TALENT

Mature BusinessTALENT

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  • HR's Role During Transition
    Game Plan
    In-Depth

    Selling the Business

    When the business is being sold, make sure that all t’s are crossed and i’s dotted. The first step is preparing a Sales Agreement, the core document for selling business assets and/or company stock. Your job is to make sure the Sales Agreement is accurate. Also, make sure that  it addresses all purchase terms and components, including:

    • Seller, buyer and business names
    • Background information
    • Purchase price, assets being sold (including a complete list of inventory), and how those assets will be allocated
    • Non-compete covenant
    • Terms of Agreement and payment terms
    • Seller and buyer representation and warranties
    • Access to business information
    • Date of closing, and how the business will be run in advance of that date
    • Contingencies
    • Fees (including broker fees)
    Game PlanGame Plan

    Game Plan

    Prepare the Sales Agreement. Then be sure to forward it to the company’s attorney for an intense review. An even better idea: Enlist that attorney’s assistance in drafting the document.