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Sometimes in business there comes a point when the only option is to shut down. It is a difficult situation, it is stressful, and it can be hard to do right. On today’s The Startup Chat we discuss the right way to shut down a company.

There are so many things that need to be considered. People need to be informed and the money issue needs to be sorted. On today’s episode we tell you the best mindset to keep during the process and maybe even mention some aspects you haven’t considered.

The points we discussed today:

  • How to decide whether to shut things down
  • Making sure money is paid back
  • How to commit to a deadline
  • How to conduct the announcement meeting
  • Why you need to be firm in your decision
  • Do what’s right by everyone involved
  • Don’t expect “business as usual”
  • Offer recommendations and advice for moving on
  • How to deal with customers
  • When to involve lawyers
  • How to help your family cope

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As always, you can hit us up on Twitter @Steli or @hnshah, #thestartupchat.