Chapter Seventeen. Banking
How many times have you heard the expressions “my banker is my friend” or “I have a great relationship with my banker”? These may be true, but really your banker is a vendor who sells you money—a very important vendor but a vendor nevertheless.
One must understand that almost every turnaround involves renegotiating terms and conditions of the lending arrangement with a bank or other type of lender. These negotiations can be adversarial because I usually represent the debtor. On the other hand, if they are structured properly, there can be a win-win situation allowing the company the ability to survive and the bank the ability to recover its loan.
The turnaround lesson that can be utilized in your banking arrangements is ...
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