{"id":1533,"date":"2020-11-23T08:00:00","date_gmt":"2020-11-23T08:00:00","guid":{"rendered":"https:\/\/escp.eu\/thechoice\/?p=1533"},"modified":"2021-02-01T16:03:22","modified_gmt":"2021-02-01T16:03:22","slug":"shutting-down-your-business-its-anything-but-a-failure","status":"publish","type":"post","link":"https:\/\/escp.eu\/thechoice\/tomorrow-choices\/shutting-down-your-business-its-anything-but-a-failure\/","title":{"rendered":"Shutting down your business: It\u2019s anything but a failure"},"content":{"rendered":"\n<p><em>Bringing a business venture to an end is not something you can do with a click of your fingers. In fact, it can be a traumatic experience. <a href=\"https:\/\/www.linkedin.com\/in\/johanna-pestour-bb53946a\/\" target=\"_blank\" rel=\"noreferrer noopener\">Johanna Pestour<\/a>, co-founder of Mamie Foodie, and <a href=\"https:\/\/www.linkedin.com\/in\/yohan-bitbol\/\" target=\"_blank\" rel=\"noreferrer noopener\">Yohan Bitbol<\/a>, co-founder of Gentil Geek, look back at their own experiences, while <a href=\"https:\/\/www.linkedin.com\/in\/guillaume-mulliez\/\" target=\"_blank\" rel=\"noreferrer noopener\">Guillaume Mulliez<\/a>, chairman of <a href=\"https:\/\/60000rebonds.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">60,000 Rebonds<\/a>, a French association that provides free help to entrepreneurs after a business liquidation, reveals the keys to bouncing back.<\/em><\/p>\n\n\n\n<p><mark>If your business closes down, don\u2019t see it as a failure.<\/mark> Easy enough to say but more difficult to put into practice. This is especially true at the moment, as many entrepreneurs are having to bring down the shutters for good due to the Covid-19 pandemic. And yet, <strong>Johanna Pestour<\/strong> and <strong>Yohan Bitbol<\/strong> have managed to find the silver lining in their recent business experiences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bringing their ventures to an end<\/h2>\n\n\n\n<p>Due to the current crisis, Pestour had to close down Mamie Foodie, co-founded with <a rel=\"noreferrer noopener\" href=\"https:\/\/www.linkedin.com\/in\/valentinefoussier\/\" target=\"_blank\">Valentine Foussier<\/a> in 2015, which provided at-home catering, with dinner guests given the chance to ask questions of experienced chefs. With <a rel=\"noreferrer noopener\" href=\"https:\/\/www.linkedin.com\/in\/pierre-louis-sauvaige-298a588b\/\" target=\"_blank\">Pierre-Louis Sauvaige<\/a>, Bitbol co-founded Gentil Geek, a service to put IT repair engineers in touch with companies and members of the public. They had raised \u20ac300,000 in funding from investors and business angels before market changes caused them to question their business plan and ultimately bring their venture to an end.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-large is-resized is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/johanna_pestour_cofounder_mamiefoodie-683x1024.jpg\" alt=\"Johanna Pestour, Co-Founder of Mamie Foodie\" class=\"wp-image-1570\" width=\"181\" height=\"270\" srcset=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/johanna_pestour_cofounder_mamiefoodie-683x1024.jpg 683w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/johanna_pestour_cofounder_mamiefoodie-150x225.jpg 150w\" sizes=\"auto, (max-width: 181px) 100vw, 181px\" \/><figcaption>Johanna Pestour<\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>\u201c<em>It was difficult because there was a lot of uncertainty at the time<\/em>,\u201d explains Pestour, who had hired two more people in 2019, going from four to six employees. \u201c<em>By taking the decision fairly quickly, we were able to limit the damage and to not accumulate too much debt. <strong>But because we\u2019re young, and because there are other, related plans that we can pursue, we didn\u2019t feel it was a major failure.<\/strong> It was all down to external factors, rather than our management of the business. That said, you do feel guilty about no longer being able to pay your staff and senior chefs\u2026<\/em>\u201d<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>\u201c<em>It wasn\u2019t the prospect of closing down Gentil Geek that gave me sleepless nights,<\/em>\u201d adds Bitbol. \u201c<em>It was having to stop the fundraising without having identified our true business model. <strong>We could have stayed in that state of uncertainty for a few more months, but we felt that shutting down was the right thing to do.<\/strong> Our business angels appreciated our approach, and even said they would be the first to support us if we revived the project. It felt like a great chapter in my life, and I felt that I was giving my all. We learned a huge amount, which we will be able to use in future professional or start-up situations. I don\u2019t feel that I\u2019ve failed.<\/em>\u201d&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-large is-resized is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-1024x777.jpg\" alt=\"Yohan Bitbol, Co-Founder of Gentil Geek\" class=\"wp-image-1569\" width=\"270\" height=\"204\" srcset=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-1024x777.jpg 1024w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-300x228.jpg 300w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-768x583.jpg 768w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-1536x1166.jpg 1536w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-2048x1554.jpg 2048w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-853x640.jpg 853w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek-150x114.jpg 150w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/yohan_bitbol_cofounder_gentilgeek.jpg 1920w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><figcaption>Yohan Bitbol<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>You have to know when you have hit a wall, and it\u2019s time to go round it.