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Balletta: After All the Lies Can Lance Armstrong 'EmergeStrong?'

Lance Armstrong during an interview with Oprah Winfrey regarding the controversy surrounding his cycling career January 14, 2013 in Austin, Texas.
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Lance Armstrong during an interview with Oprah Winfrey regarding the controversy surrounding his cycling career January 14, 2013 in Austin, Texas.

It wasn't spousal abuse. It wasn't animal abuse, it wasn't murder. It certainly wasn't child abuse or a subsequent child abuse cover up. Sound familiar? Unfortunately, they all sound familiar and are all too common when it comes to American celebrities, and in particular, professional athletes.

It was a lie, and for that, Lance Armstrong must pay and pay dearly he will. His titles, his awards, his medals and his legacy, are at best damaged, but in reality, mostly gone. Not even the secular confessional of Oprah can bring them back. Lance is done.

That's Lance the athlete, but what about Lance the humanitarian and philanthropist? The cancer survivor and founder of Livestrong?

(Read More: Armstrong's Confession May Not Be Enough)

If you speak with anyone whose family member was treated for cancer at the University of Pennsylvania or the parent of a child who was treated at Cook's Medical Center, you will definitely get a different perspective. How about the children whose parents fought cancer and they received counseling from Wonders and Worries or all of the Katrina survivors that received financial aid? How about the thousands of families over the last 15 years that have benefited from the support of Livestrong? They don't care about the "lie," they are living the truth.

In business terms, it's time for "Philanthropist Lance" to go through a restructure. A Chapter 11 restructure is not the end for a company; it is a new beginning. It only works, however, if underlying assets have true value.

Conversely, the media pundits will tell you that "Athlete Lance" is finished. For "Athlete Lance," they will say it's not restructure time, but liquidation time; a Chapter 7 in business terms. In Chapter 7, you shut it down, unwind it, sell off the assets, go into the abyss and quietly into the night.

The parents, the survivors, the fighters, the families and the medical professionals don't care about "Athlete Lance." They believe in "Philanthropist Lance" and the value of the underlying assets. They are living proof of the good he has done and the value he has brought and can continue to bring. They will help him restructure. The brand may be damaged now, but that does not mean it can't be salvaged or saved. Remember Chrysler, Macy's and most of the airlines? Some of the largest brands in the world have been through the restructure process. These companies shed the baggage, recapitalized, kept the good assets and went on to fight another day. It's time for Lance to regroup with the people that will reinvest and support him so he can emerge from the bankruptcy.

(Read More: Lance Armstrong to Oprah: I'm a Bully

I have completed a few triathlons (although I don't consider myself a triathlete) and can really appreciate the achievements of "Athlete Lance." PEDs notwithstanding, anyone who competes in the Tour de France is in many ways superhuman.

More people have been touched by cancer than cycle or complete triathlons. Anyone who battles cancer or supports one who does needs to put out an effort that is herculean. There are exponentially more people who understand that. None of them know what it takes to ride a bike up a mountain, nor do they care. Lance needs to focus his efforts on that constituency and get them to reinvest in his "restructure."

Emergestrong!

Apology accepted, Lance. Now let's get back to the real work.

(Read More: Pete Rose on Lance Armstrong: 'Come Clean' Now )

Nick Ballettais CEO of TalkPoint, an industry leader in global communications technology.