Closing or Selling a Business St. John's NL

Deciding to close or sell a business can be difficult for a business owner. Here are some things to consider, if you're thinking of selling, closing down your business or passing it on to the next generation.

Memorial University of Newfoundland
(709) 737-2625
St. John's, NL
 
Pinsent Management Consulting Inc
(709) 738-5300
21 Pippy Pl
St. John's, NL
 
Bdc Business Development Bank of Canada
(709) 772-5505
215 Water St
St. John's, NL
 
Nlowe (Newfoundland and Labrador Organization of Wom
(709) 754-5555
St. John's, NL
 
Hamilton Consulting Inc
(709) 739-5205
12 Cassino Pl
St. John's, NL
 
Anderson Group
(709) 722-5648
Terrace On the Square
St. John's, NL
 
Nlowe (Newfoundland and Labrador Organization of Wom
(709) 368-6697
St. John's, NL
 
Institute For the Advancement of Public Policy
(709) 739-0833
140 Waterford Bridge Rd
St. John's, NL
 
Aquaneuve Solutions Inc
(709) 757-1584
123 New Gower St
St. John's, NL
 
M A C Investments and Consultants Ltd
(709) 738-0444
275 Duckworth St
St. John's, NL
 

Closing or Selling a Business

Provided By:




By Sarah Roger

(NC)-Closing or selling a business can create a sense of loss. You've spent years of hard work and dedication building it up. It can be difficult for a small business owner to decide the correct course.

Here are some things to consider, if you're thinking of selling, closing down your business or passing it on to the next generation:

One: Use the help that is available to you. Take advantage of professional services available. It is possible you will need the knowledge and expertise offered by lawyers, insurance brokers, accountants or bankers.

A call to the Canada-Ontario Business Service Centre will help you find numerous programs and services to help you navigate the process. Specially trained staff can provide for you business information needs in an effective and user-friendly way, and the services are free. For more information on this and other topics, visit www.canadabusiness.ca/ontario or call 1-888-576-4444 (TTY: 1-800-457-8466) weekdays between 8:30 a.m. and 6 p.m. EST.

Two: Do your homework. Investigate the selling prices of similar businesses in your area to provide you with an indication of what you can expect to receive.

Three: Look at all the options. Consider succession planning, with an eye to eventually handing your business over to somebody else. Think of this as the transfer of knowledge, skills, labour, management, control and ownerships of a business between the founder generation and the successor generation.

Maybe you're ready to close down the business altogether. While this may be a shorter process than a sale of your business, you should consult with an expert to help you through the process.

- News Canada