Selling A Business Can Be A Tough Choice For California CEOs
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Sales & Dissolutions on Friday, September 7, 2012.
The struggling American economy has hit many businesses across the nation hard. Often, California CEOs wrestle with the difficult choice of selling a business or letting a company that they worked hard to build run itself into the ground. Other business owners decide to restructure their companies, which can include selling off parts of the business rather than the entire kit and caboodle. Photo juggernaut Eastman Kodak Inc. recently made the surprising announcement that it is selling off its still-photography business.
Consumers may be surprised to hear this. Many people grew up familiar with the yellow Kodak film packages. Now, however, Kodak is apparently getting out of the still-photography industry. It is set to sell off both its consumer and professional still-camera film divisions along with over 100,000 photo kiosks present at retailers all over the world.
The company's CEO revealed that making the decision to bid its' still-photography business goodbye was not an easy decision to make, but that the bankrupt company is doing so in order to fulfill obligations to its creditors. This isn't the first such choice the company has made to sell off business interests, either. Kodak has sold off several different businesses since a few months before its January bankruptcy filing.
The company appears set to streamline its business interests to make it more appealing to investors, in addition to meeting creditor obligations. Kodak seems poised to focus on commercial printing, packaging printing and other printing services. Selling a business may rarely be an easy decision -- as echoed by Kodak's CEO -- but in some situations, it can be the right one for a CEO or owner to make. California businesses who find themselves similarly struggling may choose to consider whether a similar option might be viable in their own situations.
Source: DemocratandChronicle.com, "Kodak selling more businesses, including 100,000 photo kiosks," Matthew Daneman, Aug. 23, 2012