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Closing Considerations

If you are considering closing your business, there are several important areas to review and address. Below is a framework to get you started.

Exit Strategy/Plan

  • Have you evaluated and gamed out each option available?
  • Have you drafted a timeline with anticipated deadlines for each action?
  • Have you spoken to your tax professional and/or accountant?
  • Have you evaluated all legal and regulatory issues that will need to be addressed on the local, state, and federal levels?

Action Items

  • Have you created a list of any creditors, landlord, banker, and/or employees that would need to be notified?
  • If required, have you filled out a WARN Notice with the Virginia Employment Commission?
  • Do you have a plan to collect or sell all outstanding receivables?
  • Do you have a plan to sell off any remaining inventory?
  • How will you notify your customers?
  • When will you submit your final payroll forms and taxes?
  • How will you distribute all remaining cash and assets?

Cease Operations 

  • How and where will you store your records?

Once you have thought about the items above, we recommend scheduling a no-cost, confidential one-on-one meeting with a local SBDC Advisor by using the Request Counseling button below.


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