Sometimes it’s better to receive…
Why should your law firm or bank hire me and the CJBS team as your court-appointed receiver?
Unlike some receivers who merely seek to profit from the quick liquidation of an operating entity, I strive to realize the business’ true net worth. I objectively analyze the business and develop a plan to maximize both the repayment to creditor’s funds and the debtor’s investment.
Being a receiver is like walking into a burning house with two parties waiting anxiously outside; the secured creditors, who need to verify their collateral is safe and will be repaid, and the debtor, who hopes to survive both personally and as a business. I shine a light on the accounting books and records to see if they stand up to scrutiny. I look into dark rooms and feel around corners to determine if management is cooperative and honest. And I must get the answers fast before the entire structure goes up in smoke, destroying any remaining value.
As a certified forensic accountant leading the CJBS team of experienced financial specialists, we verify accounts receivables, take charge of the cash, and develop cash flow and profitability analyses. With years of experience working as a receiver, assignee and financial adviser to many companies in various industries, I am able to quickly determine the viability of a business and, if possible, the requirements the company will need to regain profitability.
Above all, I bring honesty, integrity and independence to what can be a stressful and difficult process. If I believe that the debtor cannot survive or is not truthful I will recommend that the creditors pull the plug. If I believe that a sale will provide greater return than a liquidation, I will let that assessment be known. And, if I believe the debtor is honest and the business has an opportunity for sustained profitability, I will report that to the creditors, recommending that the business be given more time as a means to the best possible outcome for all concerned.
It is also important to mention that the fees of a court mandated receiver firm can sometimes be too much of a burden for a business receivership to absorb. Based in Northbrook, Illinois, the professional fees at CJBS are generally significantly less than those at the downtown Chicago firms or the specialized turnaround companies that often profit more from the liquidation than the survival of the debtor.
I work to assure that your client or customer will get the fairest possible chance at surviving a difficult financial situation. Perhaps the best testimonial to our fair and honest approach to our role as receiver is that many companies we have helped turn around from financial trouble have since regained profitability and are currently accounting clients at CJBS.
CJBS, LLC is a Chicago based firm that handles business receivership and liquidation issues on a national basis. E-mail me at , if I may be of assistance.