I have no more money to put into the business. Over the years the business has been good to me. It has supported lots of families — mine, as well as my employees. Right now, I need more cash to pay the bills, I can’t get a line of credit like I used to and I’m tapped out. I’m planning to sell the business in the next few years, but it’s going to take some work to get it ready for a good buyer. Have I dug a hole too deep or is there a way out?
Thoughts of the day: It’s a different financial landscape for many businesses today versus 10 years ago. Figure out what got you into trouble in the first place. Be a conservative borrower. Prove your business has high value by turning it into a money machine.