[cs_content][cs_section parallax=”false” style=”margin: 0px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”2/3″ class=”cs-ta-left” style=”padding: 0px;”][x_image type=”none” src=”http://www.thebusinessboard.co.uk/wp-content/uploads/2015/10/shutterstock_31532416-e1446201594496.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][cs_text]
Would you buy a car without checking its provenance? You might be put off to find that it’s a write off or still on finance…
This is even more important when it comes to buying or selling businesses as the potential liabilities can be damaging, time consuming and expensive – at worst they could be terminal.
So, be prepared. Here’s a check list of the few most common areas where due diligence falls down (but absolutely not an exhaustive list);
[/cs_text][cs_icon_list][cs_icon_list_item title=”Have all documentation available and neatly filed – sales, purchases, everything” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]Have all documentation available and neatly filed – sales, purchases, everything[/cs_icon_list_item][cs_icon_list_item title=”Make sure your staff records are up to date, contracts, handbooks, policies, holidays, benefits etc” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]Make sure your staff records are up to date, contracts, handbooks, policies, holidays, benefits etc[/cs_icon_list_item][cs_icon_list_item title=”All your statutory filings must be correct – VAT, PAYE, Corporation Tax – check this also shows correctly on line as people will look there” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]All your statutory filings must be correct – VAT, PAYE, Corporation Tax – check this also shows correctly on line as people will look there[/cs_icon_list_item][cs_icon_list_item title=”Property documentation, leases, certification, statement of condition, and beware of potential dilapidation” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]Property documentation, leases, certification, statement of condition, and beware of potential dilapidation[/cs_icon_list_item][cs_icon_list_item title=”Invest in systems, but most importantly for your financial records” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]Invest in systems, but most importantly for your financial records[/cs_icon_list_item][cs_icon_list_item title=”Ideally get someone else to manage all this so you don’t get distracted during the DD process” type=”check” link_enabled=”false” link_url=”#” link_new_tab=”false”]Ideally get someone else to manage all this so you don’t get distracted during the DD process[/cs_icon_list_item][/cs_icon_list][cs_text]The point here is simple, and there’s a great cliché about failing to prepare. If you’re not prepared your best case scenario is a hit on the price or structure, at worst it can render a business unsellable.
We have a great product that can help you plan this, and we’re always happy to have an initial consultation free, and with no obligation.
Speak to a Business Board advisor on 0845 337 3327 if you have any questions at all on the above, or indeed if you wish to discuss other related matters. [/cs_text][/cs_column][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”]