Many owners find themselves digging into their own pockets, or their own credit, if their company hits a rough spot. Keep that up, and you don’t own a business. You own a charity that provides jobs for people and offers goods and services at a loss. At least until you run out of money.

That’s not to say you did something wrong. The industry may be in trouble. The economy may be up the creek. Or the area you’re in may have deteriorated.

It doesn’t change the fact that you’re going to be struggling and then run out of money. Your personal money. Then what?

This is something you want to cue up with the family long before the chips run out. You need to decide what the red lines are. Then you need to act, months before they come due.

You’d be lucky to sell such a business for much more than the book value of the physical assets.

You can, however, make some luck.

If you’re in a business that provides products or services that people want, your business could still be attractive to someone who has economies of scale that you don’t have. They may want a foothold in your market. But they’re not going to give good money to take over a problematic business. If you’re one of the best businesses in your niche in your area, those possibilities are still alive.

To find out how to be one of those best-in-class business, try “The Business Value Booster Method”. You can get it from our website (See “Book Store”).