Page 22 - SEll Your Business Booklet

STEP 9. Settlement and Handover

The deal is

successfully sealed

After receiving written confirmation that the
Agreement is unconditional, the sale is official.

There are still a few steps to take before you can celebrate a
successful sale, however you and the buyer need to complete the
transaction for them to become the new owner of the business.
Solicitors for both parties will finalise the details required for
settlement to take place on the specified date. The deposit being
held in the Trust Account can be paid to you after a minimum of
ten days (less any brokerage fees). Between the Agreement going
unconditional and the settlement date, you and the new owner
need to finalise the following:

Stocktake Set-up Checklist

The Agreement will nominate a The new owner will want to Advise employees immediately
stock value and a percentage inspect any plant and equipment of new ownership
stock variance figure, which detailed in the Agreement, to
reflects shifts in stock values ensure it’s in good working Inform suppliers, customers and
depending on seasonal condition. If anything is damaged other appropriate parties
adjustments, shipping or or faulty, it’s your responsibility Help with training
manufacturing cycles. Stock values to have it repaired or replaced; Organise stocktake
are established by calculating otherwise, its value may be
the historical cost of purchased deducted from the total Prepare for possession and
stock and – in the case of a plant value. settlement dates
manufacturing business – the Provide keys and security codes
value of the work in progress. Settling in
To reach a final stock figure, a Confirm transfer of power, phone,
eftpos
physical stocktake will take place The Agreement stipulates the
just before settlement with you period of time you’ve agreed to Transfer ownership of domain
and the new owner both present. spend helping the new owner names
after settlement. Depending on
the complexity of the business, Chill the champagne!
this is normally up to four weeks:
often full-time for two weeks
and part-time after that. If any
additional assistance is required
beyond that period, it’s normally
negotiated at a pre-agreed
hourly rate.

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