Close Up the Business

Close Up "The Show"
This simply involves closing the doors, selling off all the assets of the business, paying off all business debts and creditors. Whatever remains goes to the owners. This option is generally used when the business is not profitable and cannot continue to trade or the owner does not wish to sell it.

If the business is a successful one then the owner will obtain far better value from the business by selling it off to a new owner so that he is able to obtain not just the value of the assets less the liabilities, but also value of the goodwill, which is probably the highest value in the whole price of the business.

16 Steps for Closing Up
The procedure for closing up will go something like this:

  • Step 1 - Sit down with your family and Plan for the Closure

  • Step 2 - Set a date for closing off everything.

  • Step 3 - Sit down with your managers and discuss the closure - tell them to keep it strictly confidential from staff at this stage. However give them all time...

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