How to Turn Down Business
Turning down a business is the most challenging task that small business owners are facing.
Despite of the difficulties of starting a business, undeniably there are some business owners who prefer to turn down their business for reasons only they knows.
Nevertheless, you should know when the right time to turn down a business is.
Starting a business takes a lot of efforts and sacrifices. Perhaps, when you heard about individuals who turn down business, you were shocked. Nevertheless, every action has its own explanation. Maybe, you are one of those people who think of turning down a business. Before you decide to drop down a business you should keep in mind that running a business is a rewarding experience. However, if you have nothing to do to keep your business going, then the decision is yours.
Before you proceed, it is recommended to hire a lawyer who can guide you in of all the legal liabilities and procedure of turning down a business. You can also consult a certified public accountant about the taxation procedures. Likewise, it is your responsibility to inform all employees, investors and business partners about your decision to turn down the business. In this sense, you are required to pay all the salaries and wages of the employees before terminating them. In case that you have property lease agreement you should notify the real estate owners about your plans.
Ensure that all business assets and properties are properly liquidated. You can hire an auction company to do immediate liquidation of your business properties. This way the auction company can advice you if holding an auction sale is necessary. You can sell the machines and other equipment from your inventory. However, you should return to the original owner leased and rented property. You should also check your accounting records for outstanding debts. It is important that you pay all the debts incurred. Likewise, inform service utility providers to cancel their services as soon as you paid your outstanding bills.
As you decide to turn down business, it follows that all your financial accounts and other loan agreements should be cancelled. Inform all the companies and suppliers to cancel all your advertisements, services and subscriptions. However, you need to stand by your checking account for unexpected bills that you need to pay. Moreover, all the business licenses and permits should be cancelled as soon as you turn down the business. In this way you can avoid charges and penalties in case authorities are not notified about the closure. While preparing for the closure keep in mind to file all the necessary forms that you will need in the future. Ensure that all the contracts are intact so that you will not find difficulty in searching for future use.
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