Friday, 31 October 2008

Check your paperwork

Company bosses considering selling their business must get their paperwork in order to ensure the sale goes smoothly.

Stuart Haynes, from our Commercial Team, said ongoing disciplinary procedures, and vague contract information, often slowed down the deal. “Sickness levels are also seen as a guide to the health and efficiency of the business – so review the level in your company and work on reducing it to make the company seem more attractive.”

“When business people look to sell up or retire, they usually want to leave the business in good shape, and make prospective buyers feel they are being given an accurate picture of the company’s staff.

“Any proposed sale of a business needs to comply with the Transfer of Undertakings Regulations. In everyday language, this refers to the need to provide specific information about employees. Start by getting your paperwork ready and ensuring all employment contracts are current – make sure all the related documents are in order too.

“You should also check to see if anyone has slipped through the net and isn’t on a proper contract for some reason. This may sound unlikely, but it is exactly this sort of issue that could delay the sale of the business.”

Stuart said it was vital to catalogue any grievances or tribunal claims, and ensure that any disciplinary hearings had been concluded.