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6 Tips to Stay Organized as a Small Business Owner

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There are many skills a small business owner has that aid in the success of their business. From perseverance to communication, each ability provides value to you and your business.

One of those skills is organization.

Companies must stay organized. Lack of organization often leads to issues, missed dates, and potentially losing out on clients and sales. No business wants to go through this.

Improve your organizational skills to be the best small business owner you can be. Our Corporate Business Solutions consultants have six tips to help you improve your organizational skills.

Plan Your Days and Weeks in Advance

Planning is the key to stay organized. It’s a way to know what you need to accomplish and by when. A good tip is to spend the first few moments of your workday planning out what your priorities are, what’s next up, and what are things you’d like to achieve but can wait. Don’t forget to plan out later in the week to see upcoming appointments and deadlines.

Planning takes us into our next tip…

Prioritize Your To-Do List

Everyone can benefit from prioritizing their lives. When you prioritize, you’re putting the pressing matters at the top of your list. These are the items you have to get done that day.

If you think about it, why would you spend hours working on a project that isn’t needed until next week if you have a deadline coming up in a couple of days? Once you complete the priority items, then you can make your way to the other tasks.

Declutter Your Office and Desk

A cluttered space isn’t doing you any good. Although there’s a mentality that a cluttered office is a sign of a busy person, it isn’t a sign of proper organization.

Having a clean working space not only looks good and allows you to work smoothly, but it’s also a way to ease stress and keep you motivated.

Label Storage and Folders

Have you ever spent more time than needed looking for a particular file? Even if it’s 30 extra seconds browsing through each folder to find the one you need, that adds up in a year. Not only that, but it also adds more stress to your life.

Help keep essential documents organized by labeling storage containers and folders. Spending a few extra minutes setting up will save you time and stress down the road.

Learn About Time Management

Time management is a crucial element of staying organized. You can plan everything out correctly, but if you don’t manage your time, that plan won’t help you much.

Managing your time efficiently helps boost productivity, efficiency, organization (think less scrambling around), and makes your life overall less stressful.

Use Cloud-Based Services

Are you still stuck with things like paper receipts? Unless you’re good at filing them right away, consider software that takes a snapshot of the receipt and stores it virtually. It’s a way to reduce clutter and keep your finances organized.

Cloud-based services are an excellent way to keep employees linked together. You can have calendars that select people to see and edit, or have a running document with tasks to achieve in the week.

Staying organized is an essential task of managing a business. Without it, even the smallest task can quickly become overwhelming and cause problems.

Master your organizational skills to keep you and your business successful and stress-free.

Affiliate Marketing Program – Why It May Be Worth Introducing

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Have you ever logged onto your social media account to see someone posing with a new product, telling you how awesome it is? If you look at the description, chances are they have a discount code you can use to get a percentage off.

This is a style of affiliate marketing.

Affiliate marketing is an excellent way to get the word out about your products and services to a broader audience – more than you likely could with regular marketing. It’s a massive market worth over $12 billion and shows no signs of slowing down.

So, how does affiliate marketing work, and is it worth setting up for your business? Our Corporate Business Solutions reviews break down affiliate marketing and why it’s worth considering.

Affiliate Marketing 101 – How It Works

At its core, affiliate marketing is when you have someone who advertises your products and services to their following. It can be through their social media accounts, blog posts, YouTube channels, and other platforms that reach a following.

A typical affiliate will either purchase your product at a discounted price or receive something small for free to begin. Then, they share their personal experience with your product, which would draw in others to try it themselves.

An affiliate would have his or her discount code that they would share with their followers. You often see the discount code as their name for 15 percent off the purchase price. It’s enough to entice someone to buy, but not too steep that you’re losing money. When someone uses this code, the affiliate will gain a small commission from the sale (think of it as their paycheque for bringing you in more sales).

It doesn’t have to be a discount code, though. You can also provide the affiliate with a unique URL that they share with their followers. When someone uses said link to make a purchase or sign up for a service, the affiliate will receive a commission that way.

Is It Worth Having an Affiliate Marketing Program?

For starters, affiliate marketing is probably one of the least expensive forms of advertisement out there (besides word of mouth, which is free). The great thing about it is that you only pay the affiliate when a sale is made. If the affiliate doesn’t generate any leads, you don’t pay a cent.

