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I’m 57, & thinking about setting up another business….gulp !
Invested life & soul for 16 years & ran a successful business selling packaging to industry from £0 start in 2002, but lost largest customer in an international tender in 2015, which at the time was 35% of turnover & 30% of net GP. That was death knell sounding, & eventually lost business in 2018, despite agreeing a deal with competitor to sell it to them, where they backed out night before sign over & business was acquired for a song as part of a pre-pack. Had no alternative but to work for them until today, given complex personal financial circumstances following our business demise. Serious psychological issues followed, which I’ve only recently recovered from. I’m bored sh#tless & HATE working for someone else, so now thinking about setting up again, despite my age. No money can be invested this time as my wife & I must plan for our retirement via property investments (thankfully we have chunk of equity in our house).
I have the drive & determination still now, but clearly I’m also extremely cautious about risking our livelihood once more, given what happened 2 years ago. I may have found a backer so money sin;t the issue – its the risk. Thoughts ?
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