Loan that serves achieving your goals
The handover period is not just to provide information to the buyer, because during this time both buyer and seller are trying to achieve other things. These could include:
Reassuring management and employees about the future of the business and their role in it.
Providing comfort to customers or clients that they will continue to receive personal service from the new owner (whom they have now met).
Establishing buyer relationships with key suppliers.
Demonstrating to clients and customers that the retiring owner cares about personal relationships, thus helping to preserve client goodwill for the buyer.
Enabling the seller to leave the business with his relationships and reputation intact, which is especially important in small communities.
Providing the springboard for the buyer to develop new business opportunities with clients and customers. The disposal transaction will vary depending on the exit route you have chosen. Some aspects, such as due diligence will, however, be more or less the same. In all transactions there will be some form of sales contract. In trade sales, for example, sales contracts are broadly of two kinds, namely: a) in smaller businesses, those drawn up by the owners or their accountants b) in most other cases, contracts drawn up by solicitors.
In a trade sale, we believe that it is necessary to use a solicitor to draw up most contracts, except in the case of very small businesses. In other transactions, such as an MBO, it is essential that expert solicitors be used.
Where funding is required, lenders or VCs will usually use documentation drawn up by their own solicitors.