Another benefit is that your affiliate marketer reaches his or her established audience. There’s a decent chance that many of their following doesn’t know about your business. As the affiliate shares posts about your products and services, your brand awareness increases. It’s a way for you to reach a wider audience, gain new clientele, and establish relationships you may otherwise not have gotten.

Of course, one of the main benefits of affiliate marketing is a boost in sales. Even after you pay out the small commission, you’re still increasing your sales. Not only that, because you’ve gotten the word out to a new client, but you also increase your chance of having a repeat customer and having them share with their following too.

Affiliate marketing is a win-win for both sides. The affiliate earns a few bucks as you gain brand awareness, customers, and sales.

If you go this route, create criteria for who can be an affiliate of your brand. You’ll want trustworthy people that will help positively promote your business.

Is The Time Right To Exit My Business?

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Every business owner needs to acknowledge that they will want to leave their business at some stage. Therefore, thinking of a business exit strategy from the very beginning couldn’t be more important. Many things need to be borne in mind when exit planning, but perhaps the most vital has to be timing considerations.

Here at CBS-CBS.com, our consultants know how important it is to think well in advance about how to exit a business as early as possible. Therefore, we’ll take a look at how to know when the time is right to exit a business.

The Lifecycle Of Your Business

Whatever kind of business you have, it has its own lifecycle. Knowing where your company is within its own lifecycle is key since this will impact in a major way on how sellable your business is. While there isn’t a single perfect time for selling a business, if you know the exact stage that your business is at, you can ascertain an accurate valuation and, therefore, build a sales pitch that will convince potential buyers. For example, if your high growth business is under a year old, you might require more time in order to progress towards a mature stage, while businesses that are already in their mature stage could require diversification if its value is to increase and its appeal is to extend to a wider pool of buyers.

Is The Time Of Year Right For Selling Your Business?

When you’re timing your business sale, its seasonality shouldn’t be overlooked. For example, if you consider e-commerce enterprises, most notice a significant increase in sales around the busier shopping period from October to January. In the case of some e-commerce websites, this may account for more than half of the company’s annual revenue.

While it may feel natural to sell your business right after this especially lucrative time of year, however, it’s important to consider whether any buyer would be interested in acquiring the company in February but having to wait for 8 months until real returns start to come in. This would have a material impact on how much the buyer would be willing to pay for the company.

With this in mind, timing your exit around lucrative periods is vital.

Is It The Right Choice For Your Business?

Timing is essential to successful sales. There are numerous factors that come into play and, therefore, you need to make sure that you don’t just sell for the right reason, but that you sell at the right time too. Selling your business under duress or too quickly is almost certainly going to end up getting you a low sale price. In general, the longer you’re able to keep your business, the better the chances of your business having a fully-developed exit plan, and the greater the value you can achieve when you sell it.

When it comes to timing your business exit, it’s important to take professional advice. The Corporate Business Solutions team is on hand to answer your questions and help you to draw up an effective strategy for the long-term.

4 Effective Business Exit Strategies To Consider

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Business exit strategies are plans for what is going to happen when you wish to leave your company. In this strategy, the form of the transition will be described and outlined. In the same way, as you create your business plan as a way of guiding your company through its life, it’s important to have a similar plan to guide it to its conclusion.

Of course, having a business exit strategy shouldn’t mean failure or disaster. It doesn’t even mean that action needs to be taken imminently. Actually, most business owners begin their company with the intention of existing it after a set period of time. That doesn’t mean they’re not committed as entrepreneurs. It simply means they’ve got a clear plan in place.

However, when you’re thinking about a business exit strategy, you don’t just need to consider the way in which you’ll leave, but also the other factors involved with the process:

  • Will you be making money when the time comes to exit the business, and if so, how much?
  • What is going to become of the business after you’ve left? Is it going to carry on operating with a new owner?
  • How long is the exit process going to take and what sort of transitional period is going to be involved?

When you’re reading Corporate Business Solutions reviews, you’ll see that many business owners have turned to us for assistance in this respect, so here are four of the options that our consultants recommend.

1.Continuing A Family Legacy

Some entrepreneurs are keen to keep the business within the family in the long-term. This means that they make plans to transition their company to a relative. While this seems to be an appealing strategy, it’s vital to ensure that family relationships are strong enough to cope with the stress and volatility of owning a business.

