Commercial business sales Granite Hills often involve a very difficult decision process. As a business owner, you may have many reasons for wanting to shut down your business. You may want to do it for retirement, or because the business is not as stable or because you are facing challenges. Whichever reason you may have for closing a business, you should not do it on your own. Hiring the services of an experienced business broker will help you through the process. let’s take a look at the three reasons why you may want to sell your business.
Selling a business voluntarily
You may consider this option in two main situations. Either you don’t want to run the business anymore and have no one to succeed you, or your business is failing and selling it has been challenging. With the help of a business broker, commercial business sales Granite Hills will be much easier and the process smother.
A business broker can help sell some of your business assets to help pay off debts thus enabling you to avoid lasting impacts. Having an exit strategy is advisable once you decide to close down. Without an exit plan, you increase the probability of not getting the best outcomes. An experienced business broker will help you plan an exit plan as well as help with its execution.
Insolvency and bankruptcy
Bankruptcy happens when your business is not able to pay off its debts. Having a good business broker will advise you on what is expected on the different insolvency procedures. Being keen on your financial statuses helps you avoid insolvency and bankruptcy.
When closing your business, there are various legal requirements that will have to be met. The number of requirements will depend on your business’ legal structure which include;
- Cancelling the business name which must be done within 28 days before closing down.
- You are obliged to notify your staff on the termination of their employment. This is so if the new owner will not be taking them.
- You have to cancel all your tax registrations.
- Runoff cover. If you are required to have professional indemnity insurance, you will still need a copy of the policy after closing the business. This will protect you from future litigations.
- When dissolving a partnership, you need to seek legal advice. This means in commercial business sales Granite Hills you need more than an experienced business broker. The team you hire should be able to help with the legal aspect of the sale.
Regardless of your reason for selling your business, it is always wise to work with an experienced business broker. The broker will take away the guesswork and ensure you are making the decisions that help you get the best outcomes.