This is the seventh part in a blog series that follows Oscar, an AMA member who’s opened his own barbershop in Alberta. As Oscar runs and grows his business, we’ll explore the steps entrepreneurs in Alberta must follow to start, grow, and protect their own businesses. In this chapter, we’ll see how Oscar files annual returns for his now incorporated barbershop.
Oscar spent several years offering his community sharp haircuts and a friendly place to chat, and his business had even grown to include a couple franchise locations. He was content with his achievements and approaching his expected age of retirement when his managing partner shared some surprising news: to look after his family in another province, he’d be leaving Oscar to run 2 Bits Barbershop on his own.
He took some time to think about his options, and Oscar realized that it was time to leave his daily grind behind him and spend more time with his family. Rather than seek out a new partner or offload his responsibilities, he decided to step away from 2 Bits Barbershop. Now he just needed to figure out what to do with his franchises and complete the paperwork.
Accounting for the Assets
2 Bits Barbershop added a couple franchise locations in the past few years, and Oscar didn’t want his retirement to negatively impact the franchise owners. He sat down with a Business Link Strategist to see how he could make the transition as smooth as possible.
The strategist told Oscar he could sell 2 Bits Barbershop and its assets to the franchise owners, letting them keep on with business as usual. Oscar discussed this option with them, and rather than carrying on the “2 Bits Barbershop” name, they wanted to run their own independent barbershops, just like Oscar had done when he started out. That meant officially closing 2 Bits Barbershop by completing these tasks:
With the help of his Business Link Strategist, Oscar started assembling all the right forms and putting the paperwork in order.
Filing the Paperwork
Oscar went to the AMA website and downloaded an Articles of Dissolution PDF that he could bring into an AMA centre. If he wanted to save time, he could submit the filing online too. In-centre, an AMA Certified Business Expert went through the form with him to make sure it was filled out correctly before submission. Together they reviewed his list of final responsibilities, and before long Oscar had signed his last form. With that, 2 Bits Barbershop was closed.
Life After Retirement
Oscar’s retirement was quiet and peaceful, and he didn’t like that at all. After a few years of busywork around his house and checking in on his former franchisees, he decided he needed a responsibility to help pass the time. Something familiar. Something he was good at. He visited his local AMA centre and asked about opening a small barbershop out of his garage. His AMA Certified Business Expert chuckled and pulled out all the forms he’d need.
Closing During COVID-19
If you’re thinking about closing your business during the COVID-19 outbreak, don’t give up yet. The Government of Alberta is providing grants to support small and medium businesses through this difficult time. You can see the details and apply for the grant on the Government of Alberta website.