Have you ever been in a situation where closing your business felt like the only option? We recently encountered such a situation with one of our clients, and the outcome was surprisingly successful. Our client, a heavy haul company, decided it was time to throw in the towel and close their business. But with our help, this hard decision ended up being beneficial for everyone involved—not just our client themselves!
The Benefits of Working With Us
Before we get into how closing the business was beneficial for everyone involved, let’s talk about what we did to make it happen. Quickly and efficiently, we extracted the maximum value from their assets. With our history of appraising all their equipment and providing them with a prior term loan, we knew their assets like they were our own. We knew that liquidation would allow them to pay off their existing equipment and receivable loans. This was key in allowing them to move on without any financial burden weighing them down.
Through a well-timed auction, we ensured that they would have enough money to pay off their existing equipment and receivables loans. But even more impressively, this meant that when the liquidation was completed, there were hundreds of thousands of dollars left over for our client! Not only were all their debts paid off in full—which is something not every business owner can say—but they also received some extra cash to help them on their next venture.
Making Everyone Happy
It’s not often that a situation as difficult as closing down a business has such positive outcomes for everyone involved. But thanks to our involvement, we were able to make both our receivables lending partner and our client happy. It’s proof that sometimes hard decisions can lead to great rewards if you have the right people by your side!
In The End
We’ve seen firsthand how making the difficult decision to close your business doesn’t necessarily have to be devastating. If you work with someone who can help you navigate the process properly, it’s possible that you will still come out ahead in the end—just like we did with one of our clients recently! Here at Loeb, we believe in setting up businesses for success however is best for each individual situation. So, if you ever find yourself feeling overwhelmed by tough decisions concerning your own business, don’t hesitate to reach out and see how we can help!