Exit – Knowing When It’s Time to Stop

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