We all know that starting a business has its risks. Anywhere between 30-50% of small businesses eventually fail, many within the first 12 months.
The reasons for failure are also well known. Poorly designed product, rosy eyed view of the market size, lack of management skills, poor financial control….the list goes on.
What is not so well-documented is the impact a business failure has on the individuals involved. Of course the textbooks and business writers will talk about bankruptcy, homes repossessed, bailiffs, phonecalls from creditors etc but it’s not very often that someone has the courage to talk personally and very publicly about the impact business failure has on the people involved – owners, staff, family, children.
For most people with a business failure on their CV, talking about it is a painful exercise and one that is glossed over whenever possible.
So it was refreshing to come across one such tale recently, a blog by a very honourable and brave person. Ian Denny describes in detail the current situation he and his family are going through as he attempts to negotiate with his company’s creditors following the failure of his business.
He provides a very clear account about how these negotiations drag on often without any logic and the impact this continues to have on him and his family. Yet through it all Ian’s honesty and decency shines through as does his desire to start again, the entrepreneurial instinct sharpened rather dulled.
Thank-you Ian for your candour and humour. And good luck.
