How to move on from a business failure?

LegacyUser

Hi all, went unregistered for this and i'm not even sure if its the correct forum

My father in law has just finished the liquidation process, his business is gone he has no income and no entitlements to social welfare as he is self employed, he has zero savings anymore, any that he had were put into the business during the recession to keep it ticking over. He has debt in the form of a mortgage (family home remortgage) and other small debts. As myself and my husband see it the business had to go as it was causing him a lot of illness and stress although he fought and fought on this to the very end. However what does he do now? obviously family can help a bit but he doesn't want to live on family help, he is very down, he feels like a failure and he can't find enjoyment in anything at the moment even the 3 grandkids Are there jobs for men in their 60's? is there a way to make him feel useful again and also to earn some money? He is not a man who will even discuss the possibility of being depressed etc so honestly no point in recommending that he seek medical help as we have tried and tried. My husband goes to see him every day and he is miserable, all he wants is a job, he wants to earn money again and be independent like he has been all of his life. Any suggestions would be useful. thanks

Candy_Girl

Has he seen a community welfare officer? surely he's entitled to something until he finds a job.

Penny Tration

If he doesn't mind retail work, b+q have a policy of hiring older workers

TheBeach

He is entitled to apply for jobseekers allowance id imagine given that his business has closed. It is a means tested payment so it would be to his advantage to have no savings etc. His circumstances may well be different now that they where when he last visited his social welfare office so he should call there again.

Voltex

The problem with entrepreneurs and business failure is that they become so interwoven with their business that a business failure is an almost direct correlation to a failure of the persona.

OP I really feel for you and your Dad. I think the most important thing right now is for his family to empathise with him. I have a MSc in business and one of the leading themes that has emerged from the literature over the last 10-15 years has been the temporary aspect to a firms competitive advantage..so much so that the dynamics of competition has emerged as an almost stand alone discipline within strategic management.

Business failure is not a reflection on the person..its is a failure of the identification of a market imperfection, a market that is best summed up as a process or series of interactions, not a static entity ...two very different things and something your dad and family need to understand.

OP...your dad had the talent to spot an opportunity, to identify a market imperfection and was able to exploit it. Because the business has failed it means "nature" has taken its course..its happens to all entreprises

Shrap

unregistered wrote: »

his business is gone he has no income and no entitlements to social welfare as he is self employed, he has zero savings anymore,

This is wrong. As of last year the SW allows you to remain self-employed and bases the income supplement on whatever weekly income you may have from any part-time work.

http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/unemployed_people/self_employed_and_unemployment.html

Sounds very difficult for your father in law, and your family right now. Would he be up for consultancy work in his field? Don't know if the kind of business he had was something that could be re-entered on a small self-employed basis, but his skills must be tremendous in whatever area it was.