Business 85 closed last night due to lack of client interest. The client was a contractor who had been with us for 12+ years.
The other reason for the closure was the closing of the building with the owner’s family. This company has been a family business for a long time and has been our go-to place for general contracting.
There is a lot that goes into closing a business, but the real reason is to make sure that the business owner doesn’t have a chance to do business with anyone else. This business owner was a friend of ours and we tried to assist him in his decision. He was obviously upset about losing contact with his family but he is now taking time to think about it.
The company seems to be in deep trouble right now. They have lost more than 20% of their stock in the last year. They have been in constant negotiations with many other potential investors and the last thing we can say is that the business owners family is not happy with the situation. It is apparent to us that the family will not be able to invest in the company again.
Many people in the industry are worried about the company’s future. They are very concerned about potential bankruptcy and the possibility of the company being liquidated (which is a very real possibility if the company does go bankrupt). We are also hearing that the company has lost their most capable executive in the last few years.
Yes, the CEO is no longer able to do anything. He was the brains of the company and has been the one to keep the company afloat. He is now working as a consultant for the company and has no interest in coming back. This move is not really a big surprise to us since it is a well known fact that the CEO is not the most experienced CEO in the company. Many times, the CEO of a company is the man who is most likely to step down first.
We don’t know if the CEO (or his replacement) will step down because they don’t want to get too involved in the company’s day-to-day activities. But we’re willing to give them the benefit of the doubt. They are still the CEO, and they have the authority to close the company down.
We were not involved in the choice of CEO, nor did we think that he was a fit for the company. But we agree that the CEO’s resignation from the company will be a big deal. It will be especially big since he was instrumental in selling off the company to a new owner.
He’s also the one who pushed the sale of the company to a new owner. We were not aware that he was involved in the sale of the company either. The company is still under his control and he’s the one who is now in charge.
His resignation will be a big deal, but it will also be a very big deal when company owners are selling off assets. It will be interesting to see where the assets end up, since the sale of the company will have a major impact on the company’s finances.