Summary
Filing a lawsuit is clearly the last resort, said Morris Bauer, a partner with the Somerville law firm Norris, McLaughlin & Marcus P.A. "Unfortunately, a small business is easily replaceable," said Bauer, who heads its bankruptcy restructuring department. "The minute you institute a suit, they are going to find a competitor that will replace you."
[...] they have several options - including some creative communication, selling their receivables to factoring firms and negotiating special deals with their bankers - before pursuing legal action, according to experts in the payment food chain. Businesses would do well to begin charting their plan of action to collect overdue payments with a risk management assessment, according to Ray Miller, a partner with B2B CFO in Mount Olive, the state operation of a nationwide network that provides chief financial officer- type services to small businesses.See the full content of this document
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Get Paid Without Losing Customers
WITHTHE ECONOMY worsening, many small and midsize businesses may sense they have little clout in collecting past-due payments from their customers. But they have several options - including some creative communication, ...
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