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Losing a Business
Not pole related. Lots of details I should blog about but just curious since there are so many business owners on this site. After 4 1/2 years in business, and fighting like crazy to avoid it for the last year, I must admit the inevitable …..I will lose my business if I cannot sell it quick. Has anyone here gone through this process? Any advice/tips? I’m not handling it well at all. I’m working 80 hours a week, not sleeping, having panic attacks, etc….but can’t give up. If I walk away, I will lose my house too. It’s just hard to give it your all when you know it’s for nothing. Anybody out there been there/done that and know how I can walk away with my life and home?
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14 Replies
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sorry no experience with selling a business but just want to give you a cyber hug and a hope it all works out for you!
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I've been where you are, actually I am… Also owned a business for 4 and a half years, been trying to save it or sell it for the past 18months with not luck… and finally had to accept that its over, save what i can and move on. I'm closing it at the end of the month… Because its too personal I'd rather not go further into it here.. check your indox in a moment 😉
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@nymph-thank you for the hug 🙂 @legend-thanks for sharing your experience. I inboxed you as well.
Thanks ladies for your comments and for helping me through a very dark day. -
I am so sorry to hear you are struggling! I do have some business experience w start up and selling. I know you need to present cash flow to a potential buyer. That is what they are interested in (traditionally)- Most investors who are purchasing businees are intersted in their ROI. The selling price is usually priced (varies enormously) avereage around 10 times the net profit. (This is for the buinees- not any real estate) (Real estate will obviously depend on market value currectly) You can make real estate more attractive for a buyer if there is a business in place which is netting a profit, tey are looking for cash flow. So, Also depends if you are looking at just the business or businees including real estate. If the business isnt making a profit, you have to consider the option of pricing only for the real estae value alone. It is really hard to sell something that isnt turning a profit- especially in todays market. Unless someone can afford to invest enough cash so that they can be earning a ROI, you will probably find it difficult. It is very hard to decide to let go- especially when you yourself have invested so much of yoruself- time, energy, sweat, tears, money.. Only you know your true situation. I see a lot of people digging a bigger and deeper hole to dig themselves out of by prolonging the inevitable. Remember it is just a business and you need ot protect yourself! You can always start over no matter how hard it does seem now. Try to seperate yourself from the business and look real hard at protecting yourself and yoruu family! No matter what- you are not yoru business and even though taht business may fail, you are not a failure. Do you own the real estate? Is there any possible way if so, before you move out, if you cannot pay the entire mortagage to stay put until it is foreclosed? Is there any way to save any $ from the cash flow so that you can allow yourself time to save and create and exit startegy? Lots of hugs and love sent your way- This can be so enormously painful!!
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I agree with all Paulette said: You have to think about yourself!
I never had my own business but i remember when my dad that took the decision to let go because he was getting deeper and deeper each month. Could barely breathe a few months in a year before going back in debt. Even if it wasn't my business i was part of it and was there to help him a lot. I remember how heart broken i was when he told me about the decision, and that i didn't want to let go. He's a lot smarter than me.
All that to say that trying to save as much as you can without risking too much might be the best solution. And sometimes it doesn't end well and it's not your fault, many things can affect your business and you can't do anything. Just look at the crappy economic problem everywhere. I wish you the best of luck to go through this and remember that you can always come to us for support.
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Thank you @Paulette for the advice and @tiggertail for sharing your family experience. I’m so glad I posted about this here where everyone is so supportive. I’ve struggled with making a decision for quite a while. I think I needed to make a public acknowledgment of my fears and my reality, and this was a safe place to start. I’ve tried for quite some time to handle this on my own. Hadn’t even shared the whole truth with my husband.
I contacted a realtor and listed my business yesterday. Discussing the situation with him, with my bank, and friends and staff, as well as the feedback received here, has helped immensely. I know I’m not a failure and I have no reason to be ashamed. It’s going to be a long and difficult process, but, I’m no longer in it alone. My business has operated in my small community for 91 years. We hope to find someone in the local community who knows the history of our business and values it as much as we do…someone with an emotional attachment and the cash flow to weather the economic storm. I will take a loss but I know I did not fail. I made several updates to the property and I now feel that may have been my role in the history of the business. Rather than looking at myself as the one who failed, I’m looking at myself as the one who made it easier for someone else to succeed. My bank has agreed to help with cash flow until the time of sale, as it is imperative that we sell a “going concern”. Thanks to the community here for giving me the courage to share my burden and take the steps to move forward. I cannot tell you all how much I value the support and advice you’ve given. -
Your welocme. I wish you all the best. This community is womderful with its support. Know we are always here if you need an ear while you're going through this process!
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Oh no I'm sorry to hear this Hotelchick https://www.studioveena.com/img/smilies/icon_e_sad.gif Sending you positive vibes!!
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I'm a owner too; dealing with all of this is very hard. I don't have a life outside my Studio but it's a choice. You know exactly what you have to do and your decision will be the better one. You always can trust yourself. I'm with you xxxx
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Thank you Veena for the vibes and Studio409 for the moral support. Hugs to you both! The anxiety I’ve felt for the last year has been replaced by gratitude. I’m so blessed to have so many wonderful people in my corner 🙂
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I just read this HotelChick and I wanted to say I am sorry you are going through this! Wishing you all the best!
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So sorry to hear your story 🙁
take a look at http://www.bizbuysell.com …as someone else wrote, you need to present the business and show Total Revenue, cash flow and assets (furniture, fixtures, inventory etc).
Best of Luck
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Thanks for your support ladies 🙂
@FuzzyNavel – bright side: selling =more time for pole jams at Dawn’s. -
Ow Ow, more pole jams at Dawns, I'm so there! Oh, wait I live there. Hang in there girlie and looking forward to poling and eatin on Monday. xoxo
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