The closure of a store requires much effort and attention, and listed below in no particular order are the secondary considerations in setting a franchise and closure of a franchise operation.
LIST IS NOT ALL INCLUSIVE. Please consult with your attorney and tax advisor, and this list should be considered as an aid to build if you lend to them.
Basic Preparation
1. Officers, directors andShareholders
Be sure to hold directors and shareholders meetings and resolutions of the individual units that get the retailers to the issue or a substantial part of the activities allow the scholarship to liquidate.
Determine whether the board and shareholders, you can authorize a contract of your dismissal and prepay for your service "liquidation". Consult your tax advisor and attorney to determine what would be a reasonable amount of compensationcreditors when a company denies the transaction.
Determine whether it is reasonable for the officers to purchase their vehicles, and his partner. Pay "Net" "Net", as for example the sale price if the vehicle was returned to the plant or sold to a buyer of the company.
Officers need to open a new bank account at a bank other way, and: (a) use a post office box or private e-mail service as a postal address and (b) use a different color from the surface easily determine the validityand the closure of checks written.
Authorize payment in advance and consulting for companies and auditors with a heat exchanger. Their services are needed to close the transaction properly and to pay the company may not be able at a later date.
Get pre-payment, regardless of services or supplies for activities should be maintained during the phase-out period. For example, (property insurance and property taxes, if not the property) rather than third, rent, utilitiesand others.
2. The ease and safety
A summary of the lease, the original, fixed to make things easier. The summary should contain the following elements: the dates for the duration of the base, the basic fee, the rent under way and the dates for the option period, and notes on rent increases, the structures of the landlord and the tenant and the owner and a note whether the item of plant or on the website to protect the fee asEquivalent in U.S. dollars per unit sells new and a notation if the contract is not transferable and under what conditions.
Other considerations for the lease include installation of ADA violations, hazardous materials (gas tanks, underground tanks or disposal of oil-U-Bahn), is located on the property.
Ownership structures
As for taking "factory of the dismissal of help, some agreements and sales of services, General MotorsFor example, a distinction between "possession" and "rent" equipment dealers. Be sure to read sales and service in order to understand and be able to take advantage of the distinction.
Leased Services
If the factor in the hiring of the first dealers to sell the franchise, is given in accordance with the guidelines of the production facilities would have to lease payments to the concessionaire at the time in the function and the purchase agreement. (See, however, EPASection.)
Ask your insurance agent is to determine the conditions necessary to ensure an empty building.
Other insurance
In addition to coverage for the structure of the grant requires a knight or a tail on his garage keeper insurance. Most insurance companies is now "claims" and "accident".
In practice, most cases have to be settled within the limits of insurance and the insurance paid for the defense and consistentlyRegulation.
With respect to health insurance, the Cobra, for all employees of the company. Even officers and directors may be able to make payments for health insurance as part of their compensation include gradually reduce.
3. UCC, Lien and Title Searches Engineer
Most retailers are not aware that all connections on the activities of the grant to.
Estimate accurately the dealer who sold a net revenue to be discovered all these connectionspreferably before the negotiations.
Presented reports on securities and UCC-1 ratios appropriate given enough time to answer these questions and the answers are readily available if and when a potential buyer poses the question.
4. Taxes due from
Comptroller of the granting or accounting should prepare a table of all taxes are paid by the dealer and all required fees. The list should identify the quantity, and that's the reason was. InSome states have not paid taxes superlien "state and can be fixed if the assets of salary selling dealer and to sell the tax, the dealers to recover debts. Refunds can occur several months after the grant is closed.
Sign In general, each authorized person for the current account can be held personally responsible to pay for at least half of the refusal, and 100% of all sales taxes due. Also, in some cases the dealers werepersonally liable for the money from customers who have been treated as "safe" amount of money as the commercial benefits of customers, customer and credit life insurance were, and guaranteed customer service contract premium.
5. Notes and other receivables
Notes and loans - Others "account is usually a catch-all" account to the tax advantage. For the purpose of sale of the concession that the bill should be purified (1)informs the provider additional resources that can be used for a final sales and property taxes and (2), both the sales and accounting knowledge of an in-house "loans to directors, officers and employees who can be reimbursed.
