Closing down your company? Explore a new direction
- Gé Sletterink
- The basis
- Edited 21 October 2024
- 3 min
- Ending
- Finance
Are you considering closing your company? Or perhaps you have already made the decision. No entrepreneur makes this decision overnight. It is a process that can take time and thought. Whether you have been thinking about stopping for a short or long time, it is a good idea to consider all your options before deciding what to do.
Ending your business
Find out which steps to take when ending your business.
Opportunities
Explore possible opportunities for the future:
Paid employment
Reflect on your skills and experiences
Look back on your time as an entrepreneur. You probably gained valuable skills and experiences. List these. Start with what you are good at and what your strengths are. Maybe this will help you choose a new direction. Whether you want to start a new business or go into paid employment.
Taking a paid job
If you are no longer an entrepreneur, you may want to look for a salaried job (again). In that case, make sure your LinkedIn profile is up to date. You can find a lot of information online about applying for a job and updating your LinkedIn profile. Highlight your education and work experience.
Vacancies can also be found on LinkedIn, on job sites, social media, job apps, and temping agencies. Use search filters to quickly select jobs that suit you. Often, you can also turn on a notification function, which will notify you when a new suitable vacancy comes online.
Also let your own network know that you are looking for a job. Talk to friends, family, and acquaintances. Many people find a new job through their network.
Employment and entrepreneurship
Do you want to run a business alongside a paid job? Read how to combine paid employment with a part-time business. If you want to work while in education or following a training, make an appointment at a leerwerkloket (in Dutch) for advice.
Job market opportunities
Have you responded to vacancies without success? Look at jobs that are less obvious. Companies value entrepreneurial skills such as creativity, problem-solving, and independence. Look for jobs that use these skills but which you might not have considered. The employee insurance agency UWV has an overview of job opportunities (in Dutch).
Regional mobility teams (in Dutch) provide guidance and assistance to help you find salaried employment. This could consist of career advice, training, and on-the-job learning opportunities. There are 35 RMTs across the country.
Free retraining advice
Entrepreneurs and self-employed professionals can request free retraining advice (in Dutch) for themselves or for their staff. This advice consists of 2 parts: a competency and interest test and retraining and career advice provided by a qualified independent career professional. The government, industry, UWV, and municipalities have financial schemes to encourage retraining. Your situation determines which discounts and grants apply to you. Find out (in Dutch) what you are entitled to now.
Video: Ending your business
Claiming benefits
Claim Bbz assistance
Were you were born before 1 January 1960 and is your company no longer viable? In that case, you can apply for benefits or working capital through the Social Assistance to the Self-Employed Decree (Bbz). In addition to the age requirement, several other conditions apply. For example, the hour’s criterium, an income below the social assistance level, and whether you have been an entrepreneur for 10 years straight. You can claim Bbz assistance or working capital from your municipality.
IOAZ benefits
If you are thinking about leaving self-employment because you cannot earn a living from your business, you may be eligible for benefits. You may be able to claim benefits under the Older and Partially Disabled (Formerly Self-Employed) Persons Income Support Act (IOAZ). To qualify for IOAZ benefits, you have to meet various requirements. You have to be 55 or older and must have worked for the past 10 years straight, the last 3 years of which as an self-employed professional.
You can apply for IOAZ benefits with your municipality. Make sure to do so before you close your company. After you are granted IOAZ benefits, you have to dissolve your company after no more than 18 months. The benefits will be paid (retroactively) for each month that you qualified.
Other options
Selling your company
Thinking about selling your company to an industry peer or another buyer? Make sure to prepare for the sale first by following these 6 steps. You can use the proceeds to plan for the future.
Starting a new business
Ending your business does not always mean quitting entrepreneurship altogether. Maybe you already have an idea for a new business. Or you want to apply the lessons you have learned to something new. In that case, make sure you research your new idea thoroughly. Even if you already have a lot of entrepreneurial experience. Read more about starting a business.
Use your time wisely
Your age or personal situation may also be reasons to consider taking a step back. Think carefully about how you will fill all your free time to avoid social isolation. Did you work on youth projects, sports clubs, or associations while you were still running your business? Keep doing what you always did. There is no reason to stop now.
Address money worries
Is your company in debt? Chances are that you are worried about yourself and the people around you: your family and your employees. Dealing with debt and money worries can be very difficult and emotionally taxing. Prevent problems from snowballing and reach out to a support agency. There are lots of professional organisations that are there for you and can offer a listening ear if you have mental health problems. Work together to find a solution and use this step-by-step plan to dealing with debt.