What’s It Like When a Business Owner Needs to Close the Business
Over the last 20 years, I have owned several companies (newest being www.payrollfinancingsolutions.com) and on two occasions, I have had to close the business because they were not doing well or it was time to try something else. One business was after 11 years in business and the other one, after 8 years in business. Closing the businesses and the emotions behind it felt different for each one.
The first time I had to close the business I was exhilarated because I had made good money and I never really liked the business in the first place. I thought the grass would be greener elsewhere. Boy was I wrong. I took 6 months off and utilized that time to figure out my next business startup. That time was exciting and restful. I would work 6 hours per day in the office and then go work out, play tennis or have fun. I was making tons of lists of what type of businesses I might like to start and I was researching those industries.
The second business I closed had been torture for 8 of its 11 years in business. Three of the 11 years we totally kicked butt and made the INC500 fastest growing companies in the US however the other 8 years were never any fun. The worst part was that I had just picked the wrong business and although it made me some money, it drained every ounce of emotions and energy out of me. True, the recession had a lot to do with our demise but I actually can see when I look in the mirror that I have grown older, maybe wiser to.
Luckily this time, I already have another business that I started with a partner about 1 year ago that is doing tremendously and it looks like it is going to be a winner. It’s a good thing because if this new business wasn’t going to do well, I might have had to look for a job due to my depleted net worth.
The second company that I had to close was much more recent and after I closed that one, I felt numb. I had been thinking and talking about closing it down for years and I had missed opportunities to sell.
Since I have made so many changes in my life over 25 years, I have learned one thing, I will always bounce back. I tell others that if you have to go through this same thing, then you should take some time off, go do something other than work that you love, and give yourself some time to heal. If your business might be having problems down the road, it might be a good time to start another business. In my second business I start 2 other companies and luckily, they both did well enough to help me when I had to close the business.
With every closed door, another one opens.
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funds of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.