It’s Not Easy
The N&O had the latest Bankruptcy listings. The amounts of liabilities (debt) is quite large compared to assets….of course that is probably the reason for filing bankruptcy. Examples:
- Chp 7 – Assets $829,032 Debts $3,279,671
- Chp 7 – Assets $12,752 Debts $345,530
- Chp 11 – Debt: American Express $111,653
- Chp 7 – Dental practice: Assets $151,000, Debts $495,300
- Chp 11 – Assets $81,660, Debts $515,689 (IRS $268,208, NC dept of Revenue $179,000)
It appears the owners of these companies lacked certain business skills….primarily Financial Management!
Old school business was: Plan….Organize….Direct….Control. That is still a strategy for a successful business….yet they are many other business/management skills that are required in todays economic environment.
While it may be easy to start a business….it is not always easy to be successful in business.