Going Broke Successfully

EVERY ENTREPRENEUR NEEDS TO KNOW THIS

Entrepreneurs are eternally optimistic, but 60% of businesses will go bust in their first 3 years. Even if you do not go broke, you will likely experience an element of financial hardship at some point on your journey.

Extra liquidity in the markets will cause more businesses than ever to experience real financial hardship in the next 12-24 months as they have to repay bounce back loans and CBILS.

You need to know how the tools you have available when your back is against the wall. What does the worst case look like? What does going broke actually mean to you and what are the implications?

In no way are we suggesting that you should go broke, or aim to go broke. However, we want you to understand what going broke actually looks like in practice so that if you are ever caught in this situation, you don’t bury your head in the sand, you reach out to the experts who can help.

Going broke may not be the worst thing in the world and it may not be as bad as you think. You need this tool in your entrepreneurial toolbox and you need to understand how it works in practice so that if you are ever faced with this scenario, you can manage it effectively and professionally without panic.

In this special episode we have Mike Chamberlain joining us. Mike is an Insolvency Practitioner with decades of experience and knows all that there is to know about this subject. Mike knows the ins and outs and you are in safe hands and the right place if you want to pick up this new skill set on your entrepreneurs’ journey.

Let’s dive right in.

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