SimpleClosure

Easiest and most trustworthy way to shut down your startup

62 followers

Easiest and most trustworthy way to shut down your startup

62 followers

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Project management software

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Startup financial planning

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Legal services

SimpleClosure uses technology to simplify the complex task of shutting down a business. Tailor-made for startups, we handle all closure-related tasks, simplifying and expediting the process while making sure it's done right.

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Launch tags:Fintech•Legal•Tech

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SimpleClosure

Maker

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Hi Product Hunt! We're excited to officially peel back the curtain and announce our public Beta launch! *A bit about my journey…* I still remember the day. We were sitting in our quarterly board meeting, reviewing our finances, when one of our board members asked me, “Dori, what would a plan for shutting down look like?” “Shutting down” — the dreaded words no founder ever wants to hear. At the time, I had no idea what shutting down actually entailed, so going home that evening from the board meeting I had homework. I started researching online for information on how to properly shut down a company, but could not find any substantial resource I could trust. When I asked our lawyer (we were using a top-five tech law firm) for help, he said, “We don’t really deal with shut downs.” Seriously?! Our accounting firm said the same. I felt lost, stressed and as if I were literally the first business in America shutting down. All I wanted was a simple, transparent solution to shut down; I wanted some help at this low point in my company and career. This pain and frustration has sat with me for some time now. That’s why I decided to launch SimpleClosure — a product that founders could rely on when they need help the most. *Our goal*: To become the easiest and most trustworthy way to shut down your startup. Taking the process from months and years to days and weeks, all while giving founders confidence that it’s done right! We recognize that failure is part of life. What motivates us is not companies shutting down, rather helping founders move onto their next thing with the peace of mind they deserve. *How it works:* First, SimpleClosure collects information to understand the challenges and intricacies specific to a company. We then initiate procedures and work on executing the specific dissolution and closure plan. That includes resolving any remaining obligations and tying up loose ends with customers, vendors, state agencies and employees. During that stage, the company prepares the necessary legal paperwork and works to secure required consents from stakeholders. Lastly, we handle the company’s intellectual property, settles any remaining financial obligations and handles fund distributions to investors. We also offers advice on post-closure activities, such as the retention and safe-keeping of vital company records.

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2yr ago

SimpleClosure

Maker

@vasil_shpakouski Thank you so much!

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2yr ago

awesome boring problem to solve

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2yr ago

SimpleClosure

Maker

@diego_akel That's what we think too - thanks Diego!

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2yr ago

Sortbird

Honestly this is the most unique idea I've seen in a long time! It focuses on a part of the startup journey that even though is so commonly encountered, is so overlooked! Congratulations, this is an awesome service! (although I hope I won't use it haha)

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2yr ago

SimpleClosure

Maker

@dan_tegzes Thanks for the compliment! Agreed - this is so often overlooked. It can be really hard sometimes to get help when you're down and we're trying to change that! And yes, I hope you won't need to use it!

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2yr ago

Efficiency at its finest! SimpleClosure, any advice on when a startup should consider your service?

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2yr ago

SimpleClosure

Maker

Great question, @abigailhernz! There is no one size fits all answer, but typically a startup would start to consider winding down with one of the following: 1. When your runway gets low (say below 4 months) and the fundraising efforts aren't going great. 2. When your board (assuming external directors) requests that executives think about closing shop. 3. PMF isn't there. Sometimes shutting down early, even with a lot of runway is the right move if the product isn't resonating with customers. Saves you the time and pain of fighting the current, and can return a significant % of your investors' investment. So far, most of our customers have come to us after making the decision to wind-down and after getting their board's buy in, but we don't expect all founders to act the same in the future. Hope this helps!

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2yr ago

Unstuck

This is a super concept and a really unique idea. You're probably tired of hearing this joke, but I'm hoping I'll never need this product 😅 The branding of the product is a little off, so I suggest you invest some effort in making it fit better with the product. For example, the font used for the logo has a lot of personality, which can be good for some products, but, in this case, it makes the product appear less trustworthy. Another example is the illustrations, which show a lot of smiling people. Shutting down a start-up is a tough situation, and the illustrations would benefit from reflecting empathy for the user's potential state of mind. I'm not saying it needs to be people crying, but tone down the big smiles.

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2yr ago

SimpleClosure

Maker

@maria_hagsten thank you for the kind words! We're definitely not tired of the joke yet, for me it's a sign that our pitch has landed as we intended. Appreciate your point about our branding, as you might imagine it's one of the aspects of the company that we are focused on getting right. I believe that perfecting our tone is important, and we recognize that it needs to sit somewhere between "smiling people" and "crying people". My take on this is that failure is a necessary part of any movement forward (queue the omelette and eggs idiom) and yes, it really sucks to fail, and there's always negative emotions involved - but it's also a low point from where you can start to climb up and achieve new goals. Recognizing and even embracing your failures (maybe only in retrospect) allows for real learning and personal advancement. Personally, I learned almost nothing from my past successes and almost everything from my spectacular failures. With that in mind, we're still honing in on the branding that will resonate with our frame of mind and everything might (and probably will) change in the future. Same goes for logo and typography, though we're rather happy with the fonts and respectably disagree on that point. If you have any additional thoughts or references then by all means please share!

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2yr ago