July 22, 2019

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The Economy, Business Bankruptcy, & Some Success Stories

Too often over the last few years we have heard about “The Economy.” Students are warned that the prospective of finding a job upon graduating is less likely than in years past because of “The Economy.” Political candidates and policy makers are focusing fear tactics and making promises around “The Economy.” And business owners are now struggling because, you guessed it, of “The Economy.”

The reality of financial turmoil and contemplating the decision of bankruptcy is not easy, even if every person in the country understands it is simply because of the economy.

But filing for bankruptcy does not necessarily indicate financially ruin or the demise of your business. The bankruptcy process gives businesses some wiggle room to change around business deals, pensions and contracts that ordinarily cannot be budged.

Business Bankruptcy Success Stories

Maximizing the fresh start provided for in bankruptcy law can lead to greater success for you and your business. Here are a few inspiring examples:

  • Henry Ford had an automobile company that went bankrupt in 1901 and reorganized into what is now known as the Cadillac Automobile Company.
  • Good old honest Abraham Lincoln tried his hand at running a small business shop that went bankrupt and left Abe without any assets. Lincoln, of course survived and went on to be one of the most influential men in history.
  • Milton Hershey had a candy shop in Philadelphia that went bankrupt before he returned to his hometown and started what became a million dollar company, the Lancaster Carmel Company…and that was the beginning of his road to success!

Remember, failure is simply a perception of the mind.

“Successful men and women become successful because they acquire the habit of thinking in terms of success. Get the success habit in the small circumstances you control, and soon you’ll be controlling the bigger ones.” –Napoleon Hill, Think and Grow Rich