While I was walking my dog last night, my neighbour stopped me and asked about an article she had read on the internet (https://www.news.com.au/finance/business/retail/riot-art-craft-staff-sacked-over-text-message-after-going-into-liquidation/news-story/affc48f13a0d7a12cddb2d523501c073).
She was shocked that employees had learnt of the liquidation through a text message. It is undoubtedly upsetting news for the employee.
BUT, spare a thought for the owners of this business!
They have put their heart and soul into this business, reinvested into it, nurtured and carefully tendered for this business. Their dreams dashed, all the hard work of has come to nothing.
Some lessons for business owners
- Grow your wealth outside of your asset (diversify your risk)
- Take a dividend every year (shareholders need to be rewarded as well)
- When banks ask for everything as a “show of commitment”. Think long and hard!
I wish both staff and owners the best for the future. Their store will be sadly missed.
Discloser: I have no connection to this business, apart from my kids purchasing their beautifully curated products, in an inviting and friendly environment.