Closing down store. Need advice on how to proceed.
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[{"id": "f4dczy5", "text": "If you are going out of business and filing bankruptcy just get it buttoned up sooner than later. Hold a going out of business sale over the next month or two and get your store liquidated over the next 2 months before your bankruptcy is finalized.\n\nNo reason to draw it out.", "replies": [{"id": "f4ddj3n", "text": "The reason to draw it out for me is potentially selling it and maybe getting 30 or 40 thousand as opposed to maybe making a few thousand if I just closed up in 2 months.", "replies": [{"id": "f4ddsjy", "text": "So is it an issue of your rent being too high? Could you make it and continue operating if your rent was lower?", "replies": [{"id": "f4defgj", "text": "If I didnt have they expenses that made me file for bankruptcy I may have been able to pull it off. The reduced rent will help but to be upfront I'm also burned out. Working 7 days a week and getting only 2 days off a year. Just want to regroup and maybe take a month or two off while I figure out what a next.  Yes I can make it with the reduced rent but would rather sell the business and pocket some money and figure out what's next.", "replies": [], "depth": 4}], "depth": 3}, {"id": "f4g4chj", "text": "Look up how to calculate SDE (sellers discretionary income) if you dont already know how, that needs to be significantly positive for the last few years or selling the business is a pipe dream.  Best of luck.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f4dmnxs", "text": "We are getting off topic here. Please refer to my post and try to help out with what was said.", "replies": [{"id": "f4dodm8", "text": "Hey man. First, i am sorry for your loss and condolences to you and your family. \n\nIn life, we\u2019re faced with daily dilemmas and it\u2019s best to apply what we already know to even some of the bigger decisions in our lives. We know as much that 1) your time is valuable and as is your landlords, 2) playing a \u201cwhat-if\u201d can result in financial ruin or financial success. \n\n\nPlay it safe. Be smart and conserve yourself, your time, your money. Hold a sale and liquidate your inventory. If all goes well, you can always find another shop to open up and start from scratch again. But finding a buyer for your business will take much longer than it will to liquidate and if it\u2019s in the same space, you\u2019re going to have some weird issues with the leasehold being transferred over to the new owner, since you renegotiated your lease and left out whether it\u2019s month to month, or if you even signed a contract. \n\nEither way, let us know how this plays out. And I hope you and your family are at peace.", "replies": [{"id": "f4dpfby", "text": "Appreciate that. Though it was something I brought as far as paying a reduced rent until I sell. The original lease has not been altered. It's more of a this is what I can pay. More or less a hand shake deal. I just think he doesnt want to hire an attorney to evict me and if I do just liquidate and close shop I might not make anything substantial enough to cover my expenses for a month or two.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f4e2uhw", "text": "Maybe negotiate and sign an amendment to the lease. If you are express that you are totally fine with him marketing the space before you leave, he might be a little more okay with signing an amendment.", "replies": [{"id": "f4e3ukt", "text": "I think that makes the most sense. It would be hard for me to close abruptly with not much in savings.", "replies": [{"id": "f4e5066", "text": "I mean still might be the only option... Risking the landlord not evicting you in the current situation might be worth it, without trying to get a new deal in writing. I really can't tell what the current situation is like over the internet.", "replies": [{"id": "f4e509s", "text": "Happy Cake Day SCAND1UM! Today is your day. Dance with fairies, ride a unicorn, swim with mermaids, and chase rainbows.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f4hkwt2", "text": "I would just be honest with your business and expect the landlord to treat you fairly.  If his place is worth 4k but he's giving you a break I would thank him and sit down to discuss as time gets closer to closing time.  I would tell him, \"Hey, can we extend this another three months, I'll clean the place when we move out.\"  A commercial landlord would rather have a place empty and cleaned than filled with merchandise and other junk.", "replies": [], "depth": 1}]