6. Prepaid
The bill of costs for pre-paid account is another catch-all "that needs to be cleaned. When planning on behalf of the controller should be moved to look into the depths of all leases and deposits of the contract.many cases, equipment rental services, car rentals, computers and other lease rentals instead to the dealers to deposit or payment of the last two months.
7. Concession workers
In parallel with the employer, collective agreements normally, there are two very important areas to car dealers, Legal: concern (a) the liability of the pension funds, and (b), state and federal level closures.
In some states, selling to the retailercould be personally responsible for the funding of pension funds for employees, while in others, the trader to employees announcing the closure. In addition, Congress passed a law to "closure". In the case of "closure" of the state and federal law with a minimum number of employees, usually 50 or 100, before the law applies to the dealers of the company. Check the Hart-Scott Rodino (HSR) and the WARN Act.
As for the wages, which in some countriesenacted laws that make some shareholders personally liable for the debts of the company with employees and other staff members. Welfare and pension funds are also entitled to full pay for a law of New York.
The controller, accountant, or it has to prepare a
The list includes employees in respect of these obligations is to leave the accumulated owe tax deductions, pension and profit sharing and wages from the date of closing.
To the extent that the layoffs are a realaffected if the lease agreement, "union" should talk to the dealer's representative of the Union to ensure that all conditions of the marriage contract are met.
8. A long-term debt
Any long-term liabilities should be detailed and specific procedures for the refund. The interest is calculated. Where the interest due and overdue payments to the balance of the loan, the loan pay-offs are included in general higher than expected.
The inspector should prepare a list of theseLiabilities to, the amount owed, including interest, was the purpose of the debt, maturity, terms and data security. Following the list is complete, the regulator must take into account every day until the end of the application.
9. Other liabilities
Regarding the long-term debt, other notes payable amount should be listed by date, with interest exactly, is the subject of the note, the maturity, condition and safety of data, and arrangements should retireDebt.
10. Statements
The activity of the retail automobile is one of the few companies that require a complete closure of all books and records promptly at the end of each month. Equipment and finance companies require, approve reports on the original investment, or form.
In preparing the shop for the closure of a reconciliation can be used to explain such categories as "other income and charges", warranty, finance and insurance income representedEducation and extraordinary items.
You need a final financial statement for tax purposes.
11. Retention of documents
Dealers earn a lot of paperwork, a safer, more accessible storage that must be sold to a problem Dealers necessary. No registration merchants should just as important as it is the day when he can not be found. Veterans dealers have stories to try to retrieve the documents from the mini-camp, told both in the rainSnow.
At the appropriate time should be determined only after the provider of accounting and their counsel have reviewed and has recommended that the merchants on the statute of limitations and other regulations for the keeping of accounts, which is specific to the concession area of policy.
12. Domestic Contracts
If the dealer who sold the house in under contract, has the retailers do not want the old customers to call to his home for repair,or complaints, ie a system of services, according to the following guidelines must be negotiated with the traders in the vicinity of the closure of shops.
13. Hard Heritage
Parts and Accessories
Each plant has its own definition of "restore" reusable parts and accessories. Most also include reductions in packaging and shipping.
Shortly before the end comes, will be produced a printout list of all parts and accessories, the date of purchase and the costok.
Parts and accessories must be relegated to "recoverable" and "non-refundable" categories. Parts and accessories have to be registered, inventoried and packed according to factory specifications
The items must be placed on the market than to other dealers or parts of houses, "Napa". Note: some "non refundable" may be the parties in fact returned to the supplier, was acquired by it, as Delco, Motorcraft, Mopar, Napa, etc.
Do not mark or damageOriginal packaging is not in the inventory or packing plants in the final standings of some elements in the packages as "recoverable" marked.
Be sure to factors such as aftermarket gas, oil and grease, nuts hold bolts, pension, work in progress and the repair order (The need for a collection / R), signs, tools, equipment and accessories.
Furniture, fixtures and equipment
Durable goods are divided into two categories: (a) of the plant, such as special tools, parts purchasedEquipment, signs, computer systems, etc., and those who are not from the plant, such as desks redeemed, chairs, etc.
