Going Bankrupt in Australia tends to stay hidden in the shadows of both the professional world and our personal lives. It’s the utmost taboo subject. The concern is perception– because in reality bankruptcy is simply a tool that we can use to protect ourselves, and rich people know this. Rich people have identified that insolvency is a crucial part of staying in business, at times things don’t work out like you had intended, that the market has evolved and the numbers simply don’t work anymore. If you are managing a small business in Geraldton, then focus, because (and not to sound too dramatic) learning more about this may help you to save your business, car, house and family.
With the recent termination and liquidation of Clive Palmer’s nickel mine there has been a community backfire, workers have lost their jobs and an entire community will be influenced by the sudden shut down of the mine. Similarly we have also witnessed the fall of the Dick Smith’s chain of consumer electrics, as you have probably noticed around Geraldton– nevertheless this has been met with far less shock in the community.
Regardless, both have shut down and yet both high profile owners are nonetheless rich and worth millions of dollars. So how does that work? How can these people have essentially had a huge business failure, but had this barely affect their personal wealth? It is due to the fact that they know the nuances of Going Bankrupt.
When it concerns businesses, there is often a risk that you are going to fail, and this is no different when compared to a small business in Geraldton than it is to taking a look at a large corporation– there is always risk, and there is always a way to minimize the risk.
First of all, there are clear ways to protect assets in your business ventures, ways to separate off your assets and virtually place a wall in between a business, and your home and car. Often this takes the form of a legal trust, if you wish to find out more about this then speak with a professional when establishing your Geraldton business. However this really needs to be done long before you start having problems.
The next thing that you ought to discover Going Bankrupt from this is that often there will be a time when you will need to step back from the business that is failing and know when to call an end to it. This is what has occurred with Clive Palmer and Dick Smith– both have been running businesses long enough to know when it is not going to prosper any longer so they pull the plug rather than going down with the ship.
Ultimately, Going Bankrupt is seen as a horribly difficult decision loaded with stigma, and we need to remove this, because some of the most successful and rich people in the world have declared bankruptcy several times.
One of the biggest complications that many people have in Geraldton is that business owners are not ready to just stand back from the scenario and think critically. Because typically there is not going to be a moment when you can confidently just ‘call it quits’, but you need to realise when fighting on is just going to do more harm than good – because you don’t need to fight to the bitter end.
If you have ever lived in a Bushfire sensitive area you would know that you have 2 options: fight or retreat – and the same can be said of business. If you fight with a struggling business in some cases you can save it, but generally you will be swallowed up by the flames. But if you are smart you will retreat, let the establishment of Bankruptcy help snuff the flames and save your house. Similar to any part of life, this is a hard decision, and this is one that you should rarely make without specialist advice, but don’t be afraid to turn to Going Bankrupt when you have to.
If you really would like to find out more about some of your options when it concerns Going Bankrupt – such as what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to talk to Bankruptcy Experts Geraldton on 1300 795 575, or visit our website: www.bankruptcyexpertsGeraldton.com.au.