Plain English Guide to Getting Out of Business If you've never given any serious thought to exiting your business, now is the time. For sole proprietors, getting out of business can be nearly as easy as quitting a job. For most other small business structures, however, exiting is a multi-step process that can take from weeks to years depending on the size of the organization and the reasons for exiting. In most cases, the end goal is to maximize the value of the company and convert that value to cash.
Getting professionals to guide you through the process is highly recommended. Depending on the size and field of your business, some of the professionals you may want to consult include: lawyers, accountants, business brokers, auctioneers, tax experts, bankers, and the IRS. Seek referrals from satisfied customers and trusted business associates.
Another trusted source of help includes SBA-affiliated business counselors in your area from SCORE and Small Business Development Centers (SBDCs).
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Exit Strategy
(Visit Exit Strategy's Website)
Getting out of your business may not be
important to you at this point. However,
planning your exit strategy often involves
more than just closing down. Within this
section we’ll discuss practical options
that include selling your business or
transferring ownership. In the event that
you decide it is time to close your
business, you’ll learn about liquidation,
filing bankruptcy and reviewing the IRS
guide on shutting down.
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Mastermind Group Resources - Strategies to get the most from your Mastermind Group. The purpose of this blog is to share resources, tips, strategies, and ideas on how to build a Mastermind Group and make it more effective.
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