Closing down a business

[sterne.law@gmail.com]

7. Close the doors one quiet day - with a sign directing staff to your attorney, for final settlement arrangements.


Some further advice:
a. Do not accept direct contact - leave that to your attorney;
b. Do not read your mail on a Friday - wait until Monday.

Many, particularly those who have not been there, will say this is wrong. unfortunately this is always a difficult and emotional journey. Yes, the staff deserve to know, but quite correctly they often stick around just to get the package, morale is low, theft increases, discipline becomes erratic etc,etc. There is also the negative word in the market, which can see creditors force a COD basis and that hampers cash flow.
Once you call it, if you can have some handle the issues that will crop up, it really helps, especially as it is emotionally draining and you will be trying to settle into the new job, which in turn has some strain.
I went through winding up a business of my own, about 2 years ago. It was such a strain that, even though i could have handled all the paperwork and nitty gritty, I did not even bother. Even the simple task of signing over the lease, I got an attorney to do for me, obviously at a cost..