Being an entrepreneur or business owner presents its own set of unique challenges. Some of those 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 change.
Hey, we have all been there. There are days that you just want to stay in bed and pull the covers over your head, but you can’t. However, if you have moved beyond that point and your business really does suck — now what? Then it is time to seriously explore your options.
When you think about it, there are four options to choose from in deciding what to do with your failing business once you have reached this crossroad:
- Sell it. 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 parenting or partnering on your part. Fully assess the potential downside (financial and relational) before proceeding here.
- Fix it. Do you have the time, capital, resources and desire to affect a positive turnaround?
Now, if you are serious about fixing the business, then get 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 be able to move ahead with the certainty that you have carefully explored all available options, and the path you’ve chosen will lead to success and a brighter future ahead.
Enjoy the journey!
COPYRIGHT © 2012 John Carroll