When it's time to let go of a failing business

03/26/2013 | New York Times (tiered subscription model), The

It's a natural tendency to try to keep a failing company afloat, but sometimes it's just not possible to do so. "You are hanging on to not just the dream, but you are hanging on to the sweat equity and what you put into it financially," said Michelle Dalton Tyree, who eventually had to close a fashion boutique that she had opened in Los Angeles with her sister. Still, the failure of one business doesn't mean all hope is lost. Tyree went on to open a public relations company and created a publication called Fashion Trends Daily.

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New York Times (tiered subscription model), The

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