Upon opening a new business, no one is considering under what conditions they may want to close that business. But, there comes a time everyone must make that decision. Whether you have been in business for only a few years, or for decades, times change, and there is nothing wrong with considering closing. Whether business has been good, or not particularly, the decision to close does not come easily. That’s something GA Wright understands.
When thinking about closing some of the things you have most likely considered, or should have, including whether you have been able to meet or exceed your annual revenue projections, whether you have been able to keep your top employees happy, and whether your customers have been returning and on a regular basis. Something else to consider is whether you are happy in your business and all it entails. If the answer to one or more of these questions is no, then it may just be the time to consider closing.
If you are on the fence, we suggest you not snap to judgment too quickly. One year falling below projections may not be the end, but two or three years in a row could be cause for concern. Similarly, we all have days when we’d rather do anything else than go to work, but if you find you find you are tired much of the time, or depressed about work on an ongoing basis, that’s a pretty big hint it’s time to close up shop.
If you have made the decision to close your business, you will want to do it without leaving any loose ends. Of course, you want to get the most out of your investment in inventory, while offering your customers the best of shopping experiences.
When you call on GA Wright, you will find a helping hand every step along the way through the closing process. There is no bad time to close a business. GA Wright can help you any time of year.
A Checklist of Steps to Take when Closing a Business
GA Wright’s team of experts has decades of experience in retail sales and closing retail businesses. Our successful strategy has helped our clients in many different aspects of the retail business.
- Sale of all inventory
- Terminate a lease or sell real estate
- Collection of outstanding accounts receivable
- Sale of fixtures and equipment
- Notify your customers, employees, and creditors
- Pay any outstanding debts
- Complete final payroll
- Submit final tax form
- File income tax return and final employer tax returns
- Cancel any permits
- Close bank accounts
Each of these steps is important, and none should be left out. Depending upon your business and how you built it, there may be additional steps specific to you.
GA Wright Can help you Through the Process
We know that the steps to closing a business can seem overwhelming. Many of these steps represent the opposite of what you did when starting your business. You will be able to close your doors knowing everything has been taken care of.
When you call upon GA Wright, one of our associates will go over your business with you, so we can understand just what you have been doing, and what you hope to accomplish in closing the business. When you partner with us, your representative will go over your inventory and other assets, and help you plan a successful closing sale.
GA Wright takes care of planning your sale from start to finish and will stand with you every step of the way. We have experience in marketing and advertising, knowing what is best for your type of merchandise and in your location. Your longtime customers and new ones will not only show up the first day of the sale but time and time again, as they won’t want to miss anything.
With the aid of GA Wright, you can feel confident that you are closing your doors while having all your business taken care of. You will be proud of how happy your customers are, and you will be pleased by the outcome of your bottom line. We understand this is a difficult decision and time. Your GA Wright associate will be sensitive to your needs and concerns. Contact GA Wright to learn more about how we can help you for the best outcome of your business closing.