Latest news with #businessrecovery
Entrepreneur
a day ago
- Business
- Entrepreneur
How to Face the Emotional Side of Entrepreneurship
Dr. Drew Pinsky and serial investor Kim Perell help a small business owner cope with the stress of a fire that almost destroyed her company. Joy Hoover is the founder of Esōes Cosmetics (pronounced S-O-S), a safety-focused beauty brand that blends tech and cosmetics to support women facing gender-based violence. After building early momentum and shipping products to all 50 states, tragedy struck. Her business came to a terrifying halt when a fire destroyed their offices. "We lost a hundred percent of our inventory," Hoover said. She shared her story on an emotional episode of Entrepreneur Therapy hosted by Dr. Drew and Kim Perrel. Hoover explained that the fire didn't just destroy all her products; it tested the very technology she built the company around. One of Esōes' lipsticks features a built-in panic button designed for emergency situations. That button proved to be essential during the fire. "Our lipstick actually saved our home from fully burning down," Hoover said. "We pushed the button, and fire trucks were there in five minutes. Had they come 10 minutes later, they wouldn't have been able to save it." After the fire, her employees worked for free and took on side jobs to keep the business afloat. Hoover tried to stay strong for her team, but it took a toll on her emotionally. Dr. Drew spotted this and encouraged her to stop pushing through the pain without acknowledging it. "You gloss over horrible things and keep moving forward," he said. "It's okay not to be okay." Related: 'You Need Support:' Honest Advice for a Founder Trying to Do It All Alone Perell reminded Hoover that resilience doesn't mean pretending everything is fine. "You're showing up with so much courage," she said. "But you've got to also fill your own cup." She also advised Hoover not to rush the rebuild, but to view it as a long-term investment. "It's not going to be like tomorrow it's all fixed," she said. "Being really thoughtful and strategic is what's going to get you there."
The Independent
08-07-2025
- Business
- The Independent
Begbies Traynor boosted by rise in larger scale company failures
Insolvency specialist Begbies Traynor has notched up 10 years of growth in a row as profits nearly doubled amid a surge in larger scale company failures. The group said it was seeing trading in its business recovery and advisory division – which accounts for 55% of group revenues – boosted by larger and higher value insolvencies. This helped the firm's business recovery arm deliver a 5% rise in revenues to £83.7 million over the year to April 30 despite a slight fall in the number of corporate insolvencies more widely across the UK. Official figures showed there were 23,969 corporate insolvency appointments in the year to April 30, down from 25,408 the previous year. The total number of administrations – typically involving larger and more complex instructions – also edged lower in the year to 1,549 from 1,663 previously. But Begbies said its insolvency order book had increased to £78.6 million from £71.9 million a year ago. It saw annual pre-tax profits almost double to £11.5 million from £5.8 million the year before as revenues jumped 12% to £153.7 million. Begbies added that revenues over the new financial year are forecast at the upper end of expectations, which will help offset rising costs and higher wage bills from April's national insurance contribution tax hike. It said profits for the year ahead remain on track with expectations. Executive chairman Ric Traynor said: 'We have started the new year with encouraging activity levels and positive momentum across the group. 'We anticipate continuing growth in the new financial year, driven by the increase in scale of our teams, including the recruitment of senior fee earners, together with the visibility of fees on current instructions, larger and higher value cases, and supportive market conditions. 'We currently expect revenue will be at the upper end of the range of market expectations, mitigating increasing costs… and resulting in a further year of profit growth in line with expectations as we continue to invest in growing the business.'
CBS News
06-07-2025
- Business
- CBS News
Businesses call it quits months after Minneapolis water main break; owners disappointed in city's lack of support
Businesses on West 50th Street and Penn Avenue South in southwest Minneapolis say the future is uncertain after a water main break badly damaged their building this winter. "It's sad to see this whole corner just devastated like this," Paperback Exchange owner Andrew Hersey said. Hersey lost 100,000 books in the Feb. 13 flooding. Months later, a lot is still up in the air. "There's a lot to do, a lot to figure out," Hersey said. At least four businesses were displaced — as well as residents living in the five apartment units above. "The city just left. I mean, damaged all these businesses and just took off and said they are not responsible, and we're just left to figure out what to do on our own," Hersey said. Inside Paperback Exchange in Minneapolis after a water main broke early in the morning on Feb. 13, 2025. WCCO Hersey is hopeful he'll reopen Paper Exchange, whether it's on 50th and Penn or not. It's community support — from loved ones, neighbors and book lovers — that keeps him going. Paperback Exchange has been a staple on the corner for 50 years and in his family for 34. Hersey says he's disappointed in the city's lack of support. "It would have been nice for someone from the city to show up and say, 'We value your business. We want you to reopen, what do you need in order to do that?' That never happened," he said. While Paperback Exchange is holding onto hope, others in the building are calling it quits. Terzo, an Italian restaurant owned by the Broder family, announced its closure at the end of May. "We have realized that the time, energy resources needed to rebuild Terzo are beyond our capacity," a Facebook post read. "As we close this chapter, our story continues on the corner of 50th and Penn. Our focus and commitment to the Broders' legacy is stronger than ever." Sparrow Cafe is also leaving. In an online fundraiser, the coffee shop said, "It'll be of little surprise that at this point Sparrow cannot re-open. From the politics of blaming the city, to uncooperative insurance or underinsured, the damage done is well outside of what insurance has covered for our business." Instead of serving customers on a packed patio Sunday morning, owners Jasper and Sheila Rajendren were packing up what was left. They say they couldn't have survived without the community support. "Even with that, and what insurance has covered for us, it's not enough to rebuild a space and then open a restaurant on top of that," Jasper Rajendren said. The husband-and-wife duo say "never say never" to reopening somewhere else, with the current economic climate, a perfect opportunity would need to arise. "There's been zero support from the city, as far as I know," Jasper Rajendren said. "They just, you know, cared about the sidewalk and the road more than they do about helping out with the building." Their landlord and owner of part of the building, Carroll Peterson, feels similarly. The outside of a Minneapolis building housing four businesses nearly five months after a water main broke nearby. WCCO "The city came in and said, 'No, we're not going to pay anything.'" he said. Peterson says he was led to believe he'd possibly get compensation from the city since it was their water main that caused the damage. He says some parts of the city have been helpful. Peterson said Ward 13 council member Linea Palmisano helped as much as she could, but overall it's been a horrible experience. "It was their main that blew through the ground and blew in our wall and you know, created a, basically a fountain," Peterson said. "The whole building was a giant fountain or was going up in the air. So, we assumed that the city would take responsibility for it, but they decided not to." As of this month, Peterson has some renters back in the apartments above, but it will be months before any new tenants — or businesses — will be up and running on the block again. "We had hoped that we would save the building, and in spite of the odds, we did," he said. "You know, it's a classic building, we're glad we did that. It's and if I just do it over again, I would, but I did. I didn't realize it was going to be as arduous and painful as it has been." In a statement, Council Member Linea Palmisano, Ward 13, wrote in part: "Per our Public Purpose Doctrine, we cannot use your taxpayer dollars to benefit an individual or business directly. Meaning we can't just give them money. I have done my best to expedite the restoration process, answer questions, give referrals, and provide business support resources to everyone to give them all the best chance to succeed. I cannot force them to participate in our programs or follow-up on suggestions. My fiduciary responsibility is to the City and its residents." WCCO reached out Sunday to the city of Minneapolis for comment.
Yahoo
03-07-2025
- Business
- Yahoo
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. Money latest: Has bond market calmed after chancellor's tears? The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
Sky News
03-07-2025
- Business
- Sky News
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
