Being an entrepreneur and a business owner presents its own set of unique challenges. Some of those daily challenges are good, some bad and some downright suck! However, when you have reached a point where it is not the daily grind, but the business itself that sucks, then it’s time for a reality check.
Hey, we have all been there. There are those days you just want to stay in bed and pull the covers over your head. But you can’t. However, if you have moved beyond this point and your business really does suck — now what? Then it’s time for you to step back and seriously explore your options.
When you think about it, there are four options to choose from in deciding what to do with a failing business once you have reached this crossroad:
- Sell it. But can you get fair market value and recover your investment? Contact a registered business broker(s) to help with the business valuation assessment.
- Shut it down. Close the doors and write it off. Is this a sound financial strategy? Meet with your attorney and CPA to determine the legal and financial implications.
- Gift it. Really? So you’re going to gift your “sucky” business to your favorite charity or loved ones? Not great partnering or parenting on your part. Fully assess the potential downside, both financial and relational, before proceeding here.
- Fix it. Do you have the required time, capital, resources and the desire to affect a positive turnaround?
Now, if you’re serious about ‘fixing the business’, then get some help. Contact a business consultant with extensive start-up and turnaround expertise. A business consultant can help you determine the best course of action for your particular situation in order to bring about the needed changes.
Regardless of the final decision, you want to move ahead with clarity and certainty. So carefully explore all available options to ensure the path you choose will ultimately lead to success and a brighter future.
Enjoy the journey!
COPYRIGHT © 2012-21 John Carroll