Should your company become insolvent or fail, there’s no way of presenting it as a pleasant thing. It’s heartbreaking to see a company you have invested so much time and effort in fail, especially if it means the loss of employees you had come to depend on.
However, it’s far healthier – for both you and your business – to admit that things have come to that point. If you stick your head in the sand and ignore what’s happening around you, then that can be massively detrimental. It can keep suppliers hanging on for payments that are never going to come, torch your reputation with customers, put any staff in precarious positions with their own personal finances. No, it’s far better to acknowledge it’s time to call in the likes of Hudson Weir and begin the process of ending – so you can begin again.
At that point in time, the whole concept of starting over might sound utterly horrifying. You might decide that bankruptcy for your business also means the loss of your entrepreneur dreams. All that’s left now is to try and find a job and forget, leaving the sorry mess behind you – right?
If you try and reframe what has happened as a positive, the first step to a new beginning, then you can emerge fighting. There is still as good a chance for success in the future. If that sounds hard to believe, then look at the examples below – all of whom experienced bankruptcy, and still went on to do pretty well for themselves.
Abraham Lincoln: Good President, Not So Much With The Shopkeeping
Back before the days of Civil War triumph and assassination, Abraham Lincoln and a friend decide they should run a store. They weren’t very good at it, racking up over $1,000 in debt – which is a fortune in today’s money. He was taken to court and stripped of his assets in the 1830s and continued to pay down the rest of the debt for the next decade. Considering he was destined to be the 16th President of the USA, it’s fair to say this setback didn’t make him doubt himself.
Walt Disney: Ahead Of The Curve, Behind On His Debts
Given that Disney is now a cultural phenomenon, it’s incredible to believe that its founder was once just another struggling wannabe. In the 1920s, Disney signed a deal with a studio, who then reneged on the agreement. Without the outside investment, he couldn’t pay the debts on his fledgling film studio. He declared bankruptcy in 1923 – just five years before he created a character we all know and love: Mickey Mouse.
Donald Trump: President, Bankrupt Six Times
Finally, a more modern example: current President of the USA, Donald Trump. Companies involving Trump have filed for bankruptcy six times, according to the Washington Post (though he claims it’s only four occasions). Whatever the actual number, it’s clear that these setbacks didn’t hold him back either in business or political ambition.