Planning to sell

Tuesday 4th February 2020

Selling your business is a big step and often whilst dealing with the legal procedures you are still trying to do the day to day jobs which can make an already stressful situation even more stressful. If you are thinking of selling then there are 5 steps you can take now which will help ease the burden when you finally find a buyer:

● Get the paper work in order – have a register of contracts with suppliers – utility suppliers, landlords, hire purchase, waste management, alarms, health and safety, IT etc. and keep copies of the contracts with the register

● Ensure that even if you do not have formal contracts with you customers you have a note of any long standing arrangements e.g. volume discounts, longer credit terms

● Make sure you have all the licences and consents in place that you need – have you registered with the ICO?, If you play music/have the radio on, on the shop floor or in the office do you a performing rights license? If you have a TV in the staff room or reception, do you have a TV license?

● Regularly check with insurers on the status of insurance claims, keep separate records of claims made against you and by you in one place. If different members of staff are dealing with matters make sure they centralise where they are storing information

● Ensure that personnel files are up to date – have you got all the right to work checks, has NMW payments been increased as needed (including where apprentices go into their second year), are contracts of employment signed and up to date? Have all necessary DBS checks been done?

If you would like assistance with a planning audit, we can help – Contact Hannah Scott for more information.