# Business causing alot of debt



## Puccipet (Jul 5, 2010)

Just after we got married 9 years ago my husband quit his well paying job and opened up a retail store. He said that his dream was to own a retail business and grow it into a chain. I was okay with it at the time and thought "okay just give it a shot and see what happens". But over the years the business has not been too good and now in this time of recession it is just barely surviving. Since I am bringing in a steady paycheck I am the one who is responsible for most of the major expenses like the mortgage, maintenance fees and groceries. My pay is only enough to pay for these and nothing more. BTW we have a 5 year old son.


Since the store has not been doing good we have been accumulating a large amount of debt in the form of credit loans. When I ask my husband why he doesn't just get rid of the store and get a job he says that it is because we are in a recession and he just has to ride it out. I am getting very annoyed and tired of this because I feel very burdened with having to pay for all the major expenses. When I press him about getting rid of the store he gets very defensive and sometimes I think he tells me lies just to justify him keeping the store.


I am starting to resent being the sole breadwinner of the family.


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## Shooboomafoo (Mar 30, 2011)

All I can say is WTF!!!!
Start stashing away some cash in an account.
Just in case he decides his lack of income is more important than his family. Geez, what a load of crazybread.


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## Gooch78 (Mar 19, 2012)

Im a business owner, we went through hell during the recession, if he could get a job and somehow keep the store. If the store is bleeding you out, then CLOSE.
I had 5 locations in Malls, I took the descion to close them as they were loosing bigtime.
Its a tough discion to make but he should understand that its over and start new.


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## 827Aug (Apr 27, 2008)

Make sure you know all the details and exactly what financial shape the store is in. If necessary meet with your accountant and the three of you discuss the situation. Make sure the business isn't beyond the point of no return. Too often we are so focused on a dream that we don't see reality. Perhaps a fresh set of eyes (accountant or business advisor) can offer that perspective.

If you aren't careful, a business can become a money pit and rob you of everything. Hope things work out.


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## gonefishin (Oct 7, 2011)

Considering you and your husband are tied to the waist financially there should be full disclosure and transparency with his retail store.

First thing you should do is ask him to sit down with you to review the finances of the store. Tell him that you might see things he does not. For example, could he renegotiate his rent. Could he ask for discounts on merchandise. Figure out how to stop the bleeding. I do not know what he is selling in his store so it is difficult to offer sound advise.


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