6 EASY STEPS TO SELLING A BUSINESS
STEP 6 – THE HANDOVER
Prior to takeover and settlement you will have appointed a conveyancer/settlement agent. They will organise the money movements and liaise with your banker or finance Broker and arrange a settlement time with the Buyer’s conveyancer.
They will also liaise with the landlord/managing agent on lease assignment documents and also on transfer of licenses associated with the business. Your settlement agent will also assist you with business names transfers and housekeeping issues such as utilities.
As the outgoing owner, you will need to advise termination of your staff after the Buyer advises you if they intend to employ all or some of the staff. The Buyer must give you the appropriate time to advise staff members of their future employment and for you to introduce the Buyer to the staff prior to settlement day.
On settlement day you and the incoming owner will arrange:
- For the stock to be counted
- To check off all the plant and equipment of the business
- To transfer control of keys, alarms, domain names, websites, security codes and computer systems
- The transfer of purchase funds
Settlement usually happens over a weekend.
FINALISING THE SALE
To minimise the occurrence of any problems and to ensure the sale is valid involve a professional settlement agent or conveyancer. GMO can provide you with names of credible professionals to consider.