What CPAs can expect in workouts and lending today?
If ever an economic period was destined for America’s history books, it’s this one, according to Jerry Mozian, a turnaround specialist.
“After a long run of living above our means, the concept of credit is being fundamentally revisited,” he says.
“When the dust settles, our nation will emerge a more value-oriented society – one that better understands leverage and restraint,” Mozian says. “Future generations can avoid the mistakes we’ve made by learning how we overcame them.”
For CPAs, that means understanding a little bit more about liquidity, insolvency, bankruptcy and workouts.
According to Mozian, before filing bankruptcy, CPAs should: