What assistance does a buyer get once they take over an industrial business?

Most business sale contracts will include an agreement between the buyer and seller about the handover to be provided by the owner.

The handover is the time the old owner stays with the business to help and train the new owner.

In most cases the handover is on a reducing basis over 2 to 3 months, e.g. during the first month the old owner might work in the business on a full time basis, this will usually reduce to 3 days per week for the second month and then perhaps to 1 or 2 days per week for the third month. In addition, the old owner will often remain available by phone for a year or so after the sale.

If required, a handover can also include the old owner providing assistance at key times during a year such as trade shows, buying trips, seasonal ordering times or conferences.

Also, where a business has agencies or agreements with overseas suppliers, the handover might also include the old owner traveling with new owner to meet with overseas principals.

The key factor here is that most businesses owners are genuinely interested in their business remaining successful under the new owners.

In fact nothing would make them happier than seeing their ‘baby’ blossom under new enthusiastic owners and therefore they will normally do their best to help where they can.