Passing on the torch, a few things to consider...
Congratulations on building your business to the stage where there’s now new people eager to lead it. Our job is to understand the value you have contributed to the firm and ensure that the incoming owners uphold the business legacy and allow you to progress onto the next adventure of your life.
Discuss with Janey on what will be relevant for you so that she can advise & prepare the sale agreement specific for your purpose.
- Obligations to your employees.
- Landlord consent.
- Hire purchases included or to be repaid?
- Settlement deliverables.
- Who is the purchaser?
- Warranties by you.
- Restraints of trade by you.
- Default purchase price allocations.
- Director duties.
- Shareholders rights and obligations.
- Impact on dividend policy.
- Impact on imputation credits.
- Are you staying on as a shareholder?
- Do you need an accountant?
- Are you keeping or re-investing the funds received?
- Repayment of debts.