The huddles this week focused on business pivot-related resources to utilize and Tera walks through a business’s struggles during COVID and how bankruptcy can benefit food, beverage, and farm businesses in similar situations. Watch the recording here.

Talking Points

• Bankruptcy Model – Watch the meeting recording here for the full details
  • Tera discusses a Kombucha business with taproom out of Chicago, their struggles, and how bankruptcy can benefit businesses in similar situations.
    • Received PPP & EIDL but were still struggling before and during COVID
    • Needed to restructure with landlord during COVID but running into walls
      • Started working with bankruptcy attorney
      • The grind of pre- and post-COVID struggle was wearing on business owners. Wanted to sell the business.o Bankruptcy would buy them time to figure out plan B
    • Lessons Learned: More options available the earlier you begin the conversations about bankruptcy and the process as a tool to buy a business a second chance.Tips & Next Steps
• Bankruptcy
  • Consultants: Try to work with businesses early on about bankruptcy as a tool
  • Entrepreneurs: See bankruptcy as a tool and explore the options early on
  • 13-Week Cash Flow will be needed for the process to show the judge you have a positive outcome plan
    • Edible-Alpha® Quick Course on how to put one of these together
• Pivot Podcasts: Entrepreneur Focused
  • Sun & Swell: How Self-Manufacturing Helps Food Brands Be Nimble
  • Riff Cold Brew: Transforming ‘Waste’ into Wow-Worthy Beverages
  • Rally Energy: The Inside Scoop on Selling Online Today
• Pivot Podcasts: Service Providers/ TA Focused
  • KTC – How Food and Farm Businesses Can Survive This Pandemic
  • Bartlett – Is Bankruptcy Best? How Food Businesses Can Decide
  • AVL Growth – CFO Savvy for Growing Food Brands
  • Brad- Supply Chain – Reshaping the Supply Chain for Max Efficiency