Home Business: closing or selling your business
Make sure this is the right decision
Whether you're thinking of closing your business due to financial concerns, a change in personal circumstances or because you find it hard to comply with government regulations, it can be a good idea to get help or advice before you start closing, to see if you can put your business back on track. Talk to a Business Connect advisor – they may be able to assist you.
Steps you may need to take
If you are looking at closing or selling your home business in NSW, you can use this page to get you started. Whether you choose to use a professional service, or if you choose to complete the process yourself, the prompts below will help you to consider all of the relevant steps you need to take. You may only need to complete some of these transactions.
- Notify council — some businesses will need to notify Council of their intended closure. In addition, if you have a DA consent you may choose to surrender this to Council if you close your business otherwise the consent may be available for others to use.
- Insurances — you’ll need to go through your list of insurance policies and cancel them if no longer required.
- Take care of your employees — if your business hires employees, you will need to notify them of your intention to exit the business and ensure all payments owing to them are finalised.
- Establish a succession plan – this will help you control when and how you move on from your business whether due to retirements, sale or other reasons. It will also help you achieve value. Download a template and guide on preparing a succession plan.
- Notify suppliers and customers — if your business uses suppliers, you will need to notify them of your intention to exit as well as your customers.
- Selling the business — if you are selling the business, you will need to transfer documents to new owner.
- Notify ATO — you must notify the Australian Tax Office of your intended closure of your business. There are a number of lodgments you will need to complete.
- Music licence — your Business may hold music licences.
- Social media — any existing social media may need to be shut down.