Years back, you started your enterprise, something you've always dreamed of. Perhaps you had to take out a loan or you had to save up to make your hopes a reality. Whatever the case, you did well. You nurtured your business, you lived and dreamt this business, and devoted most of your waking hours to it. To you, that business became like a child, your child.

Now it's time to leave the business. Perhaps to retire, to relocate abroad or sadly because the business is no longer doing well and you need to back out before you run into debt. You have done well, pat yourself on the back and raise your head high. True you are about to leave the business, but you should also take pride in what you have been able to accomplish no matter how insignificant it seems.

Getting out of business

Getting out of business could mean changing what kind of business you do or leaving the trading/business scene entirely as a result of a change in circumstance. You may need to leave a business because;

• You need to retire.
• You are relocating.
• Failing or ill health.
• Lack of meaningful profit from the business.
• Business hazards.
• Unfavourable government policies etc.

Whatever the reason is, leaving a business is not what can be done within 24 hours. This article outlines practical steps you can take to successfully leave the business scene.

 How to leave a business.

You can leave a business in two major ways:

The first way does not involve shutting down. It simply means that you remove yourself from the business and have others take over from where you have stopped. You can do this by;

• Selling the business to a trusted employee.
• Passing it down to a family member.
• Selling the business to co-owners.
• Selling to a third party.

The second way to leave a business is by closing or shutting down your firm's operations entirely. You can do this by liquidating the business.

Closing down the business in its entirety is a tough call to make, weigh all options carefully before deciding.

 Rather than shutting down your business, can you restructure it, change location, hire an expert or a consultant in that field or something to keep your business going?

  Now that you're sure that closing down is the wisest thing to do, here are a few practical steps to take to do so without hitches

1. Have an exit / close down date in mind - do not end abruptly or without notice.
2. Slowly withdraw your service. For example, you should stop restocking if you are into buying and selling.
3. Inform your staff and let them go in batches, possibly give them glowing letters of recommendation and be sure to pay them off.
4. Consider running a clearance sale.
5. Inform your regular clients or customers/suppliers of your plan to close down
6. Refer your customers/clients to another reputable firm that offers the service you offer or products.
7. Make plans to retrieve all outstanding debts.
8. Be sure to pay up all loans.
9. Prepare handover notes where it applies.

 Following the steps above ensures that your close-down operation is done smoothly and leaves you without offended or angry "former" customers. Get to learn more about how you can successfully leave a business.

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