Making the decision to shut down a business is one of the hardest and most emotional decisions an entrepreneur will ever make. After all the time, energy, passion, and money you’ve poured into the business, some entrepreneurs delay or postpone the crucial decision even when they know the business has become a sinking ship.
While shutting down a business is tough, living with the mental, physical and financial stresses that come with running a failing business is much tougher. And sometimes, making the hard decision when you still have time could help you cut losses and save face.
But how do you handle the personal pressure to close down a business? What are the typical warning signs to look out for so you can fix small leaks before they become big leaks that sink your business? And how exactly do you handle disappointed customers, employees, suppliers and distributors?
In this interesting episode of the Smallstarter Business Podcast, John-Paul confronts this difficult and embarrassing topic that many entrepreneurs don’t seem to talk about.