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Self Employed, depressed, business collapsing

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  • 19-12-2018 6:37am
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    Hi all,

    I’m in a bit of a situation coming up to Christmas - getting evicted from business premises due to falling behind on the rent. (Take full responsibility, have no argument with them, they’ve been patient but I just haven’t been able to recover the situation)
    I’ve been depressed for years, marriage fell apart a few years ago, only get to see my daughter for a few hours a week. This is an especially hard time of year to be apart from her.
    Was technically homeless for a few months at first but moved back in with the folks, but my situation is causing them stress now. Not fair on them.

    I have to be out of the property by the end of the month, just haven’t been able to arrange alternative accommodation, let alone transport to move anything. Mentally I’ve collapsed... the problem is that there’s money in the bank, loyal client base, money owing to the company and the company owns about 30k of assets in machinery (no bank loans). Aside from the landlord, who has legally agreed not to pursue unpaid rent if I vacate, there is very little owed to creditors, no issues with revenue. (I haven’t taken a wage for last three years, to work off as much debt as possible)

    I don’t believe I’m in a position to manage the business at the moment, I just want to avoid throwing all value and potential away. Just feel like I need a break for a few months to get head together again. I’m imprisoned in the situation and doing my best to keep worst option off the table... went to social welfare office a few months ago to see if any assistance or even just a medical card but they said no chance as I’m self-employed.

    Don’t know where to turn.
    All advice welcome - need perspective, can’t burden family anymore with this.


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    #2
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    OP is it an option to put the equipment in storage for 3 months or rent it to another business? Are you likely to loose your customer base if you take a break for a few months? There's no point in putting yourself in an early grave by stressing yourself like this.

    Tackle each issue one at a time. Most pressing thing right now is the equipment needs moving.
    Get the stuff out of the premises into a storage unit or ask around if you could store it for a few months in friends garage and take a break totally for a few weeks. If you don't want to give up on the business go speak to a business adviser in the new year and get a plan together on how to move forward. If its not a goer then you can sell the equipment and look for a job.


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    #3
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    Thanks, I have a storage container at another location but I haven’t been able to organise transport... insurance company won’t switch cover again to allow me hire a van with a tail lift for the bulk of the stuff and there are some bits of equipment that would need a truck to locate to new address. My own car has been off the road for a year and the car I got a loan of is on its last legs... it recently left me stranded on m50 with daughter.

    I was in touch with some estate agents about a different property that looked promising but dropped it after a few days when they didn’t respond to email or phone queries... resilience is gone in this state of mind.

    The plan was to retrain (part time) whilst keeping company trickling along - different industry, get a 9-5 job so I can get out of personal debt again. Just focus on the more profitable clients where production can be outsourced.

    I just can’t get my head right to do this at the moment, it’s just me in this business trying to solve everything (proving tough, even one piece at a time).

    Just feel so alone and crushed by it all, have good people around me but can’t ask for help.
    Everyone has their own challenges - don’t want to be ‘that guy’ that people start avoiding.
    Just wish there was a service that stepped in to temporarily manage the situation so I had some chance at taking a positive out of the situation.


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    #4
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    OP you need to shallow some pride here and ask for help. I can understand not wanting to but you've got one immediate issue and that is moving equipment from your current space so ask if anyone has access to truck and is able to help you move some stuff. Folks do it all the time when they are moving house, I just did it myself a few weeks back via facebook and friends brother offered to give me a hand.

    If that is a dead end then you are going to have to stump up money from somewhere to get the stuff moved. Everything else can wait but get that sorted. Once you've stuff stored, take a step back. Take some time off for the holidays then relook at everything with fresh eyes. Your not able to see the forest for the trees right now so rather then thinking about everything you've got to fix, just focus on the one pressing issue - moving - and leave the rest for now.


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    #5
    acer911
    Registered Users Posts: 570 ✭✭✭acer911


    <SNIP>

    Hi OP - I feel for you in your situation. It’s hard when you are suffering with anxiety and depresssd.

    I would be interested in hearing about your business and to see if there is any advice I can give.

    Feel free to PM if you want to have a chat.


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    #6
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,314 CMod ✭✭✭✭Pawwed Rig


    Me too. It sounds like a going concern so might have a value in it. I am assuming you are a sole trader with no employees etc.
    Do you have friends within the industry that you can lean on or can you subcontract jobs for a while?

    The fact that you have effectively no debts is encouraging.


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    #7
    riveratom
    Registered Users Posts: 964 ✭✭✭riveratom


    Ask those around you for help OP, it really is that simple (just try it). People want to help and if they see you need it, they will help!


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    #8
    woodchuck
    Moderators, Society & Culture Moderators Posts: 15,409 Mod ✭✭✭✭woodchuck


    acer911 your offer of PM advice though well meaning, is strictly forbidden in this forum for the reasons outlined in the charter.


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    #9
    Idbatterim
    Registered Users Posts: 17,843 ✭✭✭✭Idbatterim


    Sorry to hear this op. Question for you and I have a bit of experience of this and know of others I’m similar positions. Is it at all worth your while staying self employed or at least doing this line of work ? Sometimes It’s like trying to flog a dead horse. You’ve the stress of it all, the stress is worth it if making good money , but if you’re not, what’s the point ? You say you have money in bank , can you not use that to pay the rent ? In terms of moving equipment, I’d just go onto donedeal and get a man with van with a lift ...


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    #10
    Defunkd
    Registered Users Posts: 408 ✭✭Defunkd


    Some good advice given but your frame of mind is preventing you from taking the next logical steps. Things aren't as bad as they seem to you.
    Get your stuff transported. If you can't move it, get someone else to do it.
    Contact MABS when they reopen, they can help you with the budgeting to help clear any debt.
    Seek a mentor or advice from someone. If you have friends, ask for help. As long as you're not being a parasite, or unwilling to help when they ask you, people genuinely don't mind being asked for help.
    Take a few days off from work - completely. Turn off the work phone. When you find yourself thinking about work - stop! A break is as good as a change.
    Write down your work issues in a few days and write down potential solutions that come to mind.
    Make a plan to pay yourself a wage. Surviving on leftovers isn't living.


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    #11
    porsche boy
    Registered Users Posts: 1,560 ✭✭✭porsche boy


    Do you know anybody in the industry that would be willing or interested in becoming a partner... a lot of stress off you, he may be able. to run it day to day until your back on your feet. It might be a big sacrifice to sign away a % of your business but will you have anytging left to salvage if you don't look for help??


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