Redeemed and unredeemed items should be separated and inventory / auction service contacted, not to give auction items for sale. If we consider the conditions for the auction, such as advertising time, place, consider the minimum bids, the auction house guaranteed minimum income, and so on, must be considered.
Leasehold
PriceLeasehold improvements are usually lost in the process of dissolution.
Vehicles
During an evaluation of the new material is a vehicle relatively routine but time-consuming, so be prepared for a trader to realize its full value, or any vehicle at the time of transfer, it must Checklist and maintained. There are some additions and subtractions must be made, the price of the invoice.
The difference in cash to be paid by the buyerFunctional plans for the creation of the plan for a license may be significant, especially in relation to domestic routes on which the withholding of funds routinely average between $ 400 and $ 600 each or more.
A trader needs to be aware of this fact from the outset the possibility for negotiations.
Several states have laws more liberal than the sale of the operating and service agreements and the special jurisdiction law, which includes the dealer should be revised. ForFor example, requiring that dealers Maine plant closing "of the entire stock of new vehicles to purchase, regardless of model year. Some states require the purchase of equipment only for models of vehicles and other courses, plus a year of referral.
Millennium Development Goals in the States, the dealer has to check all vehicles and major MSO - if the creditor does not already.
Ready to liquidate vehicles as used cars and commercial vehicles, parts distribution, courtesy vans, the demonstrators and the snowPlows. It is usually easier to get a good price for it, leaving no one to "cherry pick". Some big thanks to their offer as a "group".
Make a list of the reports and if the plant is not buying the applications separately and wholesalers in the shop with other dealers.
Dealer plates must be returned and for the license if the agency fully considered.
13. Valuations and Auctions
There are a number of competent, recognizedEvaluators can recommend to our office. To maximize the monetary value of an appraisal or auction, the dealer should contact several companies to find out how they are functioning, what the necessary documents, the nature of the assessment. After receiving this information, the dealer should know the exact form and timing required to maximize the valuation or the sale of goods. Furthermore, by assigning an employee to prepare thoroughly and schedules online, the dealer will be betterto understand the value of assets on the ground.
Perhaps the greatest problems of evaluation and the auction: (1) none of the parties must take the time to understand the methods and considerations underlying the evaluation criteria / company 's auction, and (2), the agent almost never enough preparation for the activities and schedules. We always find that all the activities of the grant is not on the calendar, or because they are not fully depreciated, or because of an error.
14.Service contracts
Maintenance contracts for services and service contracts should be examined for the Guarantees, the duration and transferability. A mistake could be that personal responsibility for "mean remains with the dealer. Maintenance contracts for service should be provided with elements that indicate the amount of each payment, the duration of the contract the service rendered, and personal responsibility. All orders may be canceledcalendered for cancellation.
15. Liabilities and Provisions
The dealer should know the amount of guaranteed paper retail sales outstanding, have necessarily by the dealer or the dealer. The dealer should know that reserve account to pay back the subsidy payments and the amount, if necessary, the action against the dealer and the dealer.
A table of current contracts must be completed, indicatingBesides the description of the remaining warranty period and the condition of the crime and the degree of financial institutions, such as A, B or C or what ever used the system of financing of companies. The form of action, with reserves from monthly fees to return and keep the balance of power also be included.
Shortly after notifying the authorities should close the financing for the dealer to the concession, the creditors will be treated again, the availability of "walk-away" programs. Furthermore,If the dealer has been subject company utilized reduces the amount required to issue (s) Standard put, so that the retail operations, must be determined. From time to time the amount was substantial.
Finally, if the confidentiality is no longer a problem, should the dealer to discuss with the lender, the management of seized property in the future, extensions, renewals and other maintenance functions. If the dealer is the lender well before theDealers say that an incredible amount of support for a cooperative holding company.
Finally discovered, if the dealer is a great urgency, a certain degree of support will be negotiated with the buyer.
16. Trade receivables and cash equivalents
Cash
Although seemingly obvious, then the grant of cash benefits are taken into account. Normally, an account must be opened in the control of a financial institution that is not affiliated with the current activities of a broker. Also,If possible, a locally owned bank to be used, compared to a national bank. The dealer must take account of the reduction in the number of signatories on the account (s) to two, is a distributor and has the deadline, the number of signatories to the main dealer only reduced.
