The medical profession have a generally understood term for people who exist in a state of permanent anxiety about illnesses they haven’t got – they are called the “worried well”. The business sector has created a term their own, for a similar condition, which afflicts many company directors.
The phrase “worried director” accurately describes the state of mind of many company directors, even when things are going well. But the most positive and resilient directors can turn into “worried directors” when an unexpected challenge arises, or events beyond their control create new levels of uncertainty and fears of business failure.
The covid-19 epidemic is one such event, putting 1,000s of previously successful businesses in danger of failure.
Judging when you have ceased to be suffering from an irrational case of “worried directors” syndrome and are now experiencing a justifiable disquiet about an uncertain future is the key to recognising whether the time has come to seek help and to formulate a realistic bespoke company rescue or business turnaround strategy.
Prevention is better than a cureTo continue the medical analogy, prevention is better than a cure. All too often businesses try to fight off or ignore the symptoms of a failing business on their own. This can lead to complications that could have been avoided by seeking help, in the form of a company rescue or business turnaround, when the first signs of trouble emerged.
Corelco are specialists in providing support to worried directors. Free from the regulation which governs licensed insolvency practitioners, we work solely in the interests of worried directors, with the aim of restoring the health of the business and protecting its long-term prospects.
We offer a unique hands-on, principal-led approach to formulating alternatives to liquidation, administration or insolvency. Corelco are not a licensed insolvency practice and our first instincts are to save a business wherever possible, and restructure debt and assets in order to prepare a healthy new business for the future.
A springboard for a return to long-term successThe business world is full of witty one liners that “worried directors” recognise all too well...
“A bank will lend you enough money to get you into trouble, but not enough to get you out of it.”“A bank will lend you money, but only if you can absolutely prove you don’t need it.”“
If you owe the bank £10,000 you’ve got a problem. If you owe the bank £10,000,000 the bank's got a problem.”Of course, everyone loves to hate the banks, but in reality, when most worried directors approach Corelco for help, the options for borrowing money are likely to be exhausted.
For that reason, Corelco will help you preserve cash, create breathing space and provide a springboard for a return to long-term success.
Indeed, by the time you have begun to consider what sort of business turnaround plan might work, your options may already be reduced, but we are here to provide a range of alternatives to insolvency and liquidation with an immediate, coherent and
realistic turnaround strategy to restore performance and profitability.
Common concerns of "worried directors"For directors facing business failure there are a number of concerns that commonly arise, especially if they feel insolvency or liquidation are the likely outcomes. These include:
• An overdrawn loan account
• Personal guarantees
• Loss of credit rating and access to credit
• Losing the company name and established goodwill
• Disqualification as a director
• Damage to reputation and loss of customers and clients
Overcoming these issues and mitigating their effects on both the business and the directors personally is a key priority for Corelco in any company rescue or turnaround for worried directors.
Our hands on principals and sector specialists are ready to roll up their sleeves and find constructive ways forward. We will work solely on your behalf, removing stress, and replace worry with reassurance.
Call Corelco today on 0203 773 1417.
