Dear Abel & Sofi: Forced To Make A Life Or Death Decision To Take A Medical Leave, But Can My Business Survive?

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George Parrish

Highly recommended
Entrepreneur Lab LLC
5 Questions answered
Answered on January 11th, 2019

You have a Chain of Command decision to make on your business and your business future right now.

Leave the Medical, Accounting and Legal decisions to your Physicians, Accountant and Lawyer and address the elephant in the room.

You've built your business up as a SoloEntrepreneur, but if you cannot continue to  keep your business growing, a hard decision needs to be made.  Note that I said growing, not maintaining your business.  A business that doesn't continue to grow won't be around long, its a fact of business life.

So, what to do?

My suggestion is the following - Get your Accountant and Lawyer together for a come to Jesus meeting.  Discuss maintaining operations as they stand now, or put your company in play.  If you choose the latter, have your Lawyer handle this for you discreetly.  You give the lawyer the particulars and have that person follow your directions.  In the meantime, what to do with your business?  Have someone in mind to keep the store running while your recover?  Who is that person, or persons?  Maybe you can sell them the business and maintain a small percentage of ownership, or sell the business outright.  You have a Banker, someone you trust in your Community, tell them about your business situation, and ask for a suggestion as to what they think you should do.

You have a few options here.  My suggestion is to start following up on some of these right now.

Good Luck and Godspeed.


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