Bankruptcy is something that every business is trying to avoid although surely it is not going to be easy to do it because one thing that always causing any business to file for bankruptcy is the financial problems. Different companies mean different financial problems although if you draw the bottom line, those financial problems are basically the same and what differentiates them is the scale of the financial problems. The scale of financial problems is ranging from mild to severe and the severity of the financial problems could lead to bankruptcy although the mild financial problems could also lead to bankruptcy as well.
Any business will do everything they can to avoid the bankruptcy and one of the most effective way is hiring the financial advisor to provide financial solutions to the financial problems that the business is having. But what the business owners should know is that the solutions which given by the financial advisor might not guarantee to solve their financial issue as buy side advisory is only effective if the business owners are willing to implement the aforementioned solutions. Some business owners are paying the financial advisor to help them solve the financial problems but as soon as they found out that they have to apply the financial solutions, they refuse to do it.
Some companies and business owners are usually sit together with the hired financial advisor to discuss any possibilities that the financial advisor could give based on the current financial problems that the companies and business owners are having. This discussion is needed so the financial advisor could delete any possible solutions which not applicable according to the companies and the business owners and whether they can arrange and set financial solutions together. For the companies and business owners, it is recommended that they have their own version of financial solution and consult them with the financial advisor to see whether those solutions are applicable or not.