Work with the owner, if he is willing to meet you in person and keep contact and he has plans to turn the business around and pay you then there is no need to bring in attorneys and collection, UNless you have the ability to go after some hard collateral.
I usually let it ride unless they disappear and dont contact us back and make some efforts on payments..
But if you have to work with a syndicate who wants money now and will trigger the collection that is another story. best of luck