When a family business is facing debt troubles
Some individuals here in Florida own a family business. For many of those with family businesses, their family business is a truly major part of their life. Thus, when a family business goes into financial trouble, the owner’s whole life can be thrown into disarray.
Consequently, a family business owner can have some very serious worries on their mind if their business runs into problems with debt. For one, they may be worried about the business itself. Will the business be able to overcome the debt problems in a way that allows it to have a strong financial future? Will the debt troubles lead to the business having to be brought to an end? The shutting down of a cherished family business can be remarkably hard on a person.
They might also be seriously worried about their own financial future. It is not uncommon for an owner of a family business to have a fair amount of interconnection between the business’ finances and their own financial affairs. Consequently, in some instances, the debt struggles of a family business can lead to serious personal financial problems for the business’ owner.
Thus, a person with a family business that is in debt struggles may sometimes feel like they are in a quagmire from which there is no good way out.
However, there are debt relief options that may be able to help an owner of a family business keep debt struggles from destroying their business and their own financial prospects. Our firm strives to help owners of family businesses with debt difficulties understand what bankruptcy and debt relief options are out there for small business owners and what options might be well-suited for helping them with their particular situation.