
As a business person, you need to understand that sometimes business does not go as planned, the question is, how well structured is your business to go through trying times and still stand strong….?!
Are you wondering what an Invoice Discounting is and how you can maximize it in your product business?
Well, that is one of the things that will be taught in Module 3 in the BDB PROGRAM.
There are a lot of legal tactics, tips and tricks the BDB program will teach you.
Are you in or so INNNNNNNNNNNNNNNN?
This is worth thinking about.
Yours legal,
Precious Toju, Esq.
(Debt Recovery & Credit Risk Coach)
Visit www.asklawyerprecious.com to read more insightful blog post
