Shutting down business

R

rebellad

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I have a retail business which hasn't been going well for the last 6 months and I am now looking to sell. I am looking for a check list of what to do with regards selling - I can't see someone taking on the business as it is so I would be looking to sell the premises, fixtures and fittings etc. I have a couple of employees to look after as well. I would be greatful for any assistance. I am basically looking for a very basic checklist of what has to be done as I want to put a project plan in action to do this. Cheers
 
There are many variables involved here and there is no checklist approach;each situation is different.
eg is the property in your name/co. name?
Is there a trading co.?
How long have these staff been with you?
Is the property leasehold/freehold?
If leasehold what is the term?
Has the property any value re location?
Can you forfeit the premises back to landlord?
What sort of stock?
If leasehold, is there a break clause? a termination penalty?

You need to provide more info. to be advised properly but from the info. you have provided....
Make staff redundant,
Convert stock to cash,even if you have to discount severely
Advertise shelving in Buy and sell and leave in situ and hope for the best
Speak to the landlord if there is one
And finally,most importantly,if there is any chance of selling as a going concern do so and make sure your staff go with it(as they must under EU legislation re transfer of undertakings)
 
Rebellad

There should be a checklist available. It will be in great demand for a lot of people soon.

I might start compiling a Key Post.

Brendan
 
Thanks guys, am meeting with my solicitor today to go through it. Painful times ahead!!
 
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