Closing down your company, 3 scenarios
- Gé Sletterink
- How to
- Edited 21 March 2023
- 1 min
- Ending
- Finance
There are several ways to end your company. Perhaps an interesting buyer shows up, or you may find a candidate yourself. You could also decide to pull the plug yourself. Financial problems could force you to. How do these 3 scenarios work out in practice?
1. Selling your company
Selling your business is a drastic process. You are relinquishing an organisation that you have run with dedication. For a successful business transfer, you go through a sales process. You prepare your company for takeover, conduct negotiations, determine a price and lay down agreements. Take your time for this. Use the roadmap for selling your company.
2. Close down your company yourself
You are unable or unwilling to continue running your company. You decide to dissolve it. Because of your age, the changing market or because you don't have a successor. Or maybe the energy is just not there anymore. You have put a lot of thought into your company’s future. If you cannot sell it, closing down is your only option. Go to Ending your company per legal structure and select the right roadmap for your legal entity. The roadmap will guide you through a smooth closing-down process. From informing customers of your decision and cancelling subscriptions to having your company struck off the Business Register.
3. Forced ending due to financial problems
Your bank is losing confidence, customers are ordering less, and suppliers are only accepting cash payments. These can all be signs that your company is in serious financial problems. Waiting is not an option. Seek help to solve your financial problems. Most likely, you have multiple options and will not necessarily have to close your company. For example, you could agree on an amicable settlement or a plan under the Court Approval of a Private Composition (Prevention of Insolvency) Act (WHOA).
Are you in serious debt? Talk to others and take action as soon as possible. View the debt roadmap.
Closing your company - video
The video explains the steps to take when you quit your business: when selling, quitting due to debt or if you decide to end your business yourself.
