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.
I’m curious if the business model is trending down or if the issue is within your organization. Lots of questions
With $1.1M in sales it still isn’t clear why you’re losing $150k per year. Do you have excess staff, or salaries too high? Is there an opportunity to optimize this or cut expenses to make a profit on your sales
Are the events you hold in an industry that is thriving or trending down? What’s the business / industry - there are industries like newspapers and magazines that are dying, times change.