Small Business BIG Stories

Exit – Knowing When It’s Time to Stop

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Arif Memis, founder of Cowch Dessert Cocktail Bar, is an entrepreneur who transformed a dessert concept into a popular Queensland restaurant chain before facing liquidation. In this candid episode, Arif shares his journey from ambitious start-up to business collapse. His story is a powerful lesson in risk management, the importance of seeking proper advice, and redefining success beyond business achievements. From navigating the emotional toll of business failure to rebuilding his life post-bankruptcy, Arif offers invaluable insights for small business owners on balancing innovation with stability, recognising when to step back, and the critical importance of work-life balance and the courage required to know when to exit a failing venture.

 

Covered in this episode:

 

  • The origin story: A frozen yoghurt franchise store becomes Cowch Dessert Cocktail Bar and finds a gap in the market.
  • Diversification risks: How starting with debt can lead to a cycle of chasing growth to pay it off. 
  • The rise and fall of the business: Location choices, COVID, supply chain issues and an unsuccessful production facility leading to administration and bankruptcy. 
  • Seeking proper advice: Who to contact if you’re business is in trouble, and the importance of consulting with the right experts.
  • Risk management: The importance of balancing innovation with stability, cautioning against unchecked risk-taking.
  • Work-life balance: The personal cost of neglecting family for business.
  • Arif’s key advice for risk taking founders in business.
  • Grieving a business and mental health awareness.
  • Finding a new job after business closure.
  • Resilience and reinvention: Arif’s mantra for life and business, and what the future holds. 

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    We’d love to hear from you! Send your comments and business questions to [email protected]

     

    Small Business Big Stories is produced by Queensland Small Business Commissioner and The Podcast Boss.

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    Small Business BIG StoriesBy Queensland Small Business Commissioner