Training the New Owner and Providing On-going Support with Bill Kelly

Episode 25 Training the New Owner and Providing On-going Support

Review of Sellers Post-closing obligations

Transition of Management. Post-closing Sellers usually have several days, weeks or even months of training and assistance obligations to the new Owner. Ask your Broker to facilitate a meeting prior to closing to make a transition plan with the new owner.

Changing Asset Ownership. Helping a new owner get control of the intangible assets can be difficult. Items such as, websites, social media sites, software, PC passwords, patents, copyrights, and trademarks will take time and effort post-closing. Transitioning Customers. Assisting the new owner with contacting key customers is central to the successful hand-off of your business. Planning with the new owner and delivering the right message to your customers is essential.

Transitioning Vendors. Assisting the new owner establish a business relationship with your vendors and suppliers can be time consuming but is always to your mutual benefit. There will usually be applications and procedures the new owner will need your advice on.

Checking in and Consulting Post-closing you should periodically check in with the new owner and offer your assistance if needed. A long-term relationship with the new business owner can lead to other opportunities and build your reputation in the industry. Tags: Selling a Business, Business Brokers, Post-closing, Consulting, Document Management, New-Owner, Transworld Business Advisors