After selling your business, you may need to complete a handover, fulfil remaining contractual obligations and address any personal tax responsibilities arising from the sale. Your involvement will depend on the terms agreed with the buyer. Some sellers leave immediately after completion, while others remain temporarily to support the transition.
Three areas to consider include:
- Business handover: You may need to transfer important records, introduce the buyer to customers or suppliers, explain operational processes and provide agreed training or support.
- Ongoing contractual obligations: Review any warranties, indemnities, restrictive covenants, deferred payments or other conditions that continue after completion.
- Financial and tax responsibilities: Understand how the proceeds of the sale will be taxed and whether any further payments or financial adjustments are expected.
For example, a seller may agree to remain available for three months after completion to introduce key customers and support the new management team.
You should also consider your longer-term plans, whether that involves retirement, investing the proceeds or starting another business.
A solicitor and qualified tax advisor can help you understand the obligations and financial implications that remain after the transaction.
Read more: What Happens After Buying or Selling a Business?
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