Bankrupt Companies need Marketing Love, too.

Saw an article in the WSJ today...bankruptcy lawyers are doing a booming business. And law firms are having a hard time hanging on to their top dogs. Nice problem to have, if you are a lawyer. But what frustrates me is that companies going into bankruptcy--if they are planning on restructuring and coming back out again--will pay top dollar for legal counsel, financial assistance, banking help...the list goes on and on. But almost none of these companies thinks about hiring a marketing and public relations company.

I admit, that's my business, so I'm a bit biased as to the value of good marketing and pr help. But what good does it do if during the months-(and sometimes years-) long process of going in and out of bankruptcy, you lose focus on communicating with your customers, employees, suppliers and the media? So many companies cut the marketing budget...and sometimes the entire department...when bankruptcy looms. But this is the exact opposite of what a company should do.

Market share erodes when you are not in the public eye. The media speculates you are merely selling off assets and offloading debt. Your suppliers lose faith in your ability to bounce back if you go dark on them. Employees who hear nothing but crickets begin to look for other, more viable employement options if a company can't provide updates and a timeline for emerging from the bankruptcy.

What's left to build your new company on?