Closing Your Business: What You Need To Know

Starting a business can be a very exciting time. It is also a very risky investment. In the best of times, you will have a thriving, healthy business that is making a lot of money. However, things can change very quickly. You may find that you have to close your business. If you need to close, the first thing to do is slow down and think carefully about the whole process. Here are some things that you will need to prioritize if you have to close your business:

Take a Moment to Think

Closing a business is a major decision. It will be the end of a revenue stream not only for you but also for any employees you have. Making the decision to close your business should not be made on emotion. Yes, you will have people who work for you that will need new jobs. You will need to make sure you have a way to support yourself as well. You cannot do that if your business is not making money. You also might not be able to do that if you or someone in your family is ill. It is important that you carefully think about why you are closing and understand that it is a valid reason. Once you realize that everything will work out for the best, you can then move forward and start the closing process.

Liquidation

The first thing you need to do is liquidate your business. This simply means you are selling off the physical items in your business, from stock to the shelving units you use to display your merchandise. When pricing, be sure to provide a deep enough discount that it is attractive to customers, but try not to practically give it away.

The Next Steps

Once you have liquidated your business, you need to deal with your staff and what, if anything, you will be doing to help them find other employment. You may want to offer a bonus or a small severance if you can afford it to those employees who have years of time with your business.

You will also need to settle up with any creditors that you have invoices with. You don't want to leave any suppliers hanging, as that can pose problems for you if you intend to start another business one day.

In addition, you need to close up any accounts you have with customers, cancel any standing deliveries, and fix any other loose ends you need to tie up.

If you are unsure of how to go about closing a business, you should contact an attorney such as Boynton Waldron Doleac Woodman, who will navigate the process with you to ensure you are not leaving anything undone.



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Recognizing The Need For An Attorney After I was involved in a car accident, I knew that I couldn't go on doing my normal routine. I could barely walk, much less work, which is why I started to panic when the medical bills started rolling in. I began thinking about what I could do to make things right, and I realized that I really needed to work with a lawyer. I began talking with my lawyer about getting the compensation I needed, and he was instrumental in helping me to heal emotionally and financially. Check out this blog for great tips on working with an accident and injury attorney.

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