In today’s business climate, it’s not uncommon to see businesses fail. In fact, according to the Small Business Administration, about 30% of small businesses fail within the first two years and about 50% fail within the first five years.
When a business fails, it’s often because the owner didn’t have the necessary experience or knowledge to run a successful business. However, there are some people who are willing to take on a failed business and turn it around.
One person who did just that is Zac Burcham. Zac is the owner of Burcham’s Clocks, a clock repair shop in Atlanta, Georgia. Burcham’s Clocks was previously owned by another man who ran it into the ground. The previous owner was inexperienced and made a lot of mistakes that led to the business failing.
However, when Zac bought the business, he was determined to turn it around. He had experience in running a successful small business, so he knew what he needed to do to make Burcham’s Clocks successful.
The first thing Zac did was get rid of all of the inventory that wasn’t selling. He then lowered his prices so that they were more in line with what his competition was charging. He also started advertising on social media and online directories so that potential customers could find him easily.
Thanks to Zac’s efforts, Burcham’s Clocks is now a successful business. It’s not only profitable, but it also has a good reputation among its customers. If you’re thinking about buying a failed business, don’t be discouraged—it is possible to turn it around like Zac did.
