Although restructuring and skiing may seem an odd pair for comparison, they share many common aspects.
USE THE RIGHT EQUIPMENT: Both require the right equipment and the knowledge to ensure the best course of action on days when the conditions are the worst.
KNOW YOUR TERRAIN AND ABILITY: Just as the type of slope and obstacles can increase your risk, a bankruptcy practitioner must look at issues of venue, jurisdiction or even the form of a proposed restructuring to reduced the chance of error.
BE PREPARED TO TURN: The ultimate path to success requires planning but also maximum flexibility to respond to changes or bumps in the road.
USE THE BEST INSTRUCTORS: The best instructors can enhance the chances of completing the run first and in one piece.
KEEP YOUR FOCUS FAR DOWN THE HILL: In both sport and law, focus must be kept far down the hill at the finish line.
SKIING ABROAD: Skills can be acquired at home, but transferable abroad.
ALWAYS LEARN AND HAVE FUN: Improvement and having fun is key to both restructuring and skiing.
This article appeared in its entirety in the March 23, 2005 edition of Daily Bankruptcy Review.