The Ethics Coach: In Tough Conversations, Do This. Be direct and truthful. It's powerful.

Q. I need to close my company and file for bankruptcy soon. We're still finishing up a few projects, so when should I tell my team? And my clients?

A. Sorry you're going through this, but as you know, now is not the time to wallow. It's a time for action. Ideally, you'd have begun telling your employees within a day or two of deciding to shutter the company. If decision day is long past, then today is the day. Chances are, your team already senses a problem. They'll be relieved to know. And you should do it before the rumor bonfire has scorched your relationships.