2020 Programming | Bounce Back: A Discussion on Bankruptcy
Responding to shifting economic conditions, this year PowerMoves.NOLA aims to educate business owners on the many tools and techniques available to assess and restructure their businesses to avoid shutdown and become more resilient in the process.
Take a look at our socially-distanced conversation with subject matter expert, Kwamena Aidoo (@SquareButton), and our own Blake Stanfill (@PowerMoves.NOLA). In it, they discuss several real-life case studies, what bankruptcy typically looks like for sole proprietors, and perhaps most importantly, why filing for bankruptcy is not the end of the world–or even the end of your business.
Watch the full discussion below or jump ahead to what’s most relevant to you:
- 08:40 Types of bankruptcy: Chapters 7, 11, and 13
- 18:03 Stress-test your company: A litmus test to gauge the health and viability of your business
- 26:05 Options if your business or idea is no longer viable
- 29:56 How to break the news (including to yourself)
- 33:48 Moving forward
You can also view the video here:
Launched in 2014, PowerMoves.NOLA is an initiative created by the New Orleans Startup Fund to facilitate an inclusive entrepreneurial ecosystem and help minority-owned businesses in the city to scale. By providing legal, financial, and strategic guidance, PowerMoves.NOLA aims to close the gap for entrepreneurs of color.
Ultimately, the program’s goal is to improve the economic security of families, increase revenue, and expand employment in local businesses led by entrepreneurs of color.
Funding for PowerMoves.NOLA is generously provided by a grant from the W. K. Kellogg Foundation.