Thinking about transitioning out of your business may not seem important when you are in the process of planning it. However, transition planning involves more than just deciding when to close. You may be a current business owner who hasn't thought about the process of getting out and moving on to retirement. Suddenly the time is here and you're not sure what to do. You need to understand practical options that include selling your business or transferring ownership. In the event that you decide it is time to close your business, you need to have an understanding of liquidation, filing bankruptcy and reviewing the IRS guide on shutting down.
Knowing where to go for the right help is important. The Small Business Administration and the southwest Small Business Development Center (SBDC) are here to provide the tools and information you need as you begin the process and before making any final decisions.