Textbook: Small Business Management in the 21st Century- https://courses.lumenlearning.com/cerritos-smallbusmgmt-1/

The four situations listed below are common ways companies change or stop.

Section 1: Liquidation or Withdrawal

-Briefly explain what's involved in this process - describe the pros and cons of closing your business this way

-In what situations is it best to use this method?

Section 2: Family Succession

-Briefly explain what's involved in this process - Describe the pros and cons of changing your business in this way.

-In what situations is it best to use this method?

Section 3: bankruptcy and possible alternatives

-Briefly explain what's involved in this process - describe the pros and cons of closing your business this way

-In what situations is it best to use this method?

Section 4: Sale of business

-Briefly explain what's involved in this process - Describe the pros and cons of changing your business in this way.

-In what situations is it best to use this method?

Show your ability to read, understand, and explain what you learn from your own mind. I want a detailed answer in your own mind, not someone's answer.

Thank you.