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.
Can you try to take on a new partner to help manage the debt if your future prospects look good? Or sell but contingent on them hiring you as the partner who still does the operations. You’ve built a team and business reputation, try to salvage it. Having you still in the mix will help with future sale if it eventuates as well.
That’s something I have thought about as well. My only concern is if I am a part of “the deal”, how would they afford to pay themselves and pay me? That’s the question I keep coming up against.