We purchased a small business almost a year ago. From day one (the day we took ownership) it was apparent that the information we used to determine the business value was fudged. It's time to cut losses and shut it down. Are there any resources out there that can help me with this process?
2006-06-17 01:03:59 · 7 answers · asked by Calvin R 1 in Business & Finance ➔ Small Business
Yeah, I had a neighbor who cheated me pretty badly on a "deal" at his car lot.
I shut it down. With gasoline.
2006-06-17 01:07:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I used to shut down small businesses when they defaulted on thier SBA loan.
First, go to your major lender and tell them you are going out of business. They can help you secure an auction company to sell off any of the assets. If you work with them there will be fewer attorney fees and they will be more willing to work with you.
Auction the assets and pay the money to the lien holders.
If your loan is backed by the SBA, when you have sold everything, you will want to submit an Offer in Compromise through your lender. Then make an offer to settle with SBA for a percentage of what you still owe.
Make sure you notify all of your vendors to stop shipments too. You don't want to be on the hook for more inventory than you already have.
Good luck!
2006-06-17 01:11:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get an attorney. Cut your losses by liquidizing all of the assets and pay off the bills.
2006-06-17 01:19:33 · answer #3 · answered by ndvsne1 4 · 0⤊ 0⤋
It all depends on the type of business. You cannot treat all businesses the same way.
2006-06-17 01:05:55 · answer #4 · answered by private_footballfan 3 · 0⤊ 0⤋
notify, state and federal licensing agencies as to the date of closing as well as your book keeper, close any business bank accounts, cancel any business credit cards
2006-06-17 01:10:46 · answer #5 · answered by Pobept 6 · 0⤊ 0⤋
i dont know where you are but if in australia make sure you cancel your abn straight away we have had so much trouble because of this it has been very costly and a real hassle.
2006-06-17 01:06:30 · answer #6 · answered by ? 3 · 0⤊ 0⤋
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2016-11-14 21:37:45 · answer #7 · answered by ? 4 · 0⤊ 0⤋