Selling or closing your business is one of the most important decisions you'll have to make.
You may decide to stop operating your business for a number of reasons, including:
- you no longer want to run the business
- the business is not making enough money to survive
- the business has achieved its intended purpose
- you'd like to retire.
Read deciding whether to sell or close for things to consider when making your decision.
Is selling or closing a better option for me?
Once you’ve decided you don't want to run your business anymore, you’ll need to decide whether you want to close it down or sell it. This can depend on a number of factors, including:
- the size of your business
- how profitable your business is
- whether there's anyone available to pass your business onto.
Whether you choose to sell or close your business, you'll need to address a number of issues, including cancelling your company and business name, ending or passing on lease agreements and cancelling taxation registrations.
Find out more about what’s involved when:
Taking care of yourself
Selling or closing your business can be an emotional experience.
Like most business owners, you’ve probably put in countless hours, money and energy. When it ends, it can be difficult to deal with the change, especially if you didn’t want to sell or close your business.
It’s important to know that there is help and support available:
Videos to help you sell or close your business
If you’re thinking of selling or closing your small business, the Australian government has free videos to help guide you through the process.
The Australian Taxation Office, the Department of Industry, Innovation and Science, the Australian Securities and Investments Commission and the Fair Work Ombudsman have worked together to create, the seven part ‘Journey of selling or closing a small business‘ video series.
The videos can help you:
Watch the videos now!
Head to our YouTube channel for more business related videos.