You may already have concluded that an exit from the business or the market is your preferred option. For example, you might be considering retirement with no obvious business succession, or recognise that the business’s trading losses are eroding capital value. Perhaps there is insufficient working capital or future investment to maintain your business’s viability.
Market changes can happen slowly, or unexpectedly. If your product or service demand declines, you might be facing a substantially reduced turnover. New competition, particularly online, can disrupt your market.
If you operate in an environment demanding statutory compliance, significant changes in legislation can impact your business sector, e.g. reduction of government subsidies; changes in health and safety; or licence obligations.
Addressing your business closure requirements at an early stage will enable you to:
- Maximise the conversion of sales and work in progress to cash.
- Determine a proper plan to wind down your operations effectively, maximising income and managing essential costs.
- Assess whether the business can meet contingent liabilities, including staff redundancy costs.
Sometimes exit is the best strategy and closure the right outcome for you and your family. We will help you assess your situation, explore your options, provide you with advice and develop a solution for you. To arrange a free, no obligation consultation click here or call 01592 630085.