<\/p><cite>Guillaume Mulliez<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">How to get back up again<\/h2>\n\n\n\n<p>As the head of the association 60,000 Rebonds \u2013 a name taken from the number of companies liquidated in France in 2009 \u2013 Guillaume Mulliez believes it is important not to mix up the different stages at the end of a venture.<\/p>\n\n\n\n<p>\u201c<em>You need to close it down and accept that it\u2019s over,<\/em>\u201d he explains. \u201c<em>Our advice is to be honest with the people around you. When you are in denial, you lie to yourself and to others. <strong>The biggest quality of an entrepreneur is perseverance. Their biggest weakness is this same perseverance when it\u2019s taken too far. <\/strong>You have to know when you have hit a wall, and it\u2019s time to go round it. It\u2019s only afterward that you can really work out what happened and the mistakes you might have made. Collating all that experience will help you to decide what you would like to do next.<\/em>\u201d<\/p>\n\n\n\n<p>With his 18 employees, Guillaume Mulliez coordinates the work of 1,200 volunteers across France. For entrepreneurs whose businesses have closed down, these volunteers try to help them become part of a community and to bounce back, by encouraging them to meet other entrepreneurs in the same situation. A series of seven coaching sessions then follows to help them understand where they failed and how they can get started again. The association also offers support over a two-year period for entrepreneurs who wish to create a new business.<\/p>\n\n\n\n<p>\u201c<em><strong>By getting entrepreneurs who have bounced back to talk about their experiences, we can prove that failure is not a defining moment and that, on the contrary, it is actually a source of learning,<\/strong><\/em>\u201d adds Mulliez. \u201c<em>Starting a business means magnifying your successes and failures. There is no shame in getting help. About 50% of the people that we help take a salaried job after 8 to 10 months of support, while the other 50% create a new business of their own after 18 months.<\/em>\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A springboard to new career opportunities<\/h2>\n\n\n\n<p>For her part, Pestour was supported by <a href=\"https:\/\/www.cresus-iledefrance.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cr\u00e9sus Ile-de-France<\/a> (a regional association to deal with indebtedness) &#8212; \u201c<em>to avoid liquidation and to be bought out by a company that would also take over the debts.<\/em>\u201d Today, she is looking for a salaried position, again in the social economy.<\/p>\n\n\n\n<p>\u201c<em>I\u2019m not shutting the door on entrepreneurship,<\/em>\u201d she adds. \u201c<em>But today, I have neither the energy nor the funds to restart my company. I know that my journey is something positive for my future job search. Covid-19 was a genuine tsunami and I had to face the facts. <strong>Paradoxically, it\u2019s now easier for me to look ahead. I\u2019ve worked out what I\u2019ve learned and I now know what I would do differently.<\/strong> That\u2019s useful information for the rest of my career.<\/em>\u201d<\/p>\n\n\n\n<p>Meanwhile, Bitbol has already found work, thanks to \u2026 Gentil Geek. \u201c<em>At the end of my adventure with Gentil Geek, I wanted to talk about what had happened to us. So, I wrote an article on LinkedIn, which then appeared on other sites, including <\/em><a href=\"https:\/\/www.maddyness.com\/2020\/05\/28\/maddyrex-gentil-geek-fermeture\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Maddyness<\/em><\/a><em>. Someone from <\/em><a href=\"https:\/\/www.linkedin.com\/company\/maltcommunity\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Malt<\/em><\/a><em> <\/em>(a platform that connects 200,000 freelancers with companies providing IT and other digital services) <em>then got in touch with me, because of the entrepreneurial spirit I\u2019d shown. And today, I\u2019ve become their Key Account Manager. But I\u2019m not ruling out starting my own business one day.<\/em>\u201d<\/p>\n\n\n\n<p>Amid the second wave of the pandemic, these young business leaders are a source of inspiration. They do not see their business ventures as failures but more as a source of knowledge and a springboard to new career opportunities.<\/p>\n\n\n\n<p>\u201c<em>Being in charge of a company means being involved in everything and being challenged every day, it\u2019s a great learning experience. And that\u2019s what makes it a wonderful thing to do,<\/em>\u201d sums up Bitbol.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Feature photo credit: Goodpics &#8211;\u00a0<a href=\"https:\/\/stock.adobe.com\/\">stock.adobe.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the Covid-19 pandemic has forced many entrepreneurs to close up shop, these young business leaders inspire us to see business closure not as a failure but a springboard to new opportunities.<\/p>\n","protected":false},"author":1,"featured_media":1568,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[51,18],"class_list":["post-1533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tomorrow-choices","tag-career-lessons","tag-entrepreneurship","category-14","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - 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