In his article, “Wealth Is a Gift, Not an Entitlement,” J. Kevin Heaton discusses a family dynamic I’ve seen all too often in my 35-plus years advising family business owners myself. It’s always sad to see some members invest the same blood, sweat, and tears that mom and/or dad have done through the years, only to see their siblings rewarded equally when it’s time to settle the estate or transition the ownership of the business.

There are many measures you can take to protect your business while revenue is down. In our last couple of article, we discussed your options with regard to your corporate debt, including loan modifications and loan workouts, as well as your company’s potential for spinning off non-essential assets. Today, let’s take a look at perhaps the least savory topic in all of business: collecting on your delinquent accounts.