When enough really is enough

There are a whole number of reason for stopping a business.  I’ve frequently heard Directors say “if only I’d sold the business five years ago, we were doing so well.”  So if you are reading this and things are really good at the moment, bear in mind that what goes up ….has a tendency to go down. Therefore, if things are good, look at your options.  If your business is the main or only source of both your current and future income, ask yourself if you really want to have all your eggs in the one basket.
Check your exposure.  If you had to provide personal guarantees at the beginning, but the bank balance is now rosy, re-negotiate to have them removed or move bank.  You don’t need an overdraft?  That’s excellent; now is the time to ask for a nice big facility.  Remember Groucho Marx’s maxim: “A bank is an institution that lends to people who don’t need it,” if you wait till you really need it, it’s probably too late.