Franchise Euphoria Restructuring Your Business For The Future with KC Cohen
KC Cohen is a 35-year veteran of the corporate restructuring practice which includes workouts, turnarounds, structured liquidations, sponsor guarantee defense, receiverships and chapter 11 cases, primarily representing debtors. He has a strong dedication to the integration of technology in the practice as a solo attorney who has operated for over a quarter century without staff.
Key Takeaways:
[0:18] Today’s episode of Franchise Euphoria is brought to you by IndyFranchiseLaw.com, a leading resource in the franchise space. Head over to IndyFranchiseLaw.com learn more!
[0:59] Josh introduces today’s guest, KC Cohen, an Indiana-based bankruptcy attorney.
[1:55] Josh welcomes KC to Franchise Euphoria.
[2:55] KC shares about his background and what led him to specializing in bankruptcies and restructuring businesses.
[6:47] In KC’s opinion, the first thing you need to consider as a business right now, is whether your business is part of the future or the past.
[8:12] Josh and KC consider what the future of offices look like now that so many businesses have figured out how to run their businesses remotely.
[11:42] Going forward, businesses will need to adapt to what the future looks like in order to flourish.
[13:43] KC provides an allegory about the dependency businesses have on each other.
[14:55] KC sees the situation with coronavirus as an opportunity for debtors and creditors to collaborate.
[17:30] In this unique situation, KC believes that debtors shouldn’t hesitate to call their creditors to discuss their situation because they will be flexible at this time.
[20:23] Josh and KC weigh the pros and cons of abatement vs. deferment.
[23:35] When you begin talking about bankruptcy, the first thing to do is make sure your own house is in order.
[28:15] Under Chapter 11, debtors can take advantage of a secured creditor not being established correctly, which happens more often than you would think.
[33:29] In KC’s opinion, you don’t want to file bankruptcy if you can avoid it and you don’t file the day your business closes.
[34:40] It is never too early to talk to a bankruptcy attorney about your situation, and KC recommends doing it before your situation goes from bad to worse.
[35:22] If you want to get in touch with about KC, visit www.smallbusinesseleven.com.
[36:58] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.
Mentioned in This Episode: