Liquidating a small retail business
As an entrepreneur, you need to have a plan in case you have to close your business.Perhaps your business can’t pay its debts, or maybe you want to retire.An exit strategy is how you plan on selling your investment in your business.Other exit strategies you might consider before liquidation are mergers, acquisitions, and Initial Public Offerings.If there are assets left, investors in preferred stock receive money followed by holders of common stock.
Set the prices of the items you will be selling by working with a qualified appraiser.
Make sure you have an accurate count of your inventory.
Then, you want to make the items look appealing so that you can sell them.
When you intend to sell a car, you make it look its best so you get the most money for it.
Likewise, make sure all your assets look presentable.
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And, you need to tell your creditors beforehand that you will be pursuing liquidation.