In this special Deep Dive episode of Konkursklubben, we explore Early Warning, a Danish program offering free business support to small and medium-sized enterprises (SMEs) in crisis. Since its launch in 2007, Early Warning has helped over 10,000 businesses across all sectors in Denmark, making it a cornerstone of entrepreneurial resilience.

• Impressive Impact:

  • A 58% success rate in saving companies from bankruptcy.
  • Among businesses that do close, 20% reduce their debt compared to those not receiving support.

• The Early Warning Model:

  • Managed by Denmark’s municipal business development centers (Erhvervshusene) and funded by local municipalities and the Danish Business Authority.
  • Supported by 130+ volunteer advisors, experienced professionals offering up to six months of guidance.
  • Collaboration with insolvency lawyers provides expertise in restructuring, sales, or bankruptcy processes.

• A Proven European Solution:

  • Early Warning’s success has inspired adoption in 16 EU countries and is now part of EU legislation.

• The Psychological Dimension:

  • Acknowledging the emotional toll of financial crises, Early Warning advisors are trained to handle the psychological aspects of bankruptcy.
  • Guests Christian and Camilla discuss the importance of recognizing problems early, being honest about the situation, and seeking help proactively.

• The Turnaround Process:

  • Four key phases:
  • Emphasizing the role of employees in turnaround efforts through transparency, shared responsibility, and strategy visualization.

• Confidentiality and Independence:

  • Early Warning operates with strict confidentiality, safeguarding all shared data under GDPR.
  • The program is independent of banks, auditors, lawyers, and public authorities, ensuring unbiased support.

Key Takeaway:

Early Warning is a lifeline for business owners, offering practical solutions and the emotional support needed to navigate crises. Whether saving a business or ensuring a dignified closure, their approach is rooted in empathy, professionalism, and a commitment to making a difference.

⁠https://earlywarning.dk/

This episode was created with Google NotebookLM AI, an artificial intelligence tool for content creation. We retain full intellectual property rights to all original material used as input.