Sometimes, companies go out of business. There are plenty or reasons that businesses liquidate: The heirs or employees may want nothing to do with a takeover or succession plan. They have been too close to the business for years and know the 24/7/365 routine required to be successful in many small businesses. And they’re attracted to the high salaries and benefit packages offered in the corporate world. Or they simply are not capable of continuing the business.
If your business is at solvent or nearly solvent, bankruptcy is not an option. Or, even if you are nearly insolvent, you want to keep control, liquidate your assets and negotiate amounts owed to your creditors, to avoid the stigma of bankruptcy.
When businesses have to be liquidated—when “everything must go”—a series of decisions must be made, and made quickly. Liquidating your business is a one-time-only event. You can’t afford to make costly mistakes. But, while liquidating a business with is much easier said than done, but it can be very rewarding. The attorneys at Shoffner & Associates know the right steps to take to make liquidating your business a good decision.