Exit Strategy
Getting out of business may not be important to you at this point. However, planning your exit strategy is often very involved. Within this section, we’ll direct you to the organizations that can provide practical options for closing down.
Exit Strategy
Getting out of business successfully requires the same amount of planning as going into business. The best advice for business owners is to think about the future during the early stages of getting into business.
How you leave your business is just as important as how you start it. The goal is to maximize the value of your company before converting it to cash, and to minimize the amount of time consumed in doing this.
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying this decision to get out of business.
The following are the typical steps in exiting a business:
- Obtain Authorization&Agreement to Dissolve the Business Entity
- Designate a Leader & Organize a Team
- Engage Professionals & Consultants as Team Members
- Perform a Thorough Review of Business & Identify Problem Areas
- Prepare a List of Assets & Perform a Physical Inventory
- Perform a Valuation of the Business
- Prepare a Detailed Plan & Assign Responsibility
- Develop a Schedule for Implementation
- Release Announcements & Notices
- Follow the Plan
- Conclude/Transfer Contract Obligations
- Close Operations
- Dispose/Transfer Assets
- Articles of Dissolution
- Close Bank Account & Store Company Records
Look for guidance and information from any of the following.
