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NECESSARY INFO

So my father owns an advertising agency, which was pretty successful before a recession hit our country. After that, my father had to reduce costs, return his office, and even fire employees.

Some months ago, the income was so low that he decided to fire everyone and hire freelancers. Now he is left alone running a dying business, which has some clients, but none of them pay him a fair amount and don't appreciate his work.

But of course, he has a high living cost, since he has to maintain the whole family since my sister and I are too young to work. (around $3300 per month) So he can't quit all those jobs that aren't paying him a decent amount.

Overall the situation reminds me of a quote by John Rockefeller.

                      "He who works all day has no time to make money"

ADDITIONAL INFO

My father doesn't own our house, he lent money and now is in debt for it. He also NEEDS things (like a new computer) that he can't afford.

So, how can a man with my father's responsibility, rebuild and save a dying company in the middle of a national crisis?

Any guidance is much appreciated. Thanks.

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    Why does he "have to maintain the whole family"? (i.e. are you and your siblings too young to work, or studying at university, etc?) Is that $3300 per month? Week? Year? Day? – Chronocidal Jul 26 '19 at 14:54
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    Yeah, we're too young to work. And yes, $3300 is per month – John F101 Jul 26 '19 at 14:58
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    Then I would recommend editing that information into the question; not everyone reads comments. – Chronocidal Jul 26 '19 at 14:59
  • I don't think this question can be answered by PFF. (The sad fact is that many small businesses close during recessions.) – RonJohn Jul 26 '19 at 15:16
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    I'm voting to close this question as off-topic because it's about company finance, not personal finance. – DJClayworth Jul 26 '19 at 15:30
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When you notice you are riding a dead horse, get off.

When the business model of a company isn't lucrative anymore because market conditions have changed in a way that its goods or services are no longer required, then it is time to either liquidate the business or shelf it and start a new one which fits more into the current economic climate.

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  • This is a massively simplistic approach to running a company. – DJClayworth Jul 26 '19 at 15:30
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    @DJClayworth No, it is a massively simplistic approach to stop running a company. – Philipp Jul 26 '19 at 15:32
  • Which is exactly what I mean. No attempt to find out why it is failing. If it's about advertizing, quality, economic conditions, company systems or what. No attempt to see if it can be fixed. A whole lot of successful companies would not be around now if they followed your advice. It's the equivalent of "your car is broken - buy a new one!"; "problems in your marriage - get a divorce!" "difficulties in your job - quit!". Fortunately of course running a company is off topic here, but we still shouldn't be giving out bad advice. – DJClayworth Jul 26 '19 at 15:50

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