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Shutting Down Your Business By Choice- Is it a Good Move? [Feature Friday]
Adriana R.
Business Process Consultant | Neurodiverse Business Ops & Systems Strategist | Tech Writer | Succession Planning Specialist| Documenting your processes today, so you can pass the torch tomorrow.
Periodically, I like to ask other business owners how they plan to shut down their businesses. Some choose to sell. Some want to find a successor. Others just want to close it out when the time comes.
For many "Solo"preneurs, this is a realistic option for them. They don't have to bring on a team. They don't need to worry about finding a successor. Just open up shop, then take the necessary steps to close down.
The thing is, there are different things you still need to take into account when you are closing out your business.
These tasks can look like this:
✔️ Legal Compliance- have you fulfilled your contract with clients, locations, etc.? Even though you may be ready to move on, you still may need to complete what you’ve agreed upon.
✔️ Finances- have you paid off any debt you’ve accumulated while running a business? How about paying individuals you may have called upon for projects?✔️ Documentation- everything you’ve documented about your business comes in handy as you close. This helps you review things like the different tools you may have used that need to be turned off, how to finish up services, etc.
Just as much as your business needs a plan for starting up and running, you also need to plan your exit.
Outside of the necessary tasks, there are money-making activities that is often missed when people decide to shut down when they've had enough of the business.
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Here's a tip from Akilah Thompkins-Robinson, PMP MSIS Founder of SEO Assist & Girl Get visible on this subject: "I seriously recommend checking out Empire Flippers, Niche Pursuits, and a few other site/business broker sites. I let a multi-six-figure site dwindle a few years ago because I didn’t look into selling at its prime.
all of the assets you're are building your website, social pages, email list, client list, trademarks, copyrights, etc are all sellable assets and even more valuable when bundled together.
at least look into before you walk away."
Please take the time out to consistently evaluate your journey, and what needs to be updated in case you decide to shut down your business, and maybe sell some of your intellectual property.
If you need assistance working towards your succession plan, comment SUCCESSION below and I'll DM you to start a conversation.
I'll dive into the world of selling next week! If you have any tips or comments surrounding this, I would love to hear and feature you!
Keep up with TLM!
Founder Mogul Chix LLC Managing General Partner at Graham Talent Group
7moIt's a perfectly valid option for some. If you have no desire to build something to last beyond you, then there's nothing wrong with just shutting down. I've shut down a couple of businesses because I didn't create them with a long term value. They were businesses that fulfilled a need and did what they were meant to do. In all that I do, I established the businesses for growth and succession and the ones that were one shot deals. They were business moves and decisions that made sense for the time and purpose.