Factory Loan
Is reached from the moment of decision, the store nearby, said the plant should receive focused attention. If consciousnessTo reach up to the closure of the factory to stop the payments.
Try every problem demands, such as, for example, to resolve warranty disputes, long before the closure. In any case, the aid of the plant, after the completion of the trustees are essential for the re-supply and other issues shall be guaranteed.
Claims by employees
The workers' claims must be analyzed carefully in this early stage. Policy immediately if no progressfounded.
Without ringing the alarm bells have to, claims of employees and a repayment plan under way. One of the best ways to a schedule, consider what each employee must be paid to prepare, and how the final salary approach, to determine whether the claims are deducted from the final inspection of the worker. Unfortunately, some states do not allow the retailers, the debt compensation taken into account. The policy in your State / Act should be with his lawyer before he will be reviewed for compensationEmployee debts.
Loans and advances to customers and vehicles
The dealer must ensure that the requirements of the vehicle and demands, with the exception of the service and parts, are pure. The necessary changes and cancellations must be made to reach a number that portrays the realistic demands on the amount that can be expected to.
If the granting of benefits and the political parties has been well controlled, these results must be paid in an orderly manner. InThe dealer must decide whether the collections should be carried out by the dealer, and one or more workers, or the broker can sell the account to a factoring house.
17. The leased equipment
Not all of the leases can be canceled. The trader must determine which, if any rent, are personal guarantees and in respect of these leases, a concerted effort to negotiate an agreement with the landlord. This means that the company is insolvent. IfCompany is insolvent, that human settlements for a lease of the economy should be negotiated.
18. EPA inspection
If the property is held closed by the broker, it is important for the dealer to determine where and what problems might be. If underground storage tanks for natural gas are found in the letting of property, was the tenant, if not already there, contact a private inspection and receive a certificate of liquidation orCompliance, compared to him.
Be aware, no agreement between the parties to modify or distribute their respective obligations towards the state and federal law.
19. Transaction Fee
There are some extraordinary expenses such as property valuation fees, consulting fees, legal and accounting fees associated with the creation of a nearby dealer. These fees will be paid both by the general account and the awarddirectly from the personal account of the closure of the concessionaire. The licensee must be informed of the accountant, a separate tab, hold savings in these costs, so the accountant can easily determine the cost of sales and category of expenditure, for tax purposes, both personal and business.
Closing Date
Except in urgent cases, the dealer to calculate how much time is needed in order for the closure of the business, prepared usually thirtyDay. If possible, the fence on a salary.
The responsibilities of the Controller
The controller creates dealer, or be held responsible for the manufacture of products and documents for the transfer:
The books and records;
All orders and deposits;
The letter of withdrawal of the concession and equipment, a dealer or the acceptance of the resignation of the buyer;
The list of credits;
Prepaid;
PrepareInventory of the leased equipment;
Verify old records and credit card machines;
Parts and accessories of return, return of the vehicle and leases of letters request for assistance;
The transmission and / or cancellation of the company: telephone, mailbox;
Insurance: Life, the tail in the garage, estate and personal, health, etc.
The responsibility of the provider of
The dealer shall prepare, or for the verification and monitoring of all responsibleItems in the checklist and prepare for the following:
Opt for employees who are required to stay to complete the closing of the transaction.
Check orders sold decide to grant, revoke or move to another broker.
Canceling credit cards companies, including mobile phones, credit cards and cell phones - except himself.
Secure telephone service. The definition of a voicemail message regarding the submission of the grant.
DETERMINE THE FACTORYCHARTER OF RIGHTS AND OBLIGATIONS OF PURCHASE. DO NOT FORGET given to protests and requests for assistance in the contract period of service and sales.
If necessary,) you talk to a real estate agent and the list of installation on the market (rent or sale.
Find out where the credit card, guaranteed money and move the bill if it is to the same bank account, is the global business.
Close or to another dealer, all activeService provided by ROS. If possible, negotiate a commission for the referral.
Create a press release to close the deal.
Cancel all orders of new vehicles that are not regularly, not for new cars.
Please close all regional offices of services, so that the work completed to date. Do not accept work from the date of closing of the transaction could be completed.
As always, if you are a dealer in your area, you should always have a lawyer and accountant.
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