What happens after completion.
WHAT THE BUYER NEEDS
Knowledge transfer Introduction to customers and suppliers Staff continuity Access to everything Time
WHAT TO AGREE IN ADVANCE
Whether you stay, in what role, for how long, and for what payment.
WHY IN ADVANCE
Expectations differ and the period is frequently contentious.
WHAT A TRANSITION PERIOD SHOULD COVER
How the business actually works Customer relationships and their history Supplier arrangements Staff and their capabilities Systems and access Anything undocumented
WHAT TO DOCUMENT BEFORE COMPLETION
As much as possible.
WHY
It reduces the transition period and the risk of disputes.
WHAT TO ESTABLISH ABOUT AUTHORITY
That the buyer decides after completion.
WHY
A former owner continuing to direct staff creates confusion and conflict.
WHAT TO DO ABOUT STAFF
Tell them properly, at the agreed time.
WHY TIMING MATTERS
Rumours are worse than the announcement.
WHAT TO ADDRESS
Their concerns: employment, terms, who they report to.
WHAT TO DO ABOUT CUSTOMERS
Introduce the buyer personally, where relationships are yours.
WHY
It is what transfers the relationship rather than losing it.
WHAT TO AVOID
Disappearing immediately Criticising the buyer's decisions Staying too long
WHY THAT LAST POINT
An extended presence prevents the business becoming the buyer's.
WHAT TO ESTABLISH
A clear end to your involvement.
