Do not expect there to be much commercial financing available beyond survival support. When it comes to seeking acquisition financing in difficult times, by far the best sources are friends, relatives, and your business “networking” contacts. You can find more about how to approach an acquisition as a thrive strategy. The bankruptcy started when leadership decided they were in the railroad business … instead of the transportation business.
While Penn Central was trying to run a railroad, people in other companies were inventing ways to employ trucks and planes … to move people and things. There is nothing so critical to the performance and success of a business as the correct perception of what that business is and how it relates to the market. That statement is worth repeating.
There is nothing so critical to the performance and success of a business as the correct perception of What that business is and How it relates to the market. And … that is never truer than in the middle of a massive disruption of the marketplace! Understanding the purpose of your business may be the most important result you get from the painful, but necessary, crisis assessment of your business. Here are a few examples of this required understanding: Hotels are not actually in the business of selling hotel rooms.