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Once a decision to liquidate has been reached, the business needs to be closed, employees discharged, and company assets must be secured and inventoried.

In larger operations, the owner will require help in managing the liquidation.

And to liquidate a business effectively is itself a business skill. Good timing and sober judgment are important aspects of "success" in times of failure.

The earlier the owner realizes that liquidation cannot be avoided, the more resources will be present to liquidate with least pain.

Human nature and reason tend to conflict in such situations, as owners hang on for dear life in the face of clearest evidence and lottery-like odds.