Most dissolved businesses have had the opportunity to partner & save jobs, revenues, customers, & some benefit for the owners but chose instead to stick to their current non-workable plan of doing the same thing to the end.
Deer in the headlights, it can’t happen here, this won’t last, & other common human responses explain the disasters awaiting those who refuse to acknowledge hard realities.
I worked with a food distributor with great margins and product who waited too long and then vacillated when a fine partner did come along. A specialty engine manufacturer was dissolved as was a food equipment manufacturer because the thought of partnering was just too foreign a concept until it was too late (in both these cases not a dime on the dollar awaited these owners upon liquidation).
Most companies won’t have the conversation until their banker demands it.
Is it fear or a lack of understanding of the concept of more options? Or is the failure to appreciate the small value pre-liquidation sales hold for sellers that drives the procrastination that kills most companies by inaction?
Partnering opportunities before the timeline vanishes, offer larger markets & more options with far greater upsides for the struggling entity.
Smart leaders acknowledge reality and search for better options to avoid a bad ending.