Debt can creep up on any business, regardless of how long it has been in operation or how ingrained it is in the community. When that debt becomes overwhelming, the business does have a few debt relief options available. However, one of the most final actions that a longtime member of the community can take is to close its doors. One Wausau, Wisconsin, business found itself facing that final option this week after experiencing foreclosure on the property earlier in 2012.
The Rose Garden in Wausau has been part of the local community since 1994. The business had been a venue for all types of events, from wedding receptions to regular group gatherings. The owners operated a catering business to serve food at these events as well.
Despite their years in business, the owners found themselves indebted to their bank for $759,323. On July 24, 2012, the bank forced the Rose Garden property into foreclosure. A sheriff’s sale will occur later this month.
Although the property that housed the Rose Garden is gone, its catering business will continue to survive through the owners’ daughter and her husband. The couple bought the catering business from the Rose Garden owners. They have plans to find a new property to house Wausau Catering, the Rose Garden’s catering business.
The Rose Garden is an example of a business that sought debt relief by selling part of the business to another party. Although it’s not ideal to shut the business’ doors, the owners were able to keep their catering business alive. When financial challenges arise that threaten to take over a business, the only way to help save even part of it is to gather the resources and information needed to ensure that the best interests of the business are protected during whichever debt relief option the business owners choose.
Source: The Northwestern, “Rose Garden headed for auction,” Jeff Starck, Jan. 3, 2012