Hey all. I need suggestions.
My niche retail business has been around for 7 years. Everything is local, no online sales. We’ve had 30%+ growth year over year for the first five years, 10% last year and -3% this year. We do around $500k a year in sales. After expenses and payroll and rent and the like, I make about $5k a month. I’ve got about $300k in fixtures and inventory. I have $105k in SBA debt from the EIDL loan I took to keep things afloat during COVID shutdowns. I have a fresh 5 year lease that started within the last six months. 2 full time employees. I hate every day. The customers have sucked every last bit of joy I used to get out, employees are ok but when I’m not around not much gets done outside of sales. Cleaning and other similar tasks are neglected. I just don’t wanna be around at all. I’m in a small, poor area and haven’t had any luck selling and if I liquidate everything on the cheap to pay the EIDL I’ll probably be left with $30-$50k which I would probably have to pay up to get out of the lease. It’s profitable, more so than just getting a job, so I’d hate to just say fuck it and close up shop but it’s getting to the point where I’d almost rather be left with nothing. I cant afford more employees and the employees couldn’t afford to buy it even if I owner financed it. I’m sort of at a loss.
What would you all do? Shut it down and call it quits? Stick it out and be miserable every day?
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