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Business Closing Letter Template
What Is a Business Closing Letter?
A Business Closing Letter is a written notification drafted by a business owner and sent to their clients and partners to inform them the company will close soon. You can download a Business Closing Letter through the link below.
Alternate Name:
- Closing a Business Letter.
It might be necessary to prepare this statement in advance so that every concerned party knows your organization will no longer exist in a few weeks or months, but it is also required to ask your customers and business partners whether there are issues they need to resolve - maybe, you owe money to them, they still have to deliver payment for products or services, or you need to sign the documentation to put a formal end to your working relationship.
How to Announce a Business Closing?
When the business is closing, the first people you must inform are the employees. Tell them about the closure before rumors spread and do this in advance so that you may negotiate severance pay, continuance for health insurance, and investment plans. Expect that your employees will ask a lot of questions regarding their employment, vacation, and benefits - you need to prepare truthful answers to each of these questions instead of delaying solutions.
Next, you should contact your clients, suppliers, and vendors. It is possible to call each one of them or announce the closure via the Internet. However, if your business has dozens of counterparts and hundreds of clients, it may be too tiring to call everyone, while an online announcement might not reach everyone. A sample Business Closing Letter would work very well - just change the name of the recipient and mail dozens of copies to save yourself time.
How to Write a Business Closing Letter?
Follow these steps to draft a proper Business Closing Letter:
- When you have made a final decision to close your company, you need to write a Letter of Business Closure. Do not waste any time - many people may depend on you, so treat them with respect and offer full transparency.
- Introduce yourself and add your contact information - mailing address, telephone numbers, e-mail address.
- Identify the entity or individual to whom you are sending the letter - state the recipient's name, title, name of the company, and its current address.
- Inform the person or business named in the letter that your company will be closing. Indicate the exact date of closure. Outline the possible consequences for your business relationship - for instance, you will no longer order supplies from the recipient.
- If you still have to pay any money to the business partner or creditor, or you owe money and services to your client, offer them to contact you as soon as possible to confirm the amount you owe and negotiate a payment schedule.
- Thank the recipient for the business relationship you have had in the past and say it was a pleasure working with them. Ask them to contact you if they have any concerns or questions. Use a positive tone and polite language - possibly, you will have to deal with these people later, even if it will happen in a different capacity, so it is recommended to build goodwill for future business dealings.
- Write down your name, title, and sign the letter. You can e-mail the letter or send it using certified mail to have proof you have mailed the document for your records.
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