Small Business Financial Struggles and Depression and Anxiety

Posted by mrsd19 @mrsd19, 10 hours ago

I am an attorney and small business owner. Several years ago, I entered a deal to take over a law practice of a retiring attorney. There were many strings attached. Some legally and financially onerous, but did not appear to be so at the time. In the ensuing years, for various reasons—both my own actions and external forces—everything has gone down the toilet. I have since rebuilt a new practice to finish outstanding cases (less those onerous provisions from the prior business, but there are now legal battles). The ultimate goal is to finish and find a regular job. But until then, I have to try to make the fledgling new business work. I am deeply in debt, have a small staff to lead, support, and pay, and I’m not sure if I’ll make it to the next month financially. I’m in a world of hurt. I am depressed, extremely anxious, and fearful every day. I don’t want this anymore and feel trapped. I just want to give it all up and start over. Work for someone else who’s better at rainmaking and not have to worry about where or when the money is coming. I hate this so much. And I am ashamed. I’m not sure how to keep leading—and how to maintain my marriage and home, care for my disabled son, and take care of myself—with all of these struggles and shame. I need help.

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Randy Shields | @randallshields56 | 7 hours ago

Welcome to the group and sending you prayers for you, your business and for your son, i truly hope you find the support you are looking for and help letting someone take some of the pressure off you and your plate. but god is a good outlet and answer to a lot of things wishing you the best.

mrsd19 | @mrsd19 | 7 hours ago

The fact that you read my post and took the time to reply already helps me feel more supported. Thank you and God bless you as well.

Ginger, Volunteer Mentor | @gingerw | 6 hours ago

@mrsd19 Welcome to Mayo Clinic Connect. I bet this was difficult for you to compose, am I right? However, you have taken a good long look at your situation, and that is so commendable.

Not knowing the type of law you practice, here are a couple of suggestions that came to mind:
-Can you network with some fellow attorneys and foster a partnership? Being a sole practitioner is rough!
-Going into the new year, taking an honest look at your financial situation can be daunting. Have you been able to speak with your staff about where you are at this point? Get their feedback and see if they can offer you any ideas, as they are so much closer to it all than I am.
-Is there a local or county bar association that you can turn to for guidance?

Do any of these sound doable?
Ginger

gravity3 | @gravity3 | 6 hours ago

I am so sorry that you are experiencing all of this in your young life. I have been through much in my 77 years. Made mistakes, lost opportunities, felt that I had failed and let those that I love down. Here is what I have learned along the way. One of the most important things we can do is to offer our deepest compassion to ourselves along the path of living these human lives. You have nothing to feel ashamed of. Being human is challenging. If I think of all of the things I have learned along the way most was through adversity. But equally I have learned through loving and being loved. You have a child. Please remember that you are giving him the opportunity to learn about this by watching his dad work through painful experiences. Valuable lessons. I feel your anguish and fear right now and admire your bravery for speaking honestly and openly about it here. There are situations that I have been in when I believed that I would not survive in one way or another but here I am and here you are. Now for a clique that is absolutely true.....This too shall pass. Remember that you are loved.

My husband just reminded me of this. When you "lose" don't lose the lessons. We wish you the best. Please stay in touch here on Mayo.