Losing a business is overall, akin to "death" of a loved one. So much of a business owner's personality and hard work have gone into a business, that when tragedy strikes, for whatever reason and business is forced into bankruptcy or to close, emotions felt by business owner are nothing short of serious and all encompassing!Since losing a business is considered a "major life stressor", along with divorce and death of a loved one, a business owner that loses a business can be just as emotionally devastated. With this in mind, it is appropriate for business owner to take into account five stages of grief that do occur in a major life event or "stressor". These stages are according to work of renowned Swiss born psychiatrist, Dr. Elisabeth Kubler-Ross:
1. Denial. This stage is a healthy stage when individual asks question, "Why Me"?, and develops strategies to develop defenses against impending stress.
2. Anger or Resentment. Blame occurs in this stage.
3. Bargaining. This is a "truce period" where an individual makes "deals" in their minds, if "only" things don't play out way they are bound to do so.
4. Depression. This is real grief phase, and an individual will primarily feel discouraged and hopeless.
5. Acceptance. This is where reality is dealt with and process of "going on" begins. Withdrawal from others may occur temporarily here.
Although Dr. Kubler-Ross developed five stages primarily to be used when dealing with terminal illnesses that lead to death, her work can readily be applied to many major life stresses, including loss of a business. In addition, not all individuals go through each stage routinely in order, with some skipping stages, or staying in one stage longer than others.
Business owners that suffer catastrophic loss of a business need to allow themselves same flexibility and time for acceptance that other major life stressors require. They need to work through five stages until fifth stage, acceptance, is reached. They also need to put loss into perspective if they can, and determine just "why" and "how" business faltered and eventually failed.