When a business puts up that “closed for good” sign (no matter if it’s brick and mortar or internet-based):
The business owner is impacted because they no longer have their business, their “baby,” as it’s often called, to rely on and to fill their days with purpose.
The family of the business owner is affected because they are no longer receiving the profits and benefits of that business.
For the most part, the owner’s wealth is tied up in the business. They are depending on unlocking that wealth through a sale or exit for their retirement and to leave a legacy, but if they walk away, then there is no wealth to fall back on.
The charitable giving of the owners is gone forever when they close up shop.
The community is impacted—more so than you may think—because that business was not an “island
unto itself” (to quote J.G. Ballard). It was part of the community, and often, their owners were pillars in that community. Their “customers” are people who live and work in the community. They are friends, neighbors, and colleagues.
WHAT IS YOUR EXIT STRATEGY?
“Regardless of how large or small, no one has ever been a number to us. We know and call you by name....” Americans value the individual and we can be fiercely independent. Every life is precious to us. I was one of those local customers. This business owner knew my name. I had done business with her for years.
Just because the business goes away doesn’t mean the community all of a sudden stops caring. It doesn’t have to be that way.
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