3 Questions Which Tell You If You Should Permanently Close Your Business Or Not
There can come a time in every business owner’s journey, where they are unsure whether they wish to carry on with the business and they start to contemplate closing it down. If they decide to close, then obviously they need to consult with their commercial lawyers to ensure that all the legalities of closing the business are met.
However, to actually get to this point a decision has to be made, and what we are going to examine here, is a process with which a business owner is, with as much certainty as possible, determine that they have made the correct choice.
When we say process, we may unintentionally have you imagining a huge flowchart or mind map with dozens of ‘Yes/No’ intersections which take a business owner one step closer or one step further away from closing their business. In fact, we do not use dozens of questions, in fact, we do not even get into double figures. Instead, we use only three.
Before we go any further, we also assume that even having answered these three questions, business owners would also confer with their family, business associates, and their commercial lawyers before making the final decision.