The benefits are that it’s possible to choose someone that you wish to carry on the business once you’ve left and prepared them fully for the challenge. You also don’t need to be completely separate from the business, being able to remain in place as an advisor in the long-term.

On the downside, though, it can be difficult to find someone in the family or is capable or who wants to take the business on. Also, business partners, investors, and employees may not be supportive of the chosen individual, while the process brings a considerable amount of financial and emotional stress to the family.

2.Merger Or Acquisition

When you adopt an acquisition or merger business exit strategy, the company will either be bought by or merge with an organization that has aligned or similar goals. Depending on who the business is sold to or merged with, this could mean greater flexibility with it comes to your own involvement in the future.

This strategy allows you to negotiate the sale price, but it can be a time-consuming process and it may not happen at all. Only a fifth of all companies listed for sale gets bought.

3.Employee Or Management Buyout

While it’s hard to plan in advance, it’s possible when you want to leave your business, the management team or employees may wish to purchase it from you. Since these individuals already know how the organization is managed, this strategy may result in a much smoother transition process, with a better chance of your legacy being preserved. On the downside though, there may be nobody willing to make the purchase.

4.Taking Your Business Public

A lot of entrepreneurs hope that one day they will be able to sell their company to the public and make a huge profit. Yet, when it comes to exit strategy planning for small businesses, this option won’t work for everybody. Even when your business is successful, your industry might not be appealing to the public, and therefore, your company may be devalued. Also, IPOs are quite rare. Yet, they’re also very lucrative and could gain you substantial profits.

No Single Strategy Is Best

When it comes down to it, there isn’t a single perfect exit strategy for every business. The right strategy for yours depends on several factors, and it could develop or change as your company’s life cycle progresses.

It’s important to be aware, though, that planning ahead is the best option. From the moment you launch your enterprise, you should be considering exit strategy possibilities. After all, if you’re proactive about the process – how it could look, how you could execute it, and what the possible consequences could be – you’re most likely to be successful when the time comes to leave your company behind.

 

Struggling With Your Business Instagram Game? 6 Tips to Optimize Your Profile

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It’s no secret that for a business to succeed, you most likely need to have a social media presence. Consumers typically search online for a company before going there, and their social media account often is the first to pop up.

Instagram has become a top priority for many companies and their marketing strategy. Posting pictures and behind-the-scene videos of the company can do wonders in promoting what you’re doing.

Don’t miss out on more opportunities by not having an Instagram account. You’ll be surprised by how much it can provide for you.

At Corporate Business Solutions Consultants, we have six points to optimize your Instagram profile for a successful social media strategy.

Choose a High-Quality Profile Picture

Don’t make the mistake of thinking your profile picture doesn’t matter, because it really does. You want something that represents what your brand is. If you have a logo, that is always a good place to start.

The profile picture should speak to who you are. That way, when someone sees that photo somewhere on their feed, they know right away it’s you without looking at your name.

Not only that, make sure the picture is high-quality and not pixelated.

Put Descriptive Words in Your Bio

The bio on your profile is a place for your creativity to shine. Have some fun with it (while still being professional and relevant to your business).

Add keywords that relate to your company. You don’t have a lot of space, so spend some time narrowing down what your business is to a few short lines.

Instagram also added the use of hashtags and tagging other profiles. This is something you should take advantage of. Adding hashtags allows people to follow those related to your brand.

Make Your Own Hashtag

While you’re at it, create your own hashtag for your company. The great thing about hashtags is that anyone that uses them in a post, you’ll be able to see those photos and videos. If you make a hashtag for your business, customers can follow it and get all of the related content in one spot.

Add Your Website

Chances are you have a website for your business. If you don’t, you need to invest in one. Websites are critical for consumers to get valuable information before deciding if they like your business.

Your Instagram profile has a spot for websites that you’ll want to add. Once you have that, you can use their analytics to track how many people use that link to visit your website.

Keep Things Tidy

Because of the limited space on your profile, try to keep it as tidy as possible. Having paragraphs of words or filling it with nothing but emojis can get distracting and hard to follow.

Your profile is meant to be short, sweet, and to the point. So, add line breaks and keep your sentences short. Utilize emojis, but watch that you don’t go overboard.

