This is my second post on this sub. I got some good feedback last time, so I’m hoping for some advice.
VERY long story short, my business hasn’t been making money since Covid. We are in the event industry, so though we are doing better than we were, we still never fully recovered from the world shutting down for a year.
Before Covid, we were doing amazing and had 0 debt. Now the business has over $800k in debt. We will end the year with about $1.1mil in sales and will have a net loss of about $150k all said and done.
Our brand is very well known and our social media presence is very strong.
My question is this:
Do I try to sell or do I just give up and file bankruptcy?
The main issue is, I am a single member LLC, but signed personal garenteea for the loans (I didn’t know how else to survive).
Thanks in advance for any/all feedback.
If you have a good reputation, good clients and good social networks, you have tried to launch a new product, try new markets without spending money, an economic product or service with your experience can help you at this moment, review your marketing it could help you with that
In other words pivot? (a good idea).
I wouldn’t say that because you sell a lot, but I would get something that gives you cash flow to cover the debt.
If you need I can review and help you