How to Climb Out of the Debt Hole

Business is good but the balance sheet is not. Over time, the business’s equity has gone from positive to negative—it owes money to lots of people. How did it happen? Could be a big hit on a job. Might be poor estimating. Possibly several bad clients. Overhead has not been controlled. And on and on go the reasons. Once you finally realize how bad the situation is, create a plan – often called a bunker plan – to survive and recover. In this article from Remodeling, Paul Winans describes seven strategies that will help you get rid of the debt and have positive equity once again.