As a small business owner, you might dread the thought of what to do if you needed to shut down your business or even sell it to another eager entrepreneur. Here are some things to think about and actions to take in Goodshuffle Pro to ensure a seamless and successful transition.
Set Dates
Choose a goal date for when you want to fully close your business. You can consider having a few benchmark dates.
Examples;
First Date - Date to stop taking new contracts
Second Date - Date to sell off Inventory that is not being used by existing contracts.
Third Date - Date of your final contract and last date your doors will be open.
Final Date - Date to sell off everything remaining
Contact your accountant or business consultant to ask important questions.
Some suggested questions to ask:
Are there any current tax breaks for closing my business? If so..
What steps do I need to take to make sure the close is eligible?
What reports do you need from me to close the business/books for accounting?
What form do I need to send in to make sure my business is closed with the state?
Take steps to implement important business processes.
Example- Do you have employees? Consider hiring them on a contract basis. This will help ensure you are successfully taking care of orders, inventory, and execution of the projects you still have on the books.
After, taking action on the steps above you will want to use your Goodshuffle Pro account to make your closure or transfer of business seamless!
Start taking steps to close your business within Goodshuffle Pro!
Step 1
You can stop taking new orders and use this list to email all your clients letting them know your future plans and ensure them you will be working out all existing orders and that they will be taken care of! Consider sending a separate email to all your clients that have upcoming projects letting them know you still have all their details. Additionally, If they want to make any existing changes to their orders they will need to notify you by XYZ date.
💡 Some of our users like to use an email marketing program like Mail Chimp or Constant Contact. These programs allow you to see who has opened their emails, click links, track bounces, etc...
Step 2
Download a list of all your upcoming projects. You will want to you columns like the client name, email, and any additional information in your custom columns list.
Step 3
Adding Custom Attributes to your product in your Inventory will allow you to track the cost of items, location, etc.. This is key to successfully report important data for selling or transferring your inventory.
Step 4
Run an Inventory report that lists all your items in Excel. This will help you know how much to sell each item for. You can also use this list to track what you have sold and what you need to hold onto for upcoming projects.
Step 5
Annual Subscription- If you are signed up for an annual subscription you can deactivate and will still have access to your account to download all your reports and data.
Monthly Subscription - You can still go month to month until you are ready to deactivate. Remember, if you cancel before you have closed out your business you are not able to access reports and past contracts.
Changing Ownership?
Head to the article below if you are switching account owners on your subscription.
💙 Remember you are a part of the Goodshuffle family. We are here to help in your transition and please reach out to us in the future if we can partner again in your next adventure!