Bankruptcy - 3 Companies Called Me About It This Week

Bankruptcy – That’s what 3 companies this week have called me to discuss.

How do they do it best?

It is gutting to walk these leaders through these conversations. After two years of a pandemic, the very real volatility from inflation, and the economic turmoil ahead – recession? stagflation? – these business owners don’t have any more juice left.

No way to get back to operating profitably quickly enough.

No subsidies to float them.

No cash to borrow or infuse.

They are quite rightly worried about their houses, their RESPs, their vehicles, and the future for their kids. It is all very real.

James Clear said “Entrepreneurship is a personal growth engine disguised as a business pursuit.”

Brené Brown said “The only guarantee” when you step in the arena and create is that you will get your ass kicked. that’s it.

Ben Horowitz, in The Hard Things about Hard Things (read it if you haven’t) said you probably won’t make it. He’s right, the odds are low.

Liz Fosslien artfully depicted (above) the reality of this journey. The uncomfortable, yet comforting, building blocks of our lives. Failures & Successes. They are all part of the journey.

I applaud every one of you who are in the arena. Running a business is truly one of the most difficult endeavours you can embark on.

And to those who have to shut it down, tomorrow the sun will rise. And you too will find a way back to your feet.

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    June 30, 2022