Many people dream of owning their own small business. Unfortunately, many small businesses do not make it, and their owners are forced to shut their doors or file for bankruptcy. In these cases, it is important for the owner to make the process as painless as possible by recovering funds as best they can. Sometimes this includes a process called liquidation, where all of the business's assets are sold off to buyers. This may include stock, furniture, intellectual properties, or other equipment. Under some Chapter 7 bankruptcy cases, liquidation is required as a way for a business owner to raise funds to pay off debts to creditors.
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On the surface, liquidation is a fairly simple process, but actually executing it successfully can be deceptively difficulty. This is especially true since a person considering liquidation is likely under the stress of closing their business and is possible in the process of filing for bankruptcy. Thus, it is very important to have a solid plan for making your small business liquidation as successful as possible.
First and foremost, you should consult a lawyer and an accountant. An experienced legal professional can help negotiate the terms of a bankruptcy case and make sure your rights are being protected. Some people think that they have a firm enough understanding of the law to get through a situation without the help of a lawyer, but it is always better to be safe than sorry.
You should cancel any orders your business may have on file and return items to suppliers if it is at all possible. Return policies will be different for different companies, so this will require some research. The next step is to assess the value of your assets and plan the details of your liquidation sale. You may consider advertising your sale to attract more potential buyers.
If you decide that the liquidation process is not something you want to deal with personally, there are specialty firms that will send an expert to handle it for you. This will, of course, come at a price (often a percentage of the money made from the sale), so it may not be a real option for those in a bankruptcy case.
While closing a small business may represent the end of one stage of a person's professional life, a good liquidation sale can help make the transition to the next stage a little easier.
For more information, visit the website of New Orleans bankruptcy attorneys Kervin & Young, LLC.
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