Closing Business Down After 25 Years

[cbrow135]

@cicion I haven’t gone through completely what you have, but have had a lot of business endeavors that didn’t pan out. I do know what that “lost child” feels like, and the embarrassment, especially having my spouse support us at times. Not a good feeling as a male. What I would encourage you to do is try to rest and take some time away if you can. Use this as a learning experience. The 3rd time around I was able to make it past the five year mark. I wouldn’t have been able to if I didn’t fall flat on my face multiple times. We are close in age too. Best of luck!

Edit: to add, it’s ok to get a part time job or even a full one for a bit as you recoup/rest.

 

[gmmintro]

@cicion I am so sorry -- I have been there, and it is hard. I ran my retail business from 1997-2013, and while I was fairly successful in earning a living while also being a married mother of two, near the end of that run, things were bad, and I was burning out. I wasn't in debt, but I wasn't making enough, and closed down.

I went through a pretty dark time for two years or so, and ended up needing psychiatric medication and treatment. Then I went on to work for two other major retailers, beginning at almost minimum wage as a 45-year-old with an M.A. I was glad to be doing anything, and although I didn't like the company, I did like my fellow employees. Worked my way up to assistant manager, then was hired away as assistant manager for another retailer. At both of these retail jobs, I was not only reminded of what was great about working for myself, but also, I learned a lot as well! I managed to get back into my industry in 2018 and have been wildly successful since then, especially once the pandemic hit.

I am so thankful to be working for myself again, and I do not take for granted my good fortune (which comes as a result of a lot of hard work and 7-day workweeks.) I recognize things can easily slow down, and actually have plans for what to do (which I didn't do before) to keep things running.

My advice to you is to not beat yourself up about it, and take care of your physical and mental health while you close down. Don't see closing as a failure -- see running a business that had a lot of success as a big win. There are nice things about working for someone else, and you do not have to do anything forever. Stay positive, if you can, and take help when it's offered. (I have always been pretty bad about that, and it came to bite me in the behind.) Hang in there -- I am not one to say, "Everything happens for a reason," but rather, "Everything happens." In life there are successes and "not successes." It doesn't define you as a person, and burn out is a big problem when you own your own business. My best to you and yours.

 

[micado97]

@cicion I’m 55 and closed my business down in December last year after 18 years. Here is my story from September-23 similar to what you just posted.

The comment you made about feeling like you lost a child really resonated with how I felt. It’s been 5 months since we closed the doors. I’ve really started to move on. I really tried to get all of my employees lined up with other jobs, and I still keep in touch with some of them. That helps too.

As for the future, I could have taken a job as a project manager and made $150K. There was a part if me that dreamed if working 40hrs and let someone else deal with the problems that were outside of my responsibilities. However, the more I thought about it, the more I realized there really wasn’t any way I could be satisfied just working for someone else. Now, I’ve got some new partners and we are starting a new business in another state in an adjacent construction field. It’s a bit scary and exhilarating at the same time. I’m dumping a good portion of my savings into the new venture and I’m hopeful that I can take all of the good things I learned in the previous business and make sure I don’t make the same mistakes I made last time around.

I sincerely wish you the best as you wind down the current business and decide your next chapter.

 

[polly%EF%BC%81]

@cicion I closed my business last year after 20 yrs. I feel you, the sadness is real and I definitely relate. But with that also came a lot of relief, I also had debt and the stress that comes from owning a small business. I was scared to work for someone else I pretty much never have but I actually enjoy it, I work a set amount of hours and it’s ultimately not my problem I just do my work. I’ve said and felt the same things you do but please don’t tell yourself that you’ve failed. 25 yrs is a long time and a great success. You in no way whatsoever failed!!! Owning a business for that long is not something everyone can do so congratulations and you are a badass and can do anything! Best of luck.

 

[stu42]

@cicion I’ve exited a similar business. Here are my takeaways
1. Decide to close it down and set a date. It will take longer but it’s motivational to have a goal.

2.Don’t be afraid to dump inventory. I know it all has “value” but you won’t have the time/capacity/space to deal with it. Get a big dumpster to your warehouse and just load it full every week. Pick the low hanging fruit.

1. Don’t beat yourself up. You made it work for many years. Sooner you can be done will free you mentally. If you can, take some time off when done, don’t jump into anything too soon.