MBA1005 Q&A Wednesday: How do I close my business for good without upsetting my customers?
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Goodbyes are tough. When you’re closing your doors, how should you address it with your customers? That’s what one listener asked us for this week’s Q&A Wednesday. There are perfectly good reasons to close a business, from a lack of profitability to plain old retirement. But when you do so, you take something away from a group of people who supported you. As a business owner, you owe it to them to bow out gracefully. Today, we discuss how to communicate the end of your business in a respectful, productive way. Any exit strategy requires careful planning, including salvaging whatever good will you can. It requires correct timing, articulation, and possibly honoring some legal obligations. The way you close will have an impact — one that can follow you into your next business. Learn how to soften the blow. It’s the right thing to do. Click Play!