Providing assistance to the purchaser.
Most purchasers will need some help transitioning into the business. Think about your availability and what help you are prepared to give the purchaser both before and after settlement.
Contracts, Licences and Permits.
You will need to identify all of the third-party contracts you use in the business. You will then have to understand whether they can be transferred to a new party (the purchaser). There may be requirements to transfer the contracts and you need to ensure that you understand what those requirements are and give yourself enough time to meet your obligations. Common contracts that must be transferred in a sale of business include:
- Equipment hire
- Supplier contracts
- Liquor licence
- Hospitality and council permits.
In a hospitality business, the Council may also require that an inspection be undertaken, so understanding the time needed to satisfy the Council’s requirement is important. You don’t want to have to delay settlement because you haven’t allowed enough time.
All of the contracts and permits to be transferred must be included in the contract of sale, so organisation is the key!
Contact me for a complimentary consultation to discuss how I can assist with your sale of business.