There are many important issues a vendor needs to deal with in the transfer process leading up to a business sale settlement.
The last thing anyone wants is a handover whereby business performance is negatively impacted by transfer issues not planned out ahead of time and dealt with appropriately. These issues may include:
- staff entitlements and employment contracts
- managing key customer and supplier relationships and communication
- transfer of registrations and insurances on P&E
- work in progress
- final stocktake
- premises lease transfer.
We created the Business Transfer Checklist to help both vendors and buyers achieve a smooth transfer. There is quite a bit of interplay and overlap between the issues, but for the purposes of the checklist, and its associated eBook, I separated them into seven categories:
The checklist is designed to help vendors ensure they have gathered all the information needed for a smooth transfer process.
It can also be used by purchasers as a checklist of issues that need to be settled before handover.
If you’re in the process of buying or selling a business, I recommend you download the checklist and use it to help ensure the transfer process runs smoothly and value is maintained for all parties involved.
If you would like support to manage a business ownership transfer, or any part of the business transaction process, contact the team at JPAbusiness on 02 6360 0360 or 02 9893 1803.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.