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Old 10-30-2014, 09:40 AM
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therov therov is offline
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Default How To Close?

After several years in business, I will close at the end of the year. There is lots of advice about opening and operating the home daycare, but what about a how-to on closing?

I have a few things in mind and can use advice on others:

- Issuing a letter to clients just over a month before closing (I have a 30-day notice in my contract for clients and provider)
- Contacting state licensing office to let them know my close date and the fire marshal's office, if required.
- Contacting homeowner and liability insurances to cancel coverage effective close date.

The questions:
- Is there any argument for carrying the insurance policies any longer? all my fa,ilies are happy with care and I'm following the contract rules.
- What to do with all the STUFF that I've accumulated? I can't take a charitable donation write-off since they're business purchases. Yard sale? Other ideas?
- Anything I've forgotten? (And yes, we're going out to dinner to celebrate after my last day!)

Thanks, everyone.
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Old 10-30-2014, 10:47 AM
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permanentvacation permanentvacation is offline
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Are you asking if you should continue your insurance until you close or if you could get away with canceling your insurance now and continue doing daycare for the last month or so because your parents are happy with you?

If that is your question, I believe you should definitely keep your insurance until your last daycare child stops attend daycare. Do not do daycare at all without insurance. You could have done daycare for 50 years with no one getting hurt, then on your last day of daycare, a child could fall down your stairs, fall off the monkey bars, or something like that and become paralyzed for the rest of their lives - yes, an extreme example, but my point is you never know what could happen and how bad a child's injuries might be as a result of an accident while in your care. Therefore, I would suggest that you keep your insurance until the last second that you are in business.

If you are asking if you should carry your insurance after closing, I would think not, but you should ask your insurance company, your daycare licensing department, and I would also ask a lawyer, just to make sure you have yourself covered for the proper length of time needed.

As far as what to do with your daycare stuff, you could advertise in your local newspapers and on Craigslist and any other advertising venues you have in your area that you are closing your daycare and are selling your daycare items. Around here, that happens all the time and other daycare providers rush to buy their items. Of course, also have yard sales that you advertise as daycare provider going out of business, lots of children's items for ages 6 weeks - 5 years (or whatever age range your stuff is for)

Last edited by permanentvacation; 10-30-2014 at 11:03 AM. Reason: Ask professionals about when to cancel insurance to protect yourself.
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Old 10-30-2014, 10:59 AM
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therov therov is offline
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Quote:
Originally Posted by permanentvacation View Post
Are you asking if you should continue your insurance until you close or if you could get away with canceling your insurance now and continue doing daycare for the last month or so because your parents are happy with you?

If that is your question, I believe you should definitely keep your insurance until your last daycare child stops attend daycare. Do not do daycare at all without insurance.
It's a question of whether I would need to extend those insurances PAST my close date for any reason. The homeowner's rider to allow a home daycare can be cancelled right away because it's about on-property casualties, and those circumstances won't exist any longer. I'm just not sure about liability since I don't know much about that insurance.
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Old 10-30-2014, 11:14 AM
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Laurel Laurel is offline
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Quote:
Originally Posted by therov View Post
After several years in business, I will close at the end of the year. There is lots of advice about opening and operating the home daycare, but what about a how-to on closing?

I have a few things in mind and can use advice on others:

- Issuing a letter to clients just over a month before closing (I have a 30-day notice in my contract for clients and provider)
- Contacting state licensing office to let them know my close date and the fire marshal's office, if required.
- Contacting homeowner and liability insurances to cancel coverage effective close date.

The questions:
- Is there any argument for carrying the insurance policies any longer? all my fa,ilies are happy with care and I'm following the contract rules.
- What to do with all the STUFF that I've accumulated? I can't take a charitable donation write-off since they're business purchases. Yard sale? Other ideas?
- Anything I've forgotten? (And yes, we're going out to dinner to celebrate after my last day!)

Thanks, everyone.
I retired in June. I think I did everything you said. I only bought a 6 month insurance policy rather than a one year like usual and just let it lapse. I didn't think of a claim coming up from the past but I'd guess as long as the injury happened while you had insurance it would be covered if that is what you are thinking. Don't really know though. I'm not very much help am I?
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  #5  
Old 10-30-2014, 11:49 AM
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It'll be:
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  #6  
Old 10-30-2014, 12:51 PM
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Our CCRRN sends out fliers for local daycares that are going out of business if they're havinga sale. Normally they open it to providers first and then the general public.

As far as the insurance, I can't see why you'd need to carry coverage past your close date, but maybe ask your agent to be sure.

Good luck!
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