How to Get Out of a Business Endeavor

If you have made the difficult but crucial decision to get out of a business endeavor, there are certain steps that you should take to ensure that your process runs smoothly.  

The first step is to create an exit strategy. This will allow you to make sure that all your assets are transferred or sold in the most efficient way possible. You may want to consider speaking with a financial advisor or accountant to help craft an effective plan. Additionally, consult any relevant contracts or agreements so that you understand your rights and obligations when it comes time to leave the business.

 
Next, be sure to communicate your decision with partners or employees as soon as possible. Explain why you are leaving and reassure them that their jobs are secure. It is also a good idea to provide them with any necessary documents or information related to the transition, including an updated organizational chart.  
Finally, you should make sure that all your financial responsibilities have been fulfilled. This includes paying any outstanding debts and taxes, as well as transferring ownership rights and intellectual property.

You should also be sure to unregister any business names or trademarks so that they no longer appear on public records.  

Once these steps have been completed, you can move forward confidently in your journey away from entrepreneurship. By taking the time to close off all the relevant aspects of the business, you can protect yourself legally and financially while setting yourself up for future success. Good luck! 

1 of 3 Job & Business Failures

Biblical View on Prospering Your Business

In Business There is no Such Thing as Job Security!

There are very few people that make it to thirty years and even fewer that want to do that with the same business whether it be a small business or a large business. It seems to be more advantageous to change companies every few years to get that raise or promotion or better job.

Don’t get me wrong, workers used to be secure in the knowledge that their company would still be there and so would their pension. Then came mergers, companies buying each other and some of those Wall Street money grubbers buying companies and then selling off components, causing many people to lose their jobs, while the grubbers and the CEO’s where making millions.

So what is a person suppose to do? It appears more and more that YOU will have to be responsible for yourself! What does that mean? It means that you will have to depend on yourself to make the money you require for your freedom without depending on the “man”.

Now in previous articles I have written about small business failures and the insecurity of going into business for yourself. With a failure rate of 96% over 10 years it is hard to justify going into business for yourself unless you have a line of products that can guarantee you a residual income for a very long time.

Here is an example of residual income? That is income that is yours every week, month or year for a fairly lengthy time. Suppose you are an appliance sales person, you will get a one time commission on the sale price of that item. If you sell none or don’t go to work that day, then you get nothing. For residual, suppose you provide a service contract for that appliance and the buyer signed up for a two year contract, wouldn’t it be great if you received a percentage of the payment every month for the next two years? Well that is residual income!

We all know that is not true. The person that sells that appliance and the service contract only receives a small commission on the sale or no commission at all as they get an hourly wage for selling.

When people have declared bankruptcy, it could have been prevented if they had only $458 per month in additional revenue or income. The bankruptcy could have been prevented with that small income increase. That is less than $5,500 per year. And when you go to a lawyer to declare bankruptcy it will cost you another $800 to $1,200 for their assistance. And then your credit is shot!

Well, for less than the price of a lawyer, YOU can be making a residual income with your own small business. This residual income will provide you with that extra money you need to stay solvent or after a very short period of time the income needed that will allow you to quit your job and not be dependent on anyone but yourself.

The only thing better than that would be to win the lottery? The quicker you get involved the quicker you can start making money. For more info, go to my web site listed in the author’s box below.

By the way, this is a turn-key small business that will provide everything you need to start your business in minutes. You can get your first customers within 24 hours and begin to earn a rewarding income. I will be with you every step of the way helping you make the money you want.

The amount of money you make is dependent on how much work you put into it. I will explain everything to you in detail and I will continue to be with you after you have purchase your own business. You will be in business for yourself but not by yourself with a Billion dollar company backing us both. I look forward to working with you.

About the Author
Lou Martiniano, the author of this article is a Profit Improvement Specialist for business and consumers. He helps people like you generate savings by providing ways to save money or by providing additional income sources. Goto ==>http://www.makingmoneybyTCOB.com