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100 Rules For Entrepreneurs by Neil Lewis

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98. Cease trading before it is too late

If your business is going down hill rapidly, as will sometimes happen if a market collapses or you suffer a product failure, then it may be better to bail out sooner rather than later.

By bailing out, I mean to cease trading and then – and only then – to let an appointed liquidator make all staff (if you have any) redundant, and negotiate to escape from the terms of any contract (such as the rent of office space). Liquidators are simply specialist accountants and are usually from a sub-division of a larger accounting firm. Rather as some firms have specialist tax partners, others have specialist accountants who work specifically on liquidations.

Create a freelance skeleton staff before the business ...

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