Hold Em' or Fold Em'?

A friend of mine who owns a business (I am going leave out the details) is thinking about calling it quits. She has been in business for 15 years and has blue chips clients. So she put together a conference call with other business owners yesterday to get some advice. While she feels that she has recovered from some mistakes that she has made over the past year and has cut her expenses down drastically (including laying off half of her employees last week), her bank is calling her credit line and she is seeing demand soften a little. Of course, all of this take a toll on even the most hardened entrepreneur. So on the call, her business owner-friends shared some of their thoughts and advice: 1)She needs to get a clear understanding the company's financial picture. This includes reviewing a current balance sheet and preparing cash flow projections (a most likely and worst case). 2) Evaluate different financing options. As her clients are blue chip companies, she can find an asset based lender that will finance her receivables. 3) Finally, the most important... What does she want to do? Sticking it out will not be easy with a troubled economy and a very lean staff. Is she up for it? We made it clear that none of us could answer this question. It is something that she needs to think about.