Avoid Last-Minute Business Settlement Stress!
Thinking of buying or selling a business? Let’s talk about the phase between signing the contract and finalizing the deal. It’s often more complex than it seems!
Recently, at Millens, we've helped several clients with business purchases, and one thing is clear: settlement preparation is key. Some people think it’s smooth sailing once the contract is exchanged—but then we mention a few questions like:
Have you transferred control of domain names, websites, or social media accounts?
If you're scratching your head thinking, "Wait, I didn’t consider that," don’t worry! We’ve got a comprehensive checklist to make sure nothing falls through the cracks. One of our recent clients used it, checked off each item, and sailed through to a smooth settlement.
Whether you're buying or selling, our team at Millens is ready to guide you through the entire process.
Reach out today to get our checklist here. Ensure your settlement goes off without a hitch!
VIDEO TRANSCRIPT
Ross Millen:
Lately, at Millens, we've been doing quite a few purchases of businesses for our clients. And I had someone the other day, I said, "Well, you've exchanged the business contract and now you need to get ready for settlement." And they said, "Oh, there's not really a lot to do. It's all pretty straightforward." And I said, "Well, think about some of these things like have you arranged to transfer control of any domain names or websites or social media accounts? Transferring any intellectual property? What about the stock take? Has that been organized and have you worked out what about stock in transit and things like that? What about all the debtors and creditors? Are you transferring employees? Have you got an up-to-date schedule of what all their entitlements are that you're going to take over? So it became quite clear that there were a whole lot of things. There were motor vehicles included. Had roadworthy certificates been obtained? So there were a whole lot of things, and I said, "Look, we've got a checklist for you. I can send you our checklist." And I said, "Then you can just work out what's relevant to your business purchase and tick them off as you go because between signing the contract and being ready to settle, there's a whole lot of things that have to happen." So for this client, I was able to send him our checklist and he worked through it, made sure everything was done, and everything happened smoothly on the final settlement. So if you're buying a business or selling a business, contact myself or anyone else at Millens, we're here to help. Thank you.
