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.
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Exiting a business is a difficult decision. It is also a time when you will benefit from legal counsel. Once the decision is made, it is important to determine key stakeholders and how to communicate to them.
Customers are a group often forgotten. Consider talking to a respected competitor about referring customers to them. Consider an e-mail advising customers of this.
Employees deserve notice and consideration as you exit. Consider talking to competitors about them as well. Provide the maximum notice you can to your employees. Assure that they will be eligible for unemployment compensation from the state.
Suppliers and landlords should not be surprised by your decision. If you have not been working with them to re-plan your business, give them the greatest notice you can.
Investors, lenders should have been involved in the decisions leading up to your exit. Open communication will provide an easier process for all.
As you plan to exit a business, keep in your mind that you may want to create another one. The way you treat people as you exit is what they will remember. Their goodwill is an important asset to your future.
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