By Rob Adamson, Restructuring, Recovery and Insolvency Partner, Armstrong Watson

THE last few months have been a challenge for business owners as they have dealt with enforced closures, mandatory operational changes and additional requirements to make the workplace safe.

All of these have come at a cost, both in time and in hard cash, and many will now be faced with making a decision about what they do next.

Whilst you might be surrounded by a great team of people, for many business owners, they are the only ones making the decisions about the direction of the business. There may be conflicts between doing the right thing for the business and doing the right thing for a loyal workforce.

Where business owners are looking to exit the business (for whatever reason) making the decision to move on can be a difficult one and it can be hard to decide what really is the best thing for all involved.

Regardless of whether your business is struggling for cash or not, some business owners may now be thinking about whether they want to exit and there is nothing wrong with that. There are different ways in which you can do this; you might want to hand the business down to the next generation or see whether someone else might want to get involved. On the other hand, it might be that you just need to share your challenges with someone independent and agree a strategy with their assistance.

If you currently feel like you have had enough, taking stock before you make a final decision is a key step. The best way to ensure that you do what is right for you and your business is to make sure that you are aware of all of the options, including the benefits and risks of each, to give you peace of mind.

We have been assisting clients during the lockdown by talking through the options that are available to them, this might include downsizing, restructuring operations or looking at exit. This may also include using a formal insolvency process, but often the insolvency process is just a part of a wider restructure to return the business to profitability.

Sometimes the solutions might not seem obvious, but there will always be one, it just might not be what you are expecting. For a no-obligation initial discussion about the options available to you and your business contact Rob Adamson on 07970 731804 or email