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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Wibu to close down my business and go to work for somebody else?

31 replies

Fmaro · 15/08/2016 23:44

OK, so I'm probably not a "conventional" poster in MN because, being a bloke, I'm not a Mum! 😉I stumbled across aibu months ago when searching for something online, and soon turned into a lurker as I love the honesty, and admittedly some of the really odd questions.

Posting this here as I know I'll get an honest answer, regardless of whether it's what I want to hear...whatever that may be, as I haven't a clue myself.

So, I'm almost 30 and after various career and personal twists and turns I currently run a struggling business consisting of a couple of shops. I've sunk everything I own into this business, plus more besides,and I do really enjoy what I do but when I'm struggling to pay myself anything at all really feel that my time and my efforts aren't worth anything anymore. Busting a gut for 10 hours and then spending the rest of the day worrying about all of the bills whilst eating a value ready meal isn't a great lifestyle.

Without going into detail and boring everybody to death, I had a rough start in life but eventually built myself quite a successful career within a big company. I then got myself into some bother, ended up with a criminal conviction and had to leave my career behind. I've always maintained my innocence, but had to accept the decision of the Court and get on with my life. I returned to study for a while, then invested everything into establishing my business which gets by but isn't successful really.

I never thought I would be able to work in the "professional" setting again, however frustrated with the business and the brick walls I keep hitting I polished my CV and fired it off. I've been contacted by a company and even being aware of my past they have offered me an interview tomorrow. It's for a much more junior position than I last worked in, but I've started from the bottom and worked my way up before so I'm confident I could do it again. And this time I know what I stand to lose, so I know I wouldn't put in that sort of position again where I could be accused of anything.

Income wise, even as a junior position it makes sense, I couldn't possibly earn less than I am doing right now! However winding up a business I've invested years of my life into, and so much money that I can't begin to imagine, is a tough call. Financially I'll lose a small fortune, and there are complications with leases and things that will hang over me for a long time no doubt, but then again I've already lost that money really as short of a miracle I could be working till I'm 90 to try to earn it back. Or it could go really Pete tong and is be left with no business, no assets and no income.

So, would I be unreasonable, if offered a job, to grab it with both hands and put myself back into the rat race? Sacrifice the business for my own sanity and self respect in what my time is worth?

OP posts:
pluck · 24/08/2016 18:48

Congratulations!

topcat2014 · 24/08/2016 18:54

One of the golden rules I recall from my accounting training is that you cannot change the past.

If your business shuts tomorrow, you will probably still have to pay the leases or personal guarantees any way.

So, broadly, you have the choice of keeping the business open for x number of years and subsisting on very low income, or arranging a graceful exit and earning more money.

I would recommend speaking to your accountant first about the easiest way to close the business down without running the risk of further penalties on top.

MrsMozart · 24/08/2016 19:09

Good news indeed lad.

I hope your future works out as you want.

ChazsBrilliantAttitude · 25/08/2016 09:01

Glad it's good news. Best of luck for the future

Fmaro · 30/08/2016 13:52

I'm terrible at this keeping threads up to date business, haha.

Ah well, better late than never, the job is mine. :) I've passed all of their checks, and have an official offer letter - starting work on Monday.

Thank you for all of your good wishes and support. it's really been a great help. Now I can focus on getting my life properly back on track, and over the coming weeks and months can make some educated decisions about the business without the pressure I'm under at the moment.

I'd like to say that I'm off for a pint to celebrate, but a cuppa will have to do until payday haha.

OP posts:
lougle · 30/08/2016 14:14

I've just seen this thread and wanted to add my greatest respect to you and best wishes. It's fantastic to see that you've managed to move past your conviction and apply yourself to improving your future. I hope that one day someone like you may be invited to speak to young people, to show them that even when things go wrong, it doesn't map out the rest of your life.

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