Leaving your business

There’s no set way to know when it's the right time to close or sell your business. But there are some important factors to consider when you’re making the decision.

If you’re struggling with the decision or want to talk to someone about your situation, we can help.

Contact us or go to Business Advice and support services.

To help make the right decision, consider the following questions:

• Have you explored all your options?
• Is your business profitable?
• Are you finding it hard to comply with requirements?
• Do you still want to run your business?
• How will it affect your life?
• Have you considered other options?
• Is your business marketable?

Once you’ve decided to sell, there’s a few factors to think about – including how much you want to be paid for it.

Selling your business for the right price is important to your future. Here are some considerations to guide you through the process.

1. Decide whether to use professionals
2. Choose you valuation method
3. Prepare your business information
4. Find buyers for your business
5. Negotiate the sale
6. Prepare the contract
7. Take care of your employees
8. Deal with legal matters and tax implications of the sale
9. Transfer your business to the new owner
10. Look after yourself

Closing your business can take time depending on its size and complexity.

You may decide to close because:

• You no longer want to run the business and have no one to pass it onto
• The business is not making enough money to keep going or to sell

Here are some considerations to guide you through the process.

1. Set a closing date for the business
2. Take care of your employees - giving notice and paying entitlements
3. Notify your suppliers and customers
4. End your lease agreements
5. Sell your business assets and pay outstanding bills
6. Deal with your tax and legal matters
7. Keep your business records
8. Tie up lose ends - such as closing business accounts and disconnecting services