Incorporate a Call to Action\

Having a call to action is always a good idea. A call to action helps prompt viewers to perform an action you want them to do. For example, if you have something on your website you want people to see, tell them to click on your website link.

The above six points can help get you on the path of having a killer Instagram profile that stands out. Make your account successful. Spend time creating a solid, relevant and creative profile.

Feeling Disconnected From Your Team? 6 Ideas to Help Boost the Office Morale

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Whether you’ve been in business for decades or only a few months, you quickly learn that it’s your team that holds the company together.

Research has proven that office morale affects productivity, and it’s easy to see why. If you don’t enjoy going to work and being around your coworkers or employees, it’s challenging to try and get any work done. You’ll likely be counting down the hours until your day is done.

Are you in need of boosting morale at your workplace? Corporate Business Solutions Consultants have a few tricks up their sleeve to help you out.

Start With a Positive Work-Life Balance

Boosting office morale doesn’t have to be simply rewards, games, or team meetings to discuss issues. Promoting a positive work-life balance can do wonders for people. People need time away from the office, emails, coworkers, phone calls, and everything else work related to unwind and decompress.

Starting with something small as having no emails after a particular time policy can make a huge difference right there.

Interact With the Team Outside the Office

Have you ever seen coworkers or employees outside of the office? They’re likely quite different than what you see at work.

Take some time to meet with people outside of the office now and then. You may be surprised by the relationships and connections you develop that can keep a positive vibe in the office.

Recognize a Job Well Done Publicly

There are ways that you can publicly acknowledge a job well done without making others feel left out or embarrassing anyone. It can be as simple as saying an excellent job at coffee break, taking a few seconds to showcase hard work at the next meeting, or making a note in an email.

If you want to go this route, though, ensure that you take the time to recognize everyone’s hard work, so no one feels left out.

Don’t Sweep Things Under the Rug

As uncomfortable as confrontation may be, it’s necessary to ensure that any issues that arise at work (that are work-related) are appropriately dealt with. As hard as everyone works to boost morale and create a positive work environment, issues will pop up.

Not dealing with problems tends to only cause them to bubble into even bigger ones, and that never ends well.

Be Mindful of Everyone’s Schedule

No one likes a boss that doesn’t care about everyone’s schedules and makes people work on a Sunday afternoon. Allowing employees to still maintain their schedules even if it does mean leaving for an appointment in the afternoon can go a long way.

If someone keeps purposely scheduling personal items during work continually, then you may have a problem.

Ask For Feedback

Some of the best things a team can do are learn from one another. Bouncing ideas around to help boost morale (as it’s them that are affected), can bring forward fresh new ideas that could make a drastic difference at work.

Now and then, hold a meeting that talks about office feelings and what everyone can do to keep the office a place people want to be at.

The more you can do to keep the workplace morale high, the better the business will run. Always remember – the team keeps the company running smoothly.

What is Your Business Leadership Style?

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he leadership of any organization is about creating direction, not only for the company itself but for its people. However, there isn’t a single style of successful business leadership. Which one works best for each company will depend on the people working for it, and which style helps them to be most productive.

One of the questions that Corporate Business Solutions consultants are often asked is what is the benefit of different styles of leadership, so here, we take a closer look at some of the most commonly seen styles and why they can prove to be successful.

Autocratic Leaders

Autocratic leaders rely on their own judgment and intuition rather than taking advice from other people. They can prove to be extremely effective when quick decision-making and immediate action are necessary. However, the autocratic leadership style is now seen as outdated, with many younger workers preferring autonomy in the workplace. Companies that wish to attract the most self-motivated and skilled workers should avoid this form of leadership and lean more towards a managerial style that allows workers to give their own input into the organization’s direction.

Laissez-Faire Leaders

This type of leader removes themselves intentionally from the process of making decisions, preferring to put their trust in their workers. While the laissez-faire leader stays in overall control, they allow their team to choosing the best way of getting the work done. This style of leadership works very well in creative organizations, but it requires a motivated and independent workforce. In a sector with little room for creativity and tight deadlines, a different leadership style may be more effective.

Transformational Leaders

This is a popular leadership style today, with these leaders having a strong organizational culture and leading their workers through their own example. They inspire and motivate their employees to work for the company’s overall success and encourage innovation that transforms the business’s future. While this is an effective form of leadership, it’s important to watch out for employee burnout if they’re always under pressure to perform.

