Sorry tale of an SME simply closing the doors
I was sadly, not surprised to read only last week in my local paper the story of a family owned business with the owners planning to retire in November and have simply chosen to close the doors despite trading for over 40 years. The story includes the very familiar comment “our son and daughter have worked here for 15 years but they didn’t want to take it on” a trend which has been emerging for the last five years and is typical of family businesses unfortunately.
The owners also state that they have been unable to have a holiday since 1995 and have attended the business every day to feed the fish!
Importantly, the article also recognises business owners fear (often well founded) that whilst they may be able to transition the ownership by selling transitioning the management was more of an issue and may well cause them to have to return to their business – “we are quite passionate about what we do and are wary of people coming in and not being able to support it with the rent money” the owner said “we thought if the new owners failed we would have to come back in.”