Leave four spaces before your typed name so you can place your handwritten signature … Example Letter #2. Tell your employees about your closure before they hear it in public or through the corporate grapevine. Be prepared for anger and fear and answer questions to the best of your ability. Yet, leaving your customers without this type of message is a big no-no, as it presents you as an unprofessional & sloppy equivalent of the notorious Ebenezer Scrooge. Explain when the company will close, whether staffers will get severance pay, and what they need to know about continuing health insurance or transferring investment plans. Have a written statement prepared with the particulars outlined that you can give to staffers after the announcement. Send a news release to your local newspaper business editor that provides the details of your closure. Here are some tips to help you announce the closing with as little stress as possible: Let them know before they read about it. This sample letter is a format to announce the closing of an office or store to employees and it is from the management or board of the organization. Give users as much time as possible to act on your information, without feeling rushed or panicked. Use the Internet to announce your closure. Start the closing with a capital letter. Notification of how the closure is to be handled will typically be spelled out in the company's articles of incorporation. Mention details such as the address and name of the location that is closing, as well as the date the closure is taking place. If you have paid any contractors at least $600 for services (including parts and materials) during the calendar year in which you close your business, you must report those payments. Your company may be going bankrupt. Admit It! Top-tier clients should be talked to in-person or by phone and informed about the closure. Open this in all versions of MS Word, Apple Pages, and Google Docs. ~ Thomas A Edison. Depending on the type of business, there are numerous legal requirements that you must meet to ensure that you are not held personally responsible for the business. Corporate reorganizations, mergers and acquisitions affect employees, customers, suppliers and vendors. Leave Channels Active Even though you won’t be posting regularly on your social media channels anymore, we still recommend leaving them active; you never know when an investor may come along and want to help you reopen your business! You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. Announcing a company closing to your staff should not take the same form as publicizing the annual picnic. The general business decline in that area makes it impossible to justify keeping the office open. “Yours truly”, “Your Sincerely” and “Sincerely” are the most common types of closing in a business letter. Closing or limiting your business as a result of Coronavirus will be extremely disruptive. She is also the author of several nonfiction trade publications, and, in 2012, had her first young-adult novel published by Glass Page Books. Three Steps to Cheat Death. Obviously the closing of a store is hard on everyone involved but it’s a natural part of business and it’s not easy to do for anyone. It’s Time to Close The best method is to send a formal going out of business letter that contains any details the receiver should know. A closure or a downsizing is not an excuse for leaders to go into hiding. I’ve just found 10,000 ways that won’t work. If you think you have been blocked in error, contact the owner of this site for assistance. This will allow the employees time to absorb what you are saying. Generated by Wordfence at Wed, 6 Jan 2021 9:01:38 GMT.Your computer's time: document.write(new Date().toUTCString());. [owner name] in conjunction with the [organizational name] takes great pleasure in announcing the formation of [address] to serve the needs of entrepreneurs in all aspects of their business. If a business closes abruptly due to the death of the owner, the business will become the responsibility of heirs, estate, partners or co-owners, depending on how the business is structured. Date. Whether you’re selling your company, retiring or going out of business, your staffers, clients and vendors need advance warning. Showing your appreciation is a simple way to keep the closure positive by reflecting on all the good your business accomplished. If you have a company newsletter or email newsletter, send an announcement via this medium. This includes organizing the liquidation of the company prior to the cancellation of its registration, followed by the announcement of the termination of the company. Instructions. Try to do that before announcing the closing. Announce Closure of Business Location. Make a copy of the information that is shared for the employees to take home. Company Name or Letterhead Address City, State Zip. You may wish to issue a statement describing why the business is closing, whether you’ll have a going-out-of-business or liquidation sale, or if the business will be under new ownership. Every business finds itself in need of new and creative ways to announce business changes – change being the only constant, as you very well know. Send this letter when your company is closing one or more of its locations. It is considered the best business practice to inform of a restaurant closure at least 30 days before the last date of serving. You may be retiring and deciding to close the business. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Owners still have a responsibility to notify employers, clients and vendors of the circumstances in a timely manner. With consistent messaging in place, your community and potential customers will know what to expect for interacting with your business and be more likely to trust future messaging. Get the particulars in place before making your announcement so you can provide details about the final day of operation and how you’ll finalize all business and employee transactions. Thank Your Customers for Support One of the most common ways to announce your business intentions is to send a company closure letter to customers. [name] takes great pleasure in announcing that [name] and [name] are now associated with our firm. You’ll need to decide, too, if the project will be completed or terminated. You will then receive an email that helps you regain access. Depending upon the type of professional relationship the line or word can be altered. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. 