How To Properly Prepare for a Going-Out-of-Business Sale

How To Properly Prepare for a Going-Out-of-Business Sale
  • Opening Intro -

    It’s been a long run, but sometimes all great things must come to an end.

    A going-out-of-business sale doesn’t have to be a sad event, and more importantly, you shouldn’t rush it.


Sometimes, owners don’t take the time to make the most of the occasion and make a mess. Here’s how to properly prepare for a going-out-of-business sale.

Pull Your Numbers

Going out of business doesn’t mean all your hard work goes down the drain. It means the exact opposite, actually. The next big thing is around the corner, and before you take that step, you need to see where you left off in your current business.

Pull your numbers and gather all the information you can to see how your business did in the last year. All this information will be good to have if you plan on finding a new location, venturing off to a new deal, or selling your business to a potential buyer. They will need this information to see where the company’s strengths and weaknesses are.

Gather the Team

You can’t close out the business by yourself. It takes a village to do everything. Plan to have a lawyer, accountant, property manager, and investment banker on your team. Look to them for counsel on some of the bigger issues you can’t cover alone.

Their expert advice will help guide you in the right direction to close out your business in the most efficient way. You don’t want to bleed money, and they will have some tips that help you handle the process with little to no causalities.

Tidy Up the Space

No one likes an unorganized going-out-of-business sale. It’s a real pet peeve. Just because the store is facing its last days doesn’t mean it needs to reflect that.

By all means, promote the going-out-of-business sale, but keep the store organized.

It should look like it always does. When it starts to get messy and unorganized due to customers, gradually tidy up the space.

When it comes time for the big cleanout, it’s a job for a large dumpster to accommodate all the remaining items you don’t need.

Incentivize Your Employees

Your employees are your best soldiers, and they have been there from start to finish. They might be sad to see the business go, but constantly remind them what a vital part they played in the entire company.

You need them to still be on the team until the very last day. Give them incentives, like a sales bonus or possible stock options. They will feel more compelled to ensure the business receives the closing it deserves.

If you wish, consider hosting a happy hour for the final day to thank them for all their hard work and celebrate new beginnings.

Preparing for a going-out-of-business sale is bittersweet, but when done properly, you’ll remember more good times than bad.



Image Credit: Adobe royalty-free stock image FILE #: 377944399

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