After the process of finding a buyer and selling your business, there is a good chance you’ll still need to turn up to work for a period of time.
Conditions of a sales agreement often include requirements for continuation of service for a transitional period. This involves working alongside the new owner for a set period to share information and knowledge of the business.
The terms and conditions for continuation of service are unique to the sales transaction and may potentially enhance the value of the business.
With the assistance of a business advisor, you can negotiate a transition period which is of most value to you.
If you would like support with any aspect of selling your business, contact the team at JPAbusiness on 02 6360 0360 (Orange) or 02 9893 1803 (Parramatta) for a confidential, obligation-free discussion.
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.