If the other strategies in this guide don’t seem to fit what you are looking for, then perhaps closing everything is the only option. Closing your business can be both an emotional and tedious process for all involved. Some things to keep in mind and consider are:
How much time is left on your leases (buildings, equipment and other assets)
Do you have any outstanding debt? Can the business pay this off now or will you need to personally pay moving forward?
Do you have employees to worry about?
Do you have any business partners or investors who may not like this idea?
Frequently Asked Questions
Do you have questions about exiting your business? You should consider checking out our Resource Navigator. It houses the contact information of 400 of our most helpful partners from across the state who provide free to low-cost assistance to Iowa entrepreneurs and small business owners.
Q: When should I consider closing my business?
A: When you and/or your investors want “out”, you should highly consider spending a considerable amount of time deciding the best path forward. Some business experts say you should have your exit plan worked out when you are just starting out the business to make things easier. There really isn’t a right or wrong answer to this question.
Q: Are there alternatives to just closing my business?
A: Absolutely! Check out the rest of this Exit My Business guide to learn more.
Q: Should closing my business be the last option I consider?
A: This depends on your situation. There are options that allow you to continue generating income from the business without your presence, giving back to the community through gifting, and more! Consider the alternatives before closing things down right away.
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NOTICE: The information included on this website is to be used only as a guide. It is not intended to cover all provisions of the law or every taxpayer's specific circumstances.