12 Effective Steps for Closing Down a Business 1. Business closure letters do not need to be long to be effective. (HTTP response code 503). In 1994, she launched a full-service marketing and communications firm. Wordfence is a security plugin installed on over 3 million WordPress sites. Your access to this service has been limited. If the business is closing for good, you’ll need to abide by contract terms and close out projects, orders and services already in the works. Your first and most public act will be to inform users that you are closing the product (more details on drafting this communication later). Choose your communications channel carefully. If you have a physical location, post a closure notice on the door. You may be taking a job with a company and closing the business. Use Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to send paper copies of all Forms 1099 to us. Let’s say that your business was incorporated as a limited liability company (LLC). Copied! If you have a company newsletter or email newsletter, send an announcement via this medium. Lisa McQuerrey has been a business writer since 1987. This process is just as important as the steps required to start a business. Use Form 1099-NEC, Nonemployee Compensation. Once the decision has been made to close a business, the owners need to inform their customers, suppliers and creditors as soon as possible. Rather than leaving everyone to wonder how the reorganization will affect their relationship with the company, it’s wise to develop communication strategies that address employee concerns as well as questions from customers, suppliers and vendors. They will most likely be a little numb from the announcement and may forget some of the detail. Post the details from your news release on your website, on social media and business networking sites. There are many different scenarios that play out every day. The conditions prompting the closure, the recruitment policy post the closure and more will also be announced through this business letter. At the very minimum, … Instantly Download Free Closing Business Letters to Employees, Sample & Example in Microsoft Word (DOC), Google Docs, Apple Pages Format. If you have a physical location, post a closure notice on the door. McQuerrey's work has garnered awards from the U.S. Small Business Administration, the International Association of Business Communicators and the Associated Press. Like the salutation, closing lines or words should be chosen carefully. Depending on the nature of the closure, you may want to start with managers or department heads first, then break the news to general staffers in a group meeting. Simply replace the unfilled areas such as " []" and " [date]" with your information. Communicate each point slowly, and pause in between communication points. Customers, vendors and suppliers you have ongoing relationships with should be contacted by phone, email or regular mail with the details of your closure. Once you reach final agreements, get the details in writing to ensure everyone is on the same page about when services will cease. Dear [name], We regret to inform you that [I/we] have decided to close down [my/our] business. Our last day of business will be on [date]. When an owner makes a store closing announcement to the community and employees, obviously a lot of questions come up. When business goes bad and the only option is to close the doors, you need to make sure that you do it the correct way. The owner of this site is using Wordfence to manage access to their site. Business Insider logo The words "Business Insider". This letter template is easy to use and fully customizable. The components needed in a restaurant closing letter are: • The closing date – this is especially important for a restaurant to provide because their customers may plan ahead and make reservations for lunch or dinner. Last updated on January 17th, 2019. Easily Editable & Printable. The Company Law stipulates certain requirements before triggering the closure of a company. Use the Internet to announce your closure. They may also refer back to the written LLC operating agreement for additional guidelines. Secure a vote to dissolve the business. Use a comma after the complimentary closing, before your signature. We regret to inform you that we will close our Springfield office permanently on Friday, December 20. Example Sentences I am pleased to announce that on June 15 John Doe will be opening a new tune-up service on 1600 Main Street. You may also submit the news release to local business organizations like chambers of commerce or industry associations. Picking the right words for you holiday out-of-office emails can seem like a proper “task”, particularly if you want to be both clear and polite with your message, while sprinkling it with usual phrases about the spirit of holidays. Closing down a business requires a certain process be followed. Thus, you need to fire up your email clien… There are specific steps that must be taken in the event that you have to close a small business. To learn more about closing a business visit http://www.lawinfo.com/closing-a-business.html I have not failed. Surprises are OK if it's your birthday. Example 1: Sample Letter for Closing of Facility/Location. We are aware of the impact this closing will have on employees in that office. If the business or office is an extension of a known business, explain that relationship. The letter should; • Tell the reader the date the business will close • Inform the reader of anything they need to do • Tell the reader where to direct their questions • Thank the customer or supplier for their business The owners, or members, would need to meet to discuss closing the company and pass a vote agreeing to dissolve the business. Entrepreneur: Telling Staff and Customers You're Selling Your Biz, TSB: Closing a Business – 7 Things to Communicate to Employees, Pasha Law: What Happens When a Business Owner Dies? If the company is being sold and you’re transferring accounts, you’ll need to discuss the parameters and make introductions to new managers. Accidents, natural disasters and other events have the potential to prompt an unanticipated business closing. Get to draft a letter informing a client that you will be closing your business. Francesca's is the latest retailer to announce it is closing stores, with plans to shutter 140 locations by the end of January. You may be selling the business. Dear Mr. Marcus: Jordan Waters and Associates would like to announce the temporary closing of our East Park branch. If you have existing contracts in place, you’ll need to provide notice per the terms of the agreement, or negotiate a closeout settlement. Don't worry about it – your colleague or business associate won't feel … If the closing is more than one word, use lowercase for any following words. Quickly Customize. If you're used to communicating mostly with friends, family, or even co-workers you've worked with for a long time, an appropriate closing for a business letter will probably feel pretty stilted at first. Post the details from your news release on your website, on social media and business networking sites. If your business is no longer running a profit or you are just ready to move on to something else, it may be time to close your business. 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