Closing your business is one of the most difficult jobs you will ever do as a business owner. Not just because there are a myriad of things that must be done, but because it is a highly emotional time in your life–your business has failed. It doesn’t matter how experienced you are, nor how well you adapt to the adage: “Fail more to succeed more,” it is still an emotional time.
There are many articles, guides, checklists, etc. available to help you with the mechanics of closing a business, but there is very little offered to help you handle the emotional things required. Hopefully, the following will help:
1) Don’t drag out the decision. If your business is in trouble, you either have to struggle along, implement a turnaround program, or close the business. Someone once said it is important to “fail hard, fail fast”–good advice when your business is … Read More