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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:

josh@franchiseeuphoria.com

www.franchiseeuphoria.com

www.indyfranchiselaw.com

www.smallbusinesseleven.com

About the author, Josh

Josh Brown is a franchise and entrepreneurial attorney that helps buyers, owners, and expansion-minded businesses find success through franchising. When not working on his two businesses, you can find him on the golf course or spending time with his wife and three beautiful daughters.

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