We received a letter recently from a client we assisted move into bankruptcy, as background he had been unsuccessfully running a franchised business for five year, paying $2,500 a month in franchise fees to be a handyman, he had not made any money for three years and not drawn a salary since 2016.
“Hi Craig, it’s been six weeks since i went into bankruptcy and things have not been better, for the first time in years I have my own money in my account and I am not stressing every time the phone rings. I can see a way forward and I’m finally sleeping, I know I hated it at the time but with hindsight it was the best decision of my life”.
Whilst there is a lot of stigma around bankruptcy, for some business owners it will be the best decision that they make. A constantly unsuccessful business can be a cause not only of financial difficulties but also emotional strain and stress.