Do you have a business exit strategy? Developing an exit strategy or succession plan is essential in smoothly transitioning your business. Plan your exit, identify the necessary steps, and learn about protecting your assets at SBA Getting Out. SCORE (Service Corps of Retired Executives) offers tips on when to begin planning for an exit and how to complete a valuation of your business.
Closing your business involves a number of steps including financial ramifications, tax issues and relationships with employees, customers and suppliers. FindLaw.com covers necessary steps to dissolve your company.
State of Iowa
However you choose to exit your business, you will need to complete appropriate steps with the state of Iowa.
Business organizations on record with the Iowa Secretary of State may dissolve or withdraw their authority by submitting the required documentation. Visit the Iowa Secretary of State website for filing dissolution requirements. You can also email firstname.lastname@example.org, or call 515-281-5204 for more information.
If you are closing your business or selling to a new owner, you will need to cancel your registration(s) with the Iowa Department of Revenue.
When you are no longer paying wages to employers remember to file the Employer's Notice of Change (Form 60-111) with Iowa Workforce Development Unemployment Insurance.
If you have an environmental permit you will need to notify the Iowa Department of Natural Resources (IDNR), email or call 515-281-5918 for more information.
If you're selling to a key employee or other outside party, its recommended that you meet with a professional business broker or with an Iowa Small Business Development Center consultant. Iowa is also one of only a few states that has an employee stock ownership plan with financial incentives for businesses looking for succession options. For other questions you may have- please call us toll free at 866-537-6052 to get in touch with the Iowa Business Concierge.