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1. There is a solution available
Often, there are more solutions and options available than you might think. Creditors might be way more willing to discuss solutions with you than you expect. Help is out there.
2. The fact that you have accumulated debt does not mean you are a bad business owner or that your company is doomed to fail.
Hardships are a part of life. It can happen to everyone. There are a lot of people like you out there. Over 260,000 entrepreneurs are in financial trouble, but that shouldn’t mean the end of their entrepreneurial endeavors.
3. By not facing your financial issues, chances are you do more harm than good.
Recognizing and admitting the signals of financial difficulties might help you put an end to it sooner and prevent worse. Often entrepreneurs feel like financial debt is a downward spiral that they are unable to come out of. By tackling your issues early on, there is less chance your debt spirals out of control.
4. You might be personally liable for the company debt.
Depending on your company's legal structure and the way you have acted as an owner or board member, it is possible you are (partly) personally liable for the actions and finances of your company. If you are personally liable, creditors of your business are entitled to your private assets if your business does not have enough money. In some situations, your spouse can also be held liable. If you want to know more about personal liability, click here.