In the first part of this blog I discussed what types of business are unlikely ever to sell and what you can do to extract maximum value. Now. Let’s assume that the day has come for you to close down, realise the assets, pay the bills and walk away into the sunset.   Closing down a business is time consuming and emotionally draining for the owners.  In most cases, they will be walking away from their life’s work.  If your business has reached a certain size, it’s likely you will need help from a trusted advisor who should project manage the process for you, the owner.  Bear in mind, the owner will have a much-increased workload dealing with customers, suppliers, staff, financiers, tax authorities and the many specialists who need to be involved. The many specialists involved mean the owner should meet with:   registered insolvency practitioners and liquidators to understand the administrative and legal processes of closing down the business, and run a “beauty … [Read more...]