Question: How do I close a business?
Making the decision
While every aspiring business owner starts a new enterprise with dreams of success and growth, it's wise to know how your small business ownership story may end before you begin. When and how you plan to exit can make a big difference in how you manage your new company throughout its life.
Closing a business need not be a negative experience. It can mean new opportunities, a long-awaited retirement or the chance to gear down as an employee for someone else, leaving the management and ownership challenges to your employer.
Or, a business closure can be the result of less pleasant situations involving the health of the owner, an economic downturn or increased competition. Whatever the reason, being prepared for a closure with a sound exit strategy ensures you can enjoy business ownership knowing that if an exit becomes necessary, you'll be ready. When the time comes, you'll have several options.
