My clients all want the same thing: a business that supports their ideal quality of life and gives them energy. We collaborate to define what that ideal looks like, and how to migrate to get it. And I’m happy to report that most often, we’re able to accomplish what we both hope.
But if you’ve exhausted most of your financial, human and energetic resources trying to transform your business, it may be time to consider closure. The challenge is to determine whether you can afford to invest in one last effort, or whether you need to stop before all your resource tanks are emptied.
Consider that it takes money, time and energy to close your doors without lasting collateral damage. You’ll want to form your exit plan with the same care you invested in starting your business. You might even want to preserve some of your resources for your next venture. (Remember our culture’s most successful humans have failed many, many times – I love serial entrepreneurs!)
This Venture Beat article, “Is Your Startup Failing?” by Ethan Stone and Bennett Young, isn’t just for startups. It has information about what to expect when safely closing your company. Use this, as well as a visit with your account, attorney, and me, to determine the cost of closure. Armed with this information, you can determine whether to focus the resources you have available to persevere or close.
After watching ventures close at all stages of life — from startup to elder — and in many different ways — from smooth to oh-so-rocky-road — I’ve learned the owners who prepare for their closing are the ones who bounce forward best.