It is time to stop dreaming about what may be, and instead be objective about your business.You are not a failure if you make the decision to save what is left of the business assets, and either retire or start something new: Failing is never to have tried.
After 40 years in the trenches, whether practicing lawor involved in business, I understand it. From my experience, I can attest that a second set of objective eyes can be instrumental to achieving successful business growth.
Compare your quarterly results against the previous quarter and then take a look at the same quarter the prior year. How much additional cash will you need to continue business operations, and are you willing to personally guarantee the requisite loan agreements?
Ask yourself if you are going through your personal cash reserves. If you do sell now maybe you should just take your money and walk away. If I look at my business and it is at its height of success could it be the best time to sell? Is the industry that you are involved in now far too competitive as compared to your original business plan in order to maintain sufficient margins? I just no longer enjoy the business.
Business and Family (if applicable):
It is sometimes far too difficult and emotional to come conclusions about family members in your business. I can relate to what you may be going through:
Are they lazy?
Do they not share your vision for the business?
Did they come into the business for the wrong reasons?
Do they not understand what it takes to be successful?
Are your financial results going in the wrong direction?
you are now working harder
you are going home agitated
you are consistently met with a "ya but"
you are too nervous to take a vacation
you are afraid to be honest with yourself
Is it difficult to be honest with family members? If it is, let me handle it for you; everyone will feel better if the feedback comes from a third party.
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