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Mel Loades talks about Business Loss and Mental Health

Until 10 years ago I spent 25 years mostly turning businesses around, which was a very positive experience, helping businesses getting back on their feet.

Since then as a team we have dealing with the aftermath of business failures when, on top of losing their business, owners, managers and even those near and dear to them are pursued for debt they guaranteed for the company.

It is great when we get a good result for guarantors (our testimonials page is full of gratitude for that) but we do see people that are under severe stress as their lives are turned upside down by such events. The strain on relationships and finances takes a heavy toll, although we have also seen people become stronger for it.

The trauma often produces symptoms similar to those experienced in the grieving process (click here to see more from Better Health) and positive intervention to mitigate financial loss can be just as important as medical help (see this article from Science Direct and another from SmallBusiness.co.uk on business owners breaking stress).

We have had some clients who have admitted that they had contemplated suicide at some time following the business failure and dealing with subsequent personal guarantee claims can only serve to exacerbate those potential thoughts.

If you are struggling with the loss of your business and are experiencing symptoms such as distress, anger, helplessness, sleep deprivation, mood swings, relationship stress, physical pain (particularly muscular) and/or social withdrawal do ask for help; either see your general practitioner or you can find other areas of support from the NHS (click here) and charities such as The Samaritans (click here).

There’s clear, practical advice and support for people experiencing issues with mental health and money, please take a look at this link: www.mentalhealthandmoneyadvice.org

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