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Triple Play: Tips for small business owners in financial difficulty

Triple Play is a weekly NJBIZ feature that asks top executives in New Jersey to talk about three things related to their industry.

Charles Forman is managing member of Forman Holt Eliades & Youngman, a Paramus-based insolvency boutique law firm.

We asked Charles for three tips for small business owners in financial difficulty.

Accept change. Remember Einstein’s definition of insanity: Doing the same thing over and over again expecting different results. Don’t be afraid to make changes. You owe it to your family and your employees to admit that things aren’t working and to look for answers and to accept a different direction. Be open to their opinions as to what you are doing wrong and what should be done differently.

Get professional help. When you meet with legal and financial professionals, be honest about what you can afford and get a commitment as to fees and what you should expect in return. Be open and honest with them as to the financial situation of the business. Ask questions. Follow their advice.

Keep things in perspective. You’ve been through a tough ordeal already and you should anticipate more troubled days ahead before things turn around. Be patient. Take care of yourself physically and mentally. This is an opportunity for change in your work habits and lifestyle habits so that when you get through this, hopefully, you will be better off than you were when you started.

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