Getting Out
You may wish to leave your business for a variety of reasons. For example, you may be ready to retire - if so, congratulations! - and you may wish to hand your business to a relative. Or perhaps your business did not live up to your expectations. Whatever the reason, be smart about how you make your exit.
Plan Your Exit
Do you know how you are going to exit your business? You may have a dream of going public, selling to the highest bidder, or retiring and handing over your business legacy to your family. Big dreams aside, the truth is that many... click for more.
Steps to Closing a Business
If you are considering leaving your business below you will find suggested steps to follow in closing your business. Decide to close a business - sole proprietors can decide by themselves that they should close ... click for more.
Selling Your Business
If you decide that selling your business is the right exit strategy for you, be sure that you cover all your bases. In order to sell your business officially, you will need to prepare a sales agreement. This is the key document in ... click for more.
Transfer of Ownership
As they say, all good things must come to an end. Maybe you'd like to retire, or maybe it's time to pass the family business to the next generation. For one reason or another, many business owners will face a time when they ... click for more.
Legal Resources for Operating and Exiting a Business
There are many resources available to help you comply with the basic laws for conducting and exiting a business. Here is just a brief listing of articles that offer general assistance to specialized audiences. Environmental ... click for more.
Liquidating Assets
If you have decided to get out of business and are not able to pass your business on, merge it with another business, or sell it as a going concern, liquidating the assets could be the most appropriate exit strategy. However, before ... click for more.
Filing for Bankruptcy Protection
Deciding to file for bankruptcy can be a painful decision, but you may find yourself in a position with no other options. To protect yourself and your business, educate yourself about this course of action before making the decision ... click for more.
The main document if you want to sell your business is the .
When there are no other options available to you, you will need to .
However you decide to exit you will need to with the legal system.
People who are do not need to consult with others regarding the how to close the .
Handing your business over to another person is called a .
Going public with your business is, for many people, often no more than .
Whichever exit strategy you choose you will need a .
AI explanationShows the answer. Tap to open.
Question Focus: Finding the exact document name mentioned in the selling process
Correct Answer: sales agreement
Why this is correct: In the section about selling a business, the passage clearly names the key document you must prepare. The summary gap is asking for that exact document, and the passage uses the words sales agreement.
Passage Reference: If you decide that selling your business is the right exit strategy for you, be sure that you cover all your bases. In order to sell your business officially, you will need to prepare a sales agreement. This is the key document in ...
Common Mistake: Students often write contract or sale contract, which sound logical but do not appear in the passage. You must copy the exact words from the text. This is a synonym trap.
Paraphrasing: Passage: 'prepare a sales agreement' = Summary: 'prepare a formal document to sell the business'
Tips: When a gap asks for a document or title, scan for capitalised or clearly named items in the passage.
Key Vocabulary:
- agreement = formal arrangement
- officially = legally
Question Focus: Identifying an exit option mentioned as a last resort
Correct Answer: file for bankruptcy
Passage Reference: Deciding to file for bankruptcy can be a painful decision, but you may find yourself in a position with no other options. To protect yourself and your business, educate yourself about this course of action before making the decision ...
Why this is correct: The final section talks about this difficult option when there are no other choices. The passage uses the exact phrase file for bankruptcy, which matches the summary gap.
Common Mistake: Students may write bankruptcy alone, but the gap needs the full action phrase. Leaving out words is a partial truth trap.
Paraphrasing: Passage: 'Deciding to file for bankruptcy' = Summary: 'choosing this legal option'
Tips: If the passage uses a verb plus preposition, copy the full phrase, not just one word.
Key Vocabulary:
- bankruptcy = legal inability to pay debts
- protect = keep safe
Question Focus: Using the exact verb related to following laws
Correct Answer: comply
Passage Reference: There are many resources available to help you comply with the basic laws for conducting and exiting a business.
Why this is correct: In the legal resources section, the passage explains that these resources help you comply with laws. The summary paraphrases this idea, so the exact verb is needed.
Common Mistake: Students often write follow or obey, which are correct in meaning but wrong for IELTS. This is a synonym trap.
Paraphrasing: Passage: 'help you comply with the basic laws' = Summary: 'help you follow the law'
Tips: Never replace a passage verb with your own synonym. Always copy.
Key Vocabulary:
- comply = follow rules
- resources = sources of help
Question Focus: Identifying the main subject being exited or closed
Correct Answer: business
Passage Reference: You may wish to leave your business for a variety of reasons. For example, you may be ready to retire - if so, congratulations! - and you may wish to hand your business to a relative. Or perhaps your business did not live up to your expectations. Whatever the reason, be smart about how you make your exit.
Why this is correct: The introduction repeatedly talks about leaving or exiting a business. The summary gap refers to the same main idea.
Common Mistake: Some students write company, which changes the wording from the passage. This is a synonym trap.
Paraphrasing: Passage: 'leave your business' = Summary: 'exit your ___'
Tips: For general ideas, the answer is often a repeated key word from the introduction.
Key Vocabulary:
- exit = leave
- variety = many kinds
Question Focus: Identifying who can decide to close a business alone
Correct Answer: sole proprietors
Passage Reference: Decide to close a business - sole proprietors can decide by themselves that they should close ... click for more.
Why this is correct: In the steps to closing a business, the passage states that sole proprietors can decide by themselves. The summary shortens this idea.
Common Mistake: Students may write owners or managers, which are too general. This is a context shift trap.
Paraphrasing: Passage: 'sole proprietors can decide by themselves' = Summary: 'these people can decide alone'
Tips: Look for specific legal or business terms. They are often tested directly.
Key Vocabulary:
- sole proprietor = single owner
- decide = make a choice
Question Focus: Naming a method of passing a business to others
Correct Answer: transfer of ownership
Passage Reference: Transfer of Ownership__ As they say, all good things must come to an end. Maybe you'd like to retire, or maybe it's time to pass the family business to the next generation. For one reason or another, many business owners will face a time when they ... click for more.
Why this is correct: There is a whole section with this exact title. The summary gap is asking for that process, so the answer must be transfer of ownership.
Common Mistake: Students sometimes write selling the business, but that is a different section. This is a wrong section trap.
Paraphrasing: Passage: 'pass the family business to the next generation' = Summary: '___ to others'
Tips: Headings are very strong clues for summary answers.
Key Vocabulary:
- transfer = pass on
- ownership = legal possession
Question Focus: Identifying the action recommended before exiting
Correct Answer: plan
Passage Reference: Plan Your Exit__ Do you know how you are going to exit your business? You may have a dream of going public, selling to the highest bidder, or retiring and handing over your business legacy to your family. Big dreams aside, the truth is that many... click for more.
Why this is correct: The passage clearly advises readers to plan their exit, shown in the section title. The summary reduces this advice to one key action word.
Common Mistake: Students may write prepare or think, which are similar but not used in the passage. This is a synonym trap.
Paraphrasing: Passage: 'Plan Your Exit' = Summary: 'you should ___ before leaving'
Tips: Short gaps often take one strong verb straight from a heading.
Key Vocabulary:
- plan = decide in advance
- exit = leave
General Tips:
- Summary completion questions follow passage order. Use the first answer to help you locate the next.
- Always copy the exact word or phrase from the passage. Synonyms are marked wrong.
- Check the word limit carefully. Even one extra word is an automatic loss.
- Look at headings. They often contain answers used later in summaries.
- Use grammar clues around the gap to decide if you need a noun, verb, or phrase.
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