The Cost of Being an Entrepreneur – Julie’s Story
Julie had everything she had always dreamed of – a great family, nice home and a business where she was able to be artistic, creative and fulfill her passion. However, this also came with the price of sleepless nights and worrying about the debt her and her family had accumulated. She was living her dream, but at what cost?
Julie had some great momentum when she first opened her homemade jewelry shop. She won an entrepreneurial award in BC and was receiving increasing buzz in the media – even local investors were interested in being a part of her small business success story. Unfortunately for Julie, the momentum and the buzz slowly began to fade.
Julie and her husband were more than $150,000 in debt when they found the courage to reach out to a Licensed Insolvency Trustee for help. Between the costs of running a business, supporting a young family and living in an expensive neighbourhood – they were drowning in their debt. Julie’s business was doing ok, and her husband had a stable, well-paying job – but it just wasn’t enough to cover their monthly living and business expenses.
After walking through Julie’s financial situation and carefully listening to what was important to her, the Trustee determined that a consumer proposal was her best option. This way, Julie and her family could keep their home and continue to run her business all while avoiding bankruptcy.
The Trustee was able to negotiate with Julie’s creditors and by filing a consumer proposal, $150,000 of debt, including student loans and CRA debt, turned into just under $45,000. Julie and her husband now had one fixed, interest-free payment of $750 per month for five years.
And while Julie’s business was the main contributor to the family’s financial struggles, the Trustee was also able to offer her advice on how to restructure her business model so that she could keep her jewelry store doors open and her dream alive.
Deciding to file a consumer proposal is an overwhelming and scary thought for many people but it was the fresh start that Julie needed as a partner, a mom and as an entrepreneur. By taking the brave first step to contact Smythe Insolvency, Julie was given the opportunity to recover from her financial trouble and go on to restructure her business and continue to develop it into the success she knew it would be!
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