I was reading an article recently about popular businesses that have failed. Remember these?
Now these are not small businesses, but popular ones for sure. Did you realize half of all small businesses will fail within five years? You might be wondering how many small businesses there are in the U.S. That would be 29 million with 56 million employees.
The Small Business Administration defines a small business as having fewer than 500 employees. So, we are not talking about simple Mom & Pop shops on the corner selling Cheetos and Yerba Mate. These are legitimate companies that are wrecked.
There are a myriad of reasons so many businesses fail. For sure almost all of them have to do with poor planning. Two “alert” areas that can lead to failure are cash flow problems and lawsuits.
I sat down with two experts for an eye-opening discussion about business survival. Dan Whittaker is the Manager Partner of Whittaker & Company CPA’s and Brian Chou is a Partner here at BarthCalderon.
Our discussion is particularly valuable for anyone running a business, advising others, or coaching others. However, everyone in business will find nuggets of wisdom.