Motivational Leaders

This leadership style is common in both business and sports, with leaders being able to motivate workers to go above and beyond. By using a range of methods including humor, positive reinforcement and getting to know their workers personally, these leaders are hands-on. Some workers, however, prefer more freedom and space as they are already very motivated.

Transactional Leaders

These leaders use the carrot and stick method of leadership in their company, with a long list of regulations and rules and a strong focus on results. Rather than motivating workers, these leaders focus on the structures and systems in place to reward employees. This style of leadership is very successful in major international corporations needing heavy oversight and in the military. It doesn’t work well in creative industries where experimentation is key to success.

Bureaucratic Leaders

This is an old leadership style relying on strict regulations and rules for the governorship of the organization. Bureaucratic leaders have power due to their position and not their personality and have less focus on individuals than on the organization’s structure. As a result, their company is run predictably and efficiently but without employee input, although their skills are well-used so they can make a strong impact and enjoy excellent job satisfaction.

Charismatic Leaders

A charismatic leader displays complete confidence in themselves while exhibiting a glowing personality capable of attracting followers with ease. They can easily connect with others and are dedicated to finding effective business solutions with an optimistic attitude that inspires employees. Although this leadership style is effective, the organization can suffer significantly if the leader takes time off or leaves the company completely.

Leading Effectively For Organizational Success

As you can see, there are many different leadership styles, each one with its advantages and disadvantages. The key to success is to determine the needs of both your organization and your workforce, then tailoring your managerial style to meet those needs.

 

 

Harness the Power Of A Business Valuation

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Sometimes, it becomes necessary for both shareholders and business owners to know the exact value of the organization. Whether you’re planning to sell your company, or sell or buy shares, getting an independent business valuation is often the best place to begin making well-informed decisions.

However, when it comes to finding out the value of the business, it’s surprisingly common for shareholders and business owners to be disappointed. Corporate Business Solutions consultant’s report that all-too-often, shareholders, and owners have an unrealistic idea of how much their company is worth. While sometimes, the valuation they receive will be higher than they anticipated, in far more cases, the figure is much lower than they expected. Why is this the case?

Inflated Valuations

Typically, shareholders and business owners have a highly inflated opinion of their company’s value. This is usually because they’ve read or heard about vast sums being paid out for successful businesses overseas and so apply the same multipliers. Yet, realistically speaking, these valuation parameters simply don’t apply automatically in their situation. Those parameters will be driven by several different company-specific factors that are also based on the industry and economy in which the company is operating.

The True Value of An Independent Business Valuation

Although receiving a business valuation that is lower than anticipated is always disappointing for those who expected a much higher figure, it can be a very valuable experience. It helps the business owner and shareholders alike to understand their true position and to gain fresh perspectives about the organization so they can implement changes that will bring about improvements.

In business valuation, the calculations that have been carried out will be fully explained. Not only that, but elaborations will be made on all the assumptions that underlie the applied parameters. For business owners, this will clarify the reasons for certain discount rates or multipliers being applied to reach the given conclusion of value.

Armed with this valuable information, it becomes more obvious what business owners need to do to boost their company’s value and, often with just a few simple adjustments, they can begin implementing those changes within weeks.

How Can A Business Valuation Impact on A Business Owner’s Decision-Making?

When receiving a business valuation that is lower than anticipated, many business owners decide that they should postpone the sale of their shares or company. Instead, they frequently choose to implement an action plan, starting to work deliberately on improving elements of their organization so that their company can soon be valued at a higher price.

Receiving a strong business valuation report always offers a business owner added value. If they are happy with the valuation they are given, they are armed with everything they need to succeed in negotiations with a prospective buyer. However, when they are dissatisfied with the conclusion of value they’ve received, they can use the report to derive action points that will go on to strengthen their business and improve its value with time.

Busting the Myths Of Strategic Tax Planning

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Some people have the misconception that when it comes down to strategic tax planning, this is just something that big companies need to worry about. Yet the time has come to bust that myth. Large organizations are indeed able to afford plenty of legal support to find ways of paying less tax. However, owners of small businesses can also reap identical benefits if they get the right professional advice.

