Selected Essays of Dean A. Shepherd
Chapter 24: Moving forward: Balancing the financial and emotional costs of business failure
A puzzling question has been that of why owner-managers delay business failure when it is financially costly to do so? Business failure occurs when a decline in revenues and/or increase in expenses are of such magnitude that the firm becomes insolvent, and is unable to attract new debt or equity funding. Consequently, the business cannot continue to operate under the current ownership and management.
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