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Research, planning, help keys to avoiding biz failure.

Article Excerpt
For business owners faced with a myriad of problems, the threat of insolvency is most likely the 1,000-pound gorilla of the business world. According to the Small Business Administration, many new businesses fail. In 2003, there were 572,900 new firms and 584,800 closures; both about 10% of the total. Professionals who counsel business owners do everything they can to prevent bankruptcy.

"Everybody loses when that happens and we look at ways to prevent that," says Kevin Silence, a vice president with Community Bank in Pearl. "We must have an open line of communication. We may see something business owners don't and we can look at trends."

He says banks don't give advice as to restructuring but can point out things and options to businesses when there are red flags. "The worst thing for everybody is for them to file bankruptcy or have a foreclosure," he said. "We need to stay with a loan before it gets to that point, see what...

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