This may be easier said than done. A lot will depend on how your business is set up, what debts you have, any securities and personal guarantees given etc.

If you are selling up then in all probability any securities and associated sales and legal costs will be repaid from the sale proceeds of the business and you will keep what is left over. However, if your trading has been in steady decline over a period there may not be much to sell as the accounts will show what has been happening to your cash flow.

If you are SELLING the business you will have three options:

Forced Sale – Like it says, you are forced to sell up and will take what you can get to (hopefully) clear your feet.

Going Concern: The business is sold at a value based on past trading accounts, stock at valuation, goodwill etc. A professional business valuation or appraisal can be money well spent here.

Book Value: Half way between forced sale and going concern. Valuation based on assets and liabilities, determined by your accountant.

 GETTING OUT OF BUSINESS.

(WINDING UP)

In some cases, circumstances dictate that you must CEASE TRADING or WINDING UP as it some people put it:

WINDING UP! There are two ways of going bust: the hard way and the easier way.

THE HARD WAY : You ignore all your creditors, the bank, tax man etc. Someone appoints a liquidator / receiver or has you declared personally bankrupt (remember the £750.00 rule). This way practically guarantees you lose everything including your health, marriage and self respect!

THE EASIER WAY: You contact us immediately to discuss your exit strategy, how it could affect you and what can be done to alleviate the situation.

If you are liquidating the business, considering or facing Liquidation or Bankruptcy then call us immediately BEFORE you sign any papers!

Your exit strategy will be determined by many factors including the set up of your business, action taken by creditors, securities given to creditors and exposure of your personal assets.

It is impossible to give a strategy for every scenario and we strongly suggest that you contact us immediately if you are seeking to get out due to debts and pressing creditors.