When someone close to you has a struggling business, KVK can help
- KVK Editors
- Edited 28 May 2024
- 1 min
- In trouble
- Finance
The KVK Advice Team is not meant just for business owners. Family members, friends, or acquaintances of entrepreneurs can also call. KVK advisor Gé Gijsen explains: “Lots of partners or parents call me when they realise that the business of their significant other or child is struggling. Many people put their heart and soul into their business. Ongoing financial setbacks can eat away at their mental health, causing their private life to suffer.”
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Suppose that one of your friends or relatives has their own company and has been struggling for a long time. Perhaps they have debts? They are under great emotional and financial stress and cannot seem to find a way out. You try to help them out as best you can. You offer emotional support and try to come up with solutions. But the simple fact is that you are not a business expert. You want to help but are finding it difficult. In such situations you can call the KVK Advice Team to help your loved one take the next step.
Warning signs
The concerns that callers share with Gijsen are understandable. When a company is in trouble, this can have financial and emotional consequences. Entrepreneurs see their sales and profits drop, customers disappear, and financial buffers dry up. Sometimes, they may even be forced to tap into private assets or pension savings to keep the business running, which can be a very difficult decision to make.
People close to entrepreneurs can usually see that things are not going well. Staying up late to get the bookkeeping done. Tossing and turning in bed at night, or loss of appetite. All are warning signs that someone’s business may be in trouble. "Loved ones will often pick up on signs that something is wrong," Gijsen says, based on conversations he has with callers. “Even if people try to hide their problems, your instinct can tell that something is not quite right.”
Starting the conversation
If you notice a loved one suffering from financial stress, talk to them about their problems. Try to avoid passing judgement or giving advice and try to listen instead. The first step is to make the other person feel heard. “It can be difficult to start the conversation”, Gijsen adds, “but it is important to remember that an outside perspective can be very valuable. You might still get emotional. But because you are not directly involved, you can look at things more objectively and come up with more concrete suggestions.” Besides, the KVK Advice Team can also help. “We can find a solution together.”
What to expect when you call KVK
When you call us, a KVK advisor will listen to your story. “This often gives people the peace of mind they need to start thinking about possible solutions. Whether that’s personal or practical advice or a referral to one of our partners.” The Advice Team can also help you convince your loved one to contact KVK. “You can always reach out to us on 088 585 22 22,” Gijsen concludes.
And of course you can call yourself if you are an entrepreneur facing financial difficulty. Find out what you can expect when you call. KVK also has a step-by-step plan to help entrpreneurs get out of debt.
