Closing a business can be a massive undertaking, regardless of whether it was planned or unexpected. When a New Jersey business owner is unable or unwilling to follow the plan of succession that they have put into place they may need to work quickly and efficiently to ensure that all loose ends are tied up as they plan to permanently shut their business’s doors. Before undertaking a business closure and liquidation, consultation with a trusted business law attorney is recommended as this post does not offer any legal guidance.
Before a business may be shut down its owner should be aware of its complete asset and liability balance. Taking an inventory of the business’s assets and property can be useful to know what items may be sold in order to pay off the business’s existing financial obligations. Before any sales are made, though, it can help for a business owner to have the assets appraised for their actual market value.
As business owners may know, not all assets can or should be sold in the same venues or formats. Different options exist for selling off assets in liquidation. Direct sales to purchasers may provide some opportunities for closing businesses to relieve themselves of property and assets, but auctions, consignment, and online interfaces may also be of value to those who wish to sell of their business assets.
Shuttering a business through liquidation can be stressful, but individuals going through the process do not have to do it on their own. From assessing the need to liquidate to formalizing asset sales agreements, business law attorneys can support New Jersey business owners who are in need of making changes to their organizations.