Forums: Discussions for entrepreneurs and small business.

I know we are all about starting it up but now I need to know how to shut it down.  After nearly nine years in business, the time has come to close the doors.  However, rather than just turning off the lights, I want to make sure that I`m not overlooking the value in the business (i.e., an established name, vendor relationships, registered url, etc.) and the possibility of selling.

 

So, please help!  Where do I start?

Hi Robin,

 

If you have been in business for 9 years, there has to be some value in your business.  There are resources out there where you can post your business for sale or to get in contact with potential buyers.  I know inc.com has a section for this.  As far as maximizing the value of your business, I would start by cleaning-up your balance sheet a bit.  Collect on as many receivables as possible so you get cash in-hand.  This will also bring your A/R days down, which makes your company look better.  The other things would be to start documenting things for potential buyers references.  These "things" are the intangibles that are a little more difficult to value.  This is also where most of the value of your business will come from.  Make lists of your customers, your key vendors, any advertising programs that you have developed, customer/vendor contracts, etc.  Basically, anything you have spent money on in the past that you are still benefiting from today, you should have a list for!  Good luck. 

Robin,

This is definately a decision I am sure that you thought long and hard about. I am sure over all those years you have poured yourself and your effort into it. You should try to sell the business, so that not all is lost. I am certain that another would find it at great value. There are alot of services that can do that for you, one is http://www.sedo.com/services/s_sellproject.php4?tracked=1&partnerid=20759&language=us , at SEDO. But look around, post an ad in your local paper. You can offer training to help get someone started.

 

Erin

Erin,

 

Thanks for adding another point to my checklist - offering training.  Certainly something I have thought of.  Putting together a complete package is of top priority.

 

Yes, I have put time and effort into it.  And reaped many rewards because of so doing.

 

Thanks for the advice of where to post.