Latest / Best of Business / Kerre Woodham: At what point do business owners call it quits?

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Kerre Woodham: At what point do business owners call it quits? · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks EDB. Follow
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  Speaker 2: Today. I'm going to need you to tell me, because
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  Speaker 2: at what point, when you're a business owner do you
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  Speaker 2: decide that you've had enough? There was COVID, then there
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  Speaker 2: were the boom times, then there was the recession that
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  Speaker 2: seems to have gone on and on and on. There's
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  Speaker 2: a crisis in consumer confidence, there's global uncertainty that too
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  Speaker 2: has gone on and on. There are problems finding staff,
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  Speaker 2: there are problems keeping staff. There are problems finding work,
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  Speaker 2: problems with cash flow. At what point, which three in
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  Speaker 2: the morning wake up do you think I can't do
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  Speaker 2: this anymore? Do you look at your life and realize
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  Speaker 2: that for the past five years you haven't had a
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  Speaker 2: life and you call it quits. Or do you look
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  Speaker 2: at your books, find yourself hoping for a good summer,
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  Speaker 2: then realize that hope is not a strategy and desired
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  Speaker 2: to pull the pin. Business liquidations had a ten year
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  Speaker 2: high last year, with two thy five hundred companies folding,
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  Speaker 2: and that's the highest annual figure since twenty fourteen. Retailing
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  Speaker 2: constructions suffered the most, but this year. It's even worse.
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  Speaker 2: The number of companies put into liquidation so far in
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  Speaker 2: twenty twenty five has surpassed last year's total for the
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  Speaker 2: same period, as economic pressures and low consumer confidence impact
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  Speaker 2: business viability. Dry words to describe heart palpitations, terror, dry mouth, sleeplessness, fractiousness,
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  Speaker 2: very dry words to describe a terrible time in your life.
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  Speaker 2: The recent rise and liquidations can be attributed to an
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  Speaker 2: increased focus on enforcement by inland Revenue, as well as
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  Speaker 2: a lag of companies that were in distress during COVID
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  Speaker 2: but were propped up with government money, so it gave
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  Speaker 2: them a false second life. There's a lot of long
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  Speaker 2: held belief that recessions and shocks like COVID clear the
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  Speaker 2: dead wood, that there are many companies that shouldn't be
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  Speaker 2: in business that fall by the wayside. But behind every
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  Speaker 2: business and every oh, well, it's a good thing. It
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  Speaker 2: clears out people who shouldn't be in business. But behind
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  Speaker 2: that every business that closes its doors are people who
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  Speaker 2: put their hopes and their dreams, and their labor and
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  Speaker 2: their hard work and their life savings into it. But
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  Speaker 2: does deciding to call it quits bring its own freedom
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  Speaker 2: If you have been in a Latha Brittany, hoping that
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  Speaker 2: you're going to turn the corner for years now, not months,
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  Speaker 2: but for years. Can deciding to call it quits be liberating?
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  Speaker 2: If you've had to make the tough decision to call
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  Speaker 2: it it's done, can it be a relief? There are
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  Speaker 2: many people who know. Through the GFC it was similar.
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  Speaker 2: There were businesses that went by the wayside as people
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  Speaker 2: suddenly found they had no spare cash in their pockets.
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  Speaker 2: Stock market crash in New Zealand that saw people with
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  Speaker 2: astronomically high interest rates mortgage interest and business interest rates. Again,
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  Speaker 2: people with no disposable lack of consumer confidence a time
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  Speaker 2: of austerity. There were plenty of businesses that went under
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  Speaker 2: in the eighties as well. Eighty seven was the stock
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  Speaker 2: market question then. I think it was really about nineteen
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  Speaker 2: ninety that I remember that. It was just a very
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  Speaker 2: very grim, grim or steer brutal time. So people have
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  Speaker 2: been through it before, and if you have, is their
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  Speaker 2: life after insolvency, after a liquidation, after closing your doors
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  Speaker 2: and saying I cannot do this anymore. I just can't.
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  Speaker 2: There are more important things. My health is more important,
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  Speaker 2: My family is more important is there? And this is
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  Speaker 2: where I'm going to need you to tell me because
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  Speaker 2: I've never owned my own business, but I've certainly heard
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  Speaker 2: from a number of you over the years who love
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  Speaker 2: being your own boss. You can't imagine working for anybody else,
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  Speaker 2: but by God, that comes at a price, especially in
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  Speaker 2: times like these. So if you've made the decision to
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  Speaker 2: call it, does insolvency mean the end? End a new beginning?
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