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.
Essential exiting tasks
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.
Closing a 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.
Selling a business
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.
Selling a franchise
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.
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