Updated: 28th January 2021
The problem most business owners have is balancing a happy home life with building and running a successful business. The pressure from both home and the office can be hard to cope with when a business is doing well, but the pressure is even greater when a business is failing. Working long hours and weekends trying to resolve your business issues takes you away from your family, and the stress that comes with that can soon take its toll.
It’s key for your partner to understand the stress and problems you are having in the business so they can understand why you might be grumpy at home or not enjoying home life. It can be very stressful for your partner too because you’re not around to help with the children or not able to spend time with the family at weekends. There may also be financial pressure at home if you’re struggling to pay the household bills because you’re unable to pay yourself. Being married to an entrepreneur is not all plain sailing and having a good team at home is as important as having a good team in the work place.
But at some point, something has to give. A decision has to be made about how to rebalance your home-work life. If your marriage is to survive then the business may have to be sold or liquidated. If the business is viable, selling it is often a good option, but the process can take a long time and will almost certainly add to the work load and pressure in the short-term. If you feel enough is enough and you can’t see a future for the company then you could consider entering the company into a Creditors’ Voluntary Liquidation. This is where the director chooses to bring the business to an end and basically hands over the company to a liquidator. You will no longer be a director so all the worry and stress are relinquished. This gives you the chance to concentrate on your home life and marriage. Sometimes you have to take a step back and look at what is important in life. Giving up the business may be a daunting prospect, but it will free you from the worry and stress and give you the opportunity to take a fresh look at things. You can always start a new business venture once your marriage is back on track.
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13th October 2021
The Bank of England has said it anticipates that rates of corporate insolvency will increase in the coming weeks following the removal of restrictions on winding up petitions.Read More