Big Companies Have Financial Advantages

Major organizations have an extensive team of professionals on board, all strategizing to find the optimal tax saving solutions. This makes it easy for big businesses to leverage all of the benefits the tax code offers so they pay only the minimum tax required. Large companies also understand that, if they’re going to leverage the tax code’s benefits, they need to take action. They need to make a plan in advance and think ahead. This is something that SMEs can do too as long as they seek out professional help from companies like CBS-CBS.com. With the right kind of support, even small businesses can find strategies that allow them to ethically and legally lower their tax burden.

Making A Plan

Taking a higher-level look at your business’ tax strategy couldn’t be more important. As an entrepreneur or small business owner, you may not have easy access to extensive advisory teams or expertise, and so it’s likely you’re overpaying when it comes to taxes. After all, no small business owner knows everything there is to know about tax code, so it stands to reason that you are probably making tax mistakes that could easily be avoided and are paying more tax than you’re ethically or legally required to pay. Here at Corporate Business Solutions, we are experts in the field of strategic tax planning for small and mid-sized companies, and we can help you to develop the right plan for your organization so you can reduce your taxation costs as much as possible.

Reviewing Your Tax Situation

The key to devising the right strategic tax plan for your business is to carry out an in-depth review of your tax and financial situation. Your operating structure and business goals need to be fully assessed while your revenue sources, previous years’ tax filings, and current tax plans need to be examined. Only then can a strategic plan be drawn up that suits your circumstances but that avoids any high-risk techniques.

When you engage in proactive strategic tax planning, you’ll be able to reap all of the benefits that big companies can enjoy but without needing to spend a fortune. With the right strategists on board, you’ll immediately save on your taxes and you’ll also benefit from the confidence of knowing you’re taking a strategic, instead of a reactive, approach to handling your taxes.

Now that we’ve busted the myth that only big companies can profit from strategic tax planning it’s time to take active steps for your business to reduce your tax burden and boost your bottom line.

Transitioning a Company To A New Owner – A Basic Checklist

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If you’re taking over a business from an existing owner, transitioning its ownership is the selling process’s final phase. You have closed the deal, the sale and purchase agreement is now signed, and the purchase price has been paid to the seller by the buyer. The last step is to complete the final few actions.

What Must Be Transferred To New Owners Once The Business Has Been Sold?

The previous owner must give their successor all key information that they will need to run their business. This includes:

  • Safe combinations
  • Alarm codes
  • Software, online access, and computer passwords and codes
  • Client list
  • The keys for the filing cabinets, vehicles, and buildings
  • Personal contact details
  • Manuals for the equipment
  • Distributor, vendor and supplier lists

Must The Business Entity Be Dissolved Following The Sale?

Any business structured as an LLC or corporation must be dissolved. This can be done by meeting with the partners or board members and passing a resolution to dissolve the business. The IRS must be notified via form 966, and Articles of Dissolution must be filed with the state in which the business was set up.

Taking Professional Advice

It’s important to take professional advice about how to proceed with the closure or transfer of a business. Professional consultants can advise about these steps, but take care to choose a team with extensive skill and experience in the industry. If you read Corporate Business Solutions reviews, you’ll see how important it is to choose the right business analysts who can offer you the vital advice that you need at this key stage of transferring a business.

Which Other Steps Must Be Taken To Close Or Transfer The Business?

An attorney will also be required to cease the operations of the business. Any business which was established as a sole proprietorship will automatically close after the completion of these steps:

  • All contacts for every contract assumed or assigned by the buyer must be notified
  • All creditors must be notified to explain the way in which bills will be settled
  • All business licenses or permits will be canceled along with other registrations and assumed business names
  • Cancellation notice must be given on the lease
  • Any insurance policies which aren’t being taken over by the buyer must be canceled
  • All bills must be paid off and all amounts receivable that aren’t being taken over by the buyer must be collected
  • All remaining assets must be distributed after the closure of the sale
  • The Employer ID number must be closed with the IRS
  • The business’s lines of credit must be closed
  • Final wages must be paid to employees together with payroll fees and taxes
  • All necessary tax forms must be filed

Completing The Post-Closing Process

With help from your broker, attorney and business consultant, you should have plenty of guidance to get you through the post-closing final process. Once all of these steps are complete, the deal is finalized. The employees can now be notified together with suppliers, customers, and the public. You’ll now be ready to move forward with your new venture.