While I have come to understand that general business failure rates are greatly overstated (this is due to the mis-characterization of non-survival as failure - but this is a topic for another post), it still doesn't make it any easier for the person whose market has changed, regulation has increased, clients have been lost, expenses increased, or any other number of factors that have resulted in a business no longer being viable. Unfortunately, it is difficult for most business brokers and investment bankers to sell a distressed company. Even if it is priced very low, many buyers would rather pay a higher price for a business that they know is viable, then taking a risk on being able to turn a business around.
The video below is an inspiring story of a second generation cabinet maker, who after his business had been operating for 35 years, was unable to survive the recession. When faced with the prospect of unemployment or looking for a job working for someone else, and knowing he needed to support his family, he identified and pursued another entrepreneurial opportunity: manufacturing and marketing traditional wood toys.
The video below is an inspiring story of a second generation cabinet maker, who after his business had been operating for 35 years, was unable to survive the recession. When faced with the prospect of unemployment or looking for a job working for someone else, and knowing he needed to support his family, he identified and pursued another entrepreneurial opportunity: manufacturing and marketing traditional wood toys.
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