Small businesses are the fabric of Austin. Photo by Beyond My Ken.
Small businesses is what helps keep Austin weird. If it was not for small businesses we would have a town full of large corporate franchises and no creativity. Imagine if Stubbs BBQ was a franchise of a national BBQ chain! Can you imagine Sixth Street being filled with Denny’s. IHOP’s et cetera. We would lose our creative spirit, our best asset which is why SXSW South by Southwest in in Austin and not in Houston or Oklahoma City. It is because Austin is the place for creativity!
When a small business faces bankruptcy it does get a second chance, but it needs all the support it can get because it is not easy to restructure, but it can be done with the right people. Businesses are held to high operational and accounting standards in bankruptcy and what was a creative family run company now has to be run with the accounting of a large corporation. If a lender has a lien on cash or accounts receivable strict rules and court permission is necessary in order to use the cash.
If this all sounds insurmountable, it should be pointed out that a number of mom and pop style businesses have successfully reorganized and become financially healthy. You just have to have the right people in place with the right ideas of how to make your business more efficient.
If you are having trouble do not give up. Relief may be right around the corner.
