Our company has worked with clients with fleets as small as $700,000 and as large as $98,000,000. If you are struggling to pay your debt service, no matter the size of your company, then you are a candidate for a debt restructure. Remember - your lenders have a lot at stake in your company and are always willing to work with you to keep your business alive and prosperous.
All of your financial institutions are willing to assist you in recasting your debt service, provided you submit a reasonable plan, to the right person, and in a timely fashion.
I have covered many of these subjects in previous columns, but want to cover them, briefly, again for you. The plan must be realistic (no rosy pictures, please - we leave that to the Chicago Cubs fans) and based on the next 36 months. You have to find the decision makers at your financial institution, and it is prudent to make your move for restructuring before you are severely past due on your account(s).
The only negative aspect of being "too small" is getting the attention of your lender. During these difficult times, your lenders are dealing with an abundance of struggling accounts and their plates are full. The complete packages get moved to the front of the line because they can be processed quicker and easier.
If you would like some advice on how to prepare your package, please feel free to contact me directly at firstname.lastname@example.org.
I hope each of you, your employees, and families have a very Happy Thanksgiving.