A business may be closed for a number of reasons…the obvious being that it is no longer financially viable, but other reasons include the owner not wanting to run the business anymore (and there being no one to hand it over to), a change in personal circumstances, retirement or illness…to name a few.
Regardless of the reason, when making the decision to close your business, there are many things to consider and take care of…you can’t simply “walk away”…even if that’s what you feel like doing!
The Australian Government’s business.gov.au website, has some great information for those considering a business closure, it discusses the following points:
- make sure closing is the right decision
- set a closing date for your business
- take care of your employees
- notify suppliers and customers
- end lease agreements
- sell business assets and pay outstanding bills
- deal with tax and legal matters
- keep business records
- tie up other loose ends
- look after yourself
If you are considering closing your business, please talk to your accountant and solicitor and seek their assistance to ensure the matter is dealt with as smoothly as possible.
And remember, when one door closes, another one opens!