Midway through the closing process, you’ll need to notify your vendors, suppliers, contractors, and freelancers that your business is closing. Your conversations with these contacts should include these key points:

• Your planned closure date and the date that you plan to stop accepting new orders
• Gratitude for the time and effort they’ve committed to your business
• A review of the successes you’ve shared
• A commitment to serve as a reference for their customers

You may need to discuss a few other topics as well:

• If you have outstanding orders that require their support, be sure to let them know the timelines by which they must be completed.
• If you have any outstanding debt obligations to these contacts, be sure to ask them to submit their final invoices.

This step of the process is relatively simple, but it can be a painful one to work through. Remember to be gracious and positive through these discussions, especially if you plan to build another business in the future that may require their support.

What’s next?

Next, you’ll face another set of discussions: informing your creditors that you’re closing your business. Read our article, How to Report Your Closure to Business Creditors, for strategies that can help you through the process.

How to Report Your Business Closure to Your Creditors

One step many owners miss in the closing process is notifying creditors. This must-do step is important because it helps you ensure you receive—and have time to validate—every claim a creditor makes before completing the closure of your business and distributing the assets that remain.   Who will I need to notify? Plan to notify […]

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