VanAntwerp Attorneys, LLP
Phone: 606-618-0698

When closing your business is the only option

You've dedicated several years to your small business, but now it's time to say "goodbye." Upon reflection, you recall the early months of creating a business plan, securing investors, hiring and training employees and building the business.

It seemed so worthwhile, and it was. But a number of factors aligned that proved too challenging to overcome. You had the foresight to realize that your business wouldn't survive and have made the difficult decision to shut it down.

Just like when you started the business, you'll have to put in some planning and time when you close your business. In doing so, it may be a good idea to contact professionals such as accountants and lawyers for guidance. But you've got to do the bulk of the work.

Necessary steps toward closing a business

There are many things that you will need to complete when you close the business. Among the several details include:

  • Liquidate assets: After completing inventory, you must determine what assets you will sell and which ones you keep. Then decide how you will sell, whether it be on the internet, in sealed bids, an auction or retail.
  • Pay off creditors: You will likely owe money to your product and office equipment suppliers. Pay them as soon as you can.
  • Close customer accounts: You and your staff got to know your customers well. Close their accounts, and maintain relationships with them because you may work with them again.
  • Lay off your employees: Personal relationships with your employees always were important. Now, it's time to let them go. Break the news to them and consider contacting some of your business associates who may help them secure another job.

What will you do now? When a start-up business fails, the outcome can be devastating. But strong entrepreneurs don't take things personally and are always looking for new ideas. Although your business has failed, you have experience under your belt and are wiser than before. Will you consider opening another business? Go on to your next adventurous idea.

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