Originally Posted by
LGS6753
Yes - Chapter 11 is an abomination that has kept far too many zombie companies alive to the detriment of healthy, better-managed competitors. In my working life, I would never extend credit to any business that had entered into a CVA - it was usually only a matter of time before they were looking for another one.
My approach p!ssed off a number of my sales staff though!
Indeed, but sales people can't (couldn't) see beyond the sale, and the bonus they could earn for closing it. It never occurs to most of them that a sale is only a sale when it's paid for. One former colleague used to judge the credit worthiness of a business on how big a car was in the managing director's parking space!! Probably good reason why sales people should never be let loose with the purse strings of a business.