[frankeyzee]

I got a bad franchise that didn’t even have a system in place. I studied it the franchisors seem to have all the systems in place but they did not. Because of the bad service of the franchisors commissary and the high rent of the mall my debts are growing. I am planning to shut down before the year ends. Now I am seriously in debt to my dad and owe him almost a hundred thousand how do I bounce back? What do I do next?

[ltressel]

Hey Frankeyzee,

I'm really sorry for what has happened. Though it may seem that there's no bouncing back from this failed business-there is always something you can do. Many successful entrepreneur has had their ups and downs.

J.C. Penney lost everything during the depression almost resigned to giving up his life. But he bounced back at an age people should be retired already. Got almost everything back by giving the challenge another try.

I've been there myself. Back in 1999-lost my first business. I swore never to go back to doing any business ventures. I went back to work for corporate for 5 years and dabbled in another venture. Quit corporate and back to working for myself.

It will take time to gain all confidence back. You will find another chance to bring your game back. In the meantime, realize the skills you've gained during your stint as a businessman. Strengthen them and learn new skills.

Assure your dad that you are aware of the debt and that you will do your best to pay him back. By doing so, you are showing your dad that you are not a failure and that you had a set back but you will bounce back.

Don't lose hope. Hang in there.

LT

[stand856]

Care to share which franchise it was? So people here wont make the same mistake.

[frankeyzee]

Thanks for the uplifting words!

Anyway don’t worry it’s a fairly new franchise business from another country and it won’t be coming here in the U.S anytime soon!