We Buy Your Business
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.
The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.
The process for exiting a business should include evaluation of the following points:
1. Engage Professionals & Consultants as Team Members.
2. Prepare a List of Assets & Perform a Physical Inventory.
3. Perform a Valuation of the Business.
4. Prepare Detailed Plan & Assign Responsibilities.
5. Release Announcements & Notices.
6. Conclude or Transfer Contract Obligations.
7. Dispose of & Transfer Assets.
8. Settle Accounts Payable & Debt Obligations.
9. Prepare Final Financial Statements & Tax Returns
10. File Articles of Dissolution.
11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.
12. Receive Tax Clearance Notice.
13. Close Bank Account.
14. Store Business Records
The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.
We Buy Your Business enables clients an opportunity to sell businesses and business assets fast for cash. If your exit strategy requires a quick divesture option Contact WBYB for cash offer NOW. Website: www.WeBuyYourBusiness.com
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Student loan
By: CHICKADEE | 11-05-2008
Where is the best place to get a student loan
Is it leagal and correct to remit GBP to an normal ...
By: viki | 11-05-2008
Is it leagal and correct to remit GBP to an normal saving bank account in India. Also let me know if both remitar and benificery are the same person.
Is it illigal to transfer certificates out of a UGMA
By: savwig7 | 11-05-2008
Is it illigal to transfer certificates out of a custodian account into a personal account that does not include the custodian. Also, if the person does not know of these certificates and is now 27 years old, is the custodian listed still in charge of the UGMA if the beneficiary does not know of the account. If it is illigal what actions can be taken against the custodian of the account, and who does the beneficiary contact?
Can I move UTMA money into a Coverdell for the ...
By: mtsmith | 10-05-2008
Can I move UTMA money into a Coverdell for the same child?
Cdsi cert.
By: adt0706 | 10-05-2008
what is a cdsi certification
Arkansa mom pregnant with 18th child
By: hairtastic | 10-05-2008
How is it possible for the Duggar family to support 17 children with one on the way? Do you think their stints on the Discovery Health Network channel are what pay for the children's needs and their home-school education?Is it right for this family to continue having children? Or are they living off of welfare? The parents have said they will keep having children as long as God wills it. Is this right?
Q&A Powered by:
Latest Business Articles
Right Decisions in Business
By: Sridhar | 13/05/2008
Succeeding in life depends on taking right decisions at critical moments. Decision making is a crucial part of any business But it has to be understood that there is a certain amount of risk involved in taking any decision. There are various types of decisions to be taken in running a business.
Anigmo Dimmer and Dimmer Switch: Beauty and Function
By: Vikram Kumar | 13/05/2008
Most homes too have round knobs that function as a dimmer switch, which you turn in either direction to darken or brighten light.
The Technology of Anigmo’s Touchless Dimmer and Dimmer Switch
By: Vikram Kumar | 13/05/2008
High-tech electronics makes a modern dimmer switch work, mainly through a transistor-like device called a Triode Alternating Current Switch (TRIAC).
The Touchless Proximity Sensor in the Models of Anigmo Dimmers
By: Vikram Kumar | 13/05/2008
Just when you though that only the rich could have the benefits of high-tech products (and the high costs as well) in their homes, here comes the Anigmo Touchless Dimmer with its touchless proximity sensor at an affordable price.
Touchless Proximity Sensor as Used in the Anigmo Dimmer
By: Vikram Kumar | 13/05/2008
You see and feel the effects of the technology of a touchless proximity sensor in commercial uses – in banks, in airports, in hospitals, in restaurants and in stores.
Start A Home Business For Nothing And Earn Money From Home
By: Kevin Forrester | 12/05/2008
If you are interested in earning money from home, starting your home business does not have to cost a lot of money. Many people believe that starting a home business is expensive, but with the popularity of the marketing options that the Internet offers that is no longer true. The...
Why Affiliate Programs Are More Popular
By: Mahendrakumar Chaudhary | 12/05/2008
In the search for a work at home job or a home business a person will come across something called affiliate programs. Affiliate programs are very popular and they can also be a very profitable and wise choice. Understanding them is important, though, before getting involved with one.
One...
Why Real Estate Investors Have Their Own Investment Criteria
By: Brad Wozny – INSTANTRealEstateSolutions.com | 12/05/2008
Writing down your real estate investment criteria means writing down your needs and wants in a real estate deal. It means outlining what you are looking for in a real estate opportunity. Having written criteria can help you grow as an investor and can make it easier for you to land the best real estate deals.
More from We Buy Your Business
The Unplanned Business Exit
By: We Buy Your Business | 15/10/2007 | Business
For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.
What Makes Up a Personal Assets List?
By: We Buy Your Business | 15/10/2007 | Business
If you are dealing with issues such as divorce, downsizing, probated or non-probated estate divesture, or overwhelming debt, you know that the Asset or Estate Liquidation process can be an emotional mine field. With this significantly stressful situation, often coupled with difficult time restraints, what can be done to best manage the process and deal with the myriad of decisions required?
The Probate Process
By: We Buy Your Business | 15/10/2007 | Business
When a person dies, his or her survivors must notify the Probate Court having jurisdiction within thirty days of the death. The Probate Court will appoint an Executor if the decedent left a Will, or an Administrator if there is no Will. The duties of the Executor or Administrator are identical:
How the Plaintiff Funding Process Works
By: We Buy Your Business | 15/10/2007 | Business
These advances are offered as non-recourse funding, which means that the plaintiff has no obligation to repay if the lawsuit is lost. Similarly, if the ultimate settlement is smaller than anticipated, the amount that must be repaid never exceeds the amount of the plaintiff's share of the settlement.
Liquidating your Business Assets Can be an Efficient and Prudent Exit Strategy
By: We Buy Your Business | 15/10/2007 | Business
Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.
What is a Lease Purchase?
By: We Buy Your Business | 15/10/2007 | Business
A Lease Purchase allows you to rent and occupy the home while having a contract to purchase the property for a set amount at a predetermined time in the future.
Business 
