I'm not sure if I'll go that route mainly because if I do a look up by Record Manager and a mass mail merge (email for example) they re still included, right?
I was thinking of maybe creating a new user "Dead Accounts" and assigning those accounts to that. I think we have an extra account left anyway.
What do you think? I wish there was an active and non-active switch.
You might want to consider 2 options - Out of Business as an ID/Status for both company and contact or a checkbox for Out of Business. Either way, you could create a group with dynamic group membership and write the query to exclude those so that your marketing, be it mail or email, would not be sent to those contacts.