Part of the business lifecycle is exiting a business, which may occur through sale as a going concern, closure or transferral to a family or staff member.
You have a number of obligations when exiting your business, such as tax and legal requirements, employee entitlements and notifying other parties.
A succession or exit plan outlines key steps when selling, closing or transferring ownership of your business.
Key tasks when closing a business include cancelling registrations, meeting tax requirements, notifying employees and paying out entitlements and ending or assigning lease agreements.
Deciding if selling is the right option for you, preparing for sale, setting the right price and making the sale are all steps in selling your business.
Your franchisor will have an established process for selling a business within the franchise which may restrict what you can do but also make the sale easier by providing clear steps to follow.