Going Bankrupt in Geelong, the Secrets Rich People Know About Going Bankrupt
Going Bankrupt in Australia seems to lurk in the shadows of both the commercial world and our personal lives. It’s the utmost taboo subject. The problem is perception– because in truth bankruptcy is just simply a tool that we are able to use to protect ourselves, and rich people know this. Rich people have found out that insolvency is a crucial part of being in business, sometimes things don’t work out like you had planned, that the market has evolved and the numbers simply don’t work anymore. If you are operating a small business in Geelong, then pay attention, because (and not to sound too dramatic) being familiar with 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, employees have lost their jobs and an entire town will be affected by the sudden shut down of the mine. In a similar way we have also witnessed the loss of the Dick Smith’s chain of customer electrics, as you have possibly noticed around Geelong– however this has been met with far less resentment in the community.
Regardless, both have folded and yet both high profile owners are nevertheless rich and worth millions of dollars. So how does that work? How can these people have effectively had a huge business failure, and yet had this barely affect their personal wealth? It is due to the fact that they understand the nuances of Going Bankrupt.
When it concerns businesses, there is always a risk that you will fail, and this is no different when compared to a small business in Geelong than it is to considering a large corporation– there is always risk, and there is always a way to mitigate the risk.
First of all, there are certain ways to protect assets in your business ventures, ways to unlink your assets and ultimately place a wall between a business, and your home and car. Often this takes the form of a legal trust, if you want to find out more about this then speak with a professional when establishing your Geelong business. However this really should be done before you start having concerns.
The next thing that you ought to learn about Going Bankrupt from this is that often there will be a period of time when you will want to step back from this business that is failing and know when to call an end to it. That is what has occurred with Clive Palmer and Dick Smith– both have been running businesses long enough to recognize when it is not going to be successful any longer and so they pull the plug rather than going down with the ship.
Ultimately, Going Bankrupt is seen as a horribly difficult decision packed with stigma, and we should remove this, because some of the most successful and wealthy people around the world have declared bankruptcy many times.
Some of the biggest problems that lots of people have in Geelong is that business owners are not ready to just stand back from the scenario and think critically. Because often there is not going to be a moment when you can carefully 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 recognize that you have 2 options: fight or retreat – and the same can be said of business. If you fight with a failing business in certain cases you can save it, but most of the time you will be swallowed up by the flames. But if you are smart you will retreat, let the institution of Bankruptcy help snuff the flames and save your home. 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 need to.
If you really want to find out more about some of your options when it comes to Going Bankrupt – such as what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to speak with Bankruptcy Experts Geelong on 1300 795 575, or visit our website: www.bankruptcyexpertsGeelong.com.au.