This has been a difficult decision because I don't give up on anything. But I can't be selfish, either. My business partner has a family to support and owns no assets, so he can't keep working for no pay. I guess it is self-serving since I am also his landlord.
There are plenty of uncertainties ahead. I've never closed a business so I have no idea what is required of us to "notify" all the proper authorities. We also are super low on cash and I will probably be on the hook for some liabilities, but since we did not personally guarantee our lease I don't have to worry about that part. Sure, I feel bad about not fulfilling my commitment, but we plan to leave the landlord better off than she was before we moved in.
As for me personally, I think I will move to Tampa. Long-time followers of this blog will recall I've been considering a move for some time. In June my partner and I will probably drive down to look at houses. Stay tuned.
Awwwww.... so sorry, but at least you ventured and weren't afraid to try! Hmmm...Tampa, I love Forida! Being from NW Ohio, my daughter lives in Sunrise, in my long term plan I'll probably consider a move too. Hope to hear more.
ReplyDeleteSo sorry to hear about your business. It's hard to make that decision. Wish we had been more decisive in our business - we let it piddle along for way too long.
ReplyDeleteOur son just moved in with us - he lived in Tampa for 5 years, the last 3 he was mainly unemployed. Down here, about 2 hours south, for 10 days and got a job. Go figure - our unemployment is about 12%. Right time, right place I guess.
With the economy you should be able to find a house cheap to buy but rent doesn't seem to have taken the same hit.
@Marilyn - thanks for your thoughts. I've lived in the Birmingham area all my life so if I do in fact take the plunge it will be a big deal for me..
ReplyDelete@Bellen - the hardest part about closing the restaurant is wondering if we ever would have turned things around. In a way I feel like we are giving up too soon, but then I remember how far we are from where we need to be. I don't see any possibility of TRIPLING our sales, which is what is needed for us to be comfortably profitable.