There are many different reasons for liquidating a business. There may be financial difficulties that have forced the owner into a bad situation with creditors or banks. Sometimes the person running the company decides to retire or has health issues that make it impossible for him or her to remain on the job. Whatever the circumstances, the decisions company liquidation Fort Worth TX business owners make are very important.
Whatever the reason you have elected to close your business, you should take a number of things into consideration before you begin the process. Unless you own a small company that will sell to someone in the local market, you will probably be hiring a Realtor to handle the transaction. The agent selected should have a good solid background in selling commercial property and a high success rate.
One of the first things the real estate agent will want to know is whether you want to offer the real estate and the inventory as one package or sell them separately. You have the option of offering the inventory as a whole or selling it off piece by piece. Your Realtor will be able to help you with the building, but may have to refer you to someone else to manage the inventory sale.
You may have to work with creditors to get approval, but you do not have to publicly advertise your business for sale unless you want to. This probably applies to a lot of corporations and owners of companies with multiple locations. It might be advantageous to hold negotiations confidential, especially if the new owner is going keep the enterprise going after the sale.
Depending on the time frame you have to get the property sold, you may consider turning to a real estate auctioneer to take care of the sale for you. You might do this in the very beginning of the process or wait until the commercial Realtor has had a chance to contact potential buyers and get a feel for the interest in the marketplace. The auction process will give you a concrete date for selling and may bring out new potential buyers.
Your employees will naturally be anxious and worried over the potential loss of their livelihoods. Some may leave as soon as possible to avoid unemployment. Others may be induced to stay through the selling period if you give them some type of bonus or extended benefits. If the new owner is going to keep the business operating, he or she may be interested in retaining some of the staff, at least transitionally.
Once the sale is finalized, you and your family will have some important career decisions to make. If your initial intention was to retire, you can proceed with your plans. Otherwise, you may want to spend a few weeks or months weighing your options.
Whatever the reason for dissolving a business, it doesn't have to be a chaotic and unpleasant event. Taking some time to make sure the process goes smoothly will help everybody make a positive transition.
Whatever the reason you have elected to close your business, you should take a number of things into consideration before you begin the process. Unless you own a small company that will sell to someone in the local market, you will probably be hiring a Realtor to handle the transaction. The agent selected should have a good solid background in selling commercial property and a high success rate.
One of the first things the real estate agent will want to know is whether you want to offer the real estate and the inventory as one package or sell them separately. You have the option of offering the inventory as a whole or selling it off piece by piece. Your Realtor will be able to help you with the building, but may have to refer you to someone else to manage the inventory sale.
You may have to work with creditors to get approval, but you do not have to publicly advertise your business for sale unless you want to. This probably applies to a lot of corporations and owners of companies with multiple locations. It might be advantageous to hold negotiations confidential, especially if the new owner is going keep the enterprise going after the sale.
Depending on the time frame you have to get the property sold, you may consider turning to a real estate auctioneer to take care of the sale for you. You might do this in the very beginning of the process or wait until the commercial Realtor has had a chance to contact potential buyers and get a feel for the interest in the marketplace. The auction process will give you a concrete date for selling and may bring out new potential buyers.
Your employees will naturally be anxious and worried over the potential loss of their livelihoods. Some may leave as soon as possible to avoid unemployment. Others may be induced to stay through the selling period if you give them some type of bonus or extended benefits. If the new owner is going to keep the business operating, he or she may be interested in retaining some of the staff, at least transitionally.
Once the sale is finalized, you and your family will have some important career decisions to make. If your initial intention was to retire, you can proceed with your plans. Otherwise, you may want to spend a few weeks or months weighing your options.
Whatever the reason for dissolving a business, it doesn't have to be a chaotic and unpleasant event. Taking some time to make sure the process goes smoothly will help everybody make a positive transition.
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