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Business Check List on and before Takeover Day

By Edited Nov 13, 2013 0 0

Essential information for Business Buyers

Business Check List on Takeover Day

These Check Lists are made on the assumption that anyone taking a lease or a tenancy will have been fully briefed by their Solicitor on their responsibilities within the constraints of the lease and the lists are for guidance and assistance in the taking over of a normal retail or manufacturing business.

Everyone buying a commercial property, especially a lease should have a full survey to establish their commitment in respect of dilapidations.

In addition always use a Lawyer specialising in Commercial Property, it can be a minefield.

The lists are in alphabetical order first and priority second, higher priority are in block letters in the alphabetical list.

1. Advertising

2. Always go for completion at the beginning of the month, it helps cash flow by using your credit terms to the full, if you takeover at the end of the month, you get a bill within a week, if you have a months credit, you effectively get nearly six weeks credit.

3. Asbestos Report including old Artex Ceilings and Walls

4. Bank business accounts

5. Cash and Carry Account

6. Cash and Change for Tills and Machines

7. Certification for all electrical appliances where applicable

8. Cleaning Equipment, understand good cleaning methods

9. Charities Local, to support

10. Cleaning supplies for Toilets etc

11. Close Business until at least mid-day for stocktaking

12. Cold Storage Check if necessary

13. Contract to buy Business, Signed and completion time.

14. Contracts of Employment for Staff

15. Delivery time and other Delivery Days for essentials on takeover day

16. Delivery Days for all suppliers and order Days

17. Diary for all Bookings and Incidents

18. Environmental Health & Health and Safety, Registration if applicable

19. Energy Suppliers, Annual Contract

20. Environmental Performance Certificate

21. Equipment details of any outstanding rented or financed equipment

22. Epos Tills make sure you know how they work

23. External Notices for Car Parks, Gardens etc.

24. Finance for completion

25. Fire Risk assessment.

26. Fire safety equipment contract.

27. First Aid Boxes.

28. Fixtures and Fittings, check quality and reject damaged fittings, if damaged since exchange of contracts, ensure that you have enough to equipment to trade with, many vendors remove equipment without realising that they have been paid for by the purchaser.

29. Graph to record Day to Day Takings

30. Heating Service Record for Boilers and any others

31. Inland Revenue if you have staff ensure that you are registered

32. Insurance, Business and property, public Liability

33. Interview Staff

34. Licences  Machinery, any equipment/vehicle that requires an operators licence

35. Local suppliers Accounts

Butcher, Baker, Builders Merchant, Catering equipment, Computer Service, Dry Goods, Frozen and Fresh Food, Gaming Machines, Garage local, Greengrocer, Ironmonger, Local Brewers, Office Equipment, Plumber, Electrician, Refrigeration Engineer, Wine Supplier, etc. depending on your business.

       36. Music Licences for piped music

37. Operating schedule if required, certain businesses selling alcohol require these.

38. PDQ Machines for Credit Cards

39. Performing Rights and PPL Phonographic Performance if applicable

40. Phone Numbers of Essential Contacts

41. Rates payable and dates

42. Refuse Collection

43. Service Contracts, Rodents, Equipment, Cleaning

44. Smoking legislation signs etc

45. Snagging list and all queries

46. Staff Dress Code, if appropriate

47. Staff Job Description (Jobs Manual is worth considering)

48. Staff paperwork Inland Revenue, hours etc

49. Staff References

50. Staff Redundancy, Details of possible redundancy commitment for existing staff in cost, to you.

51. Stocktaker for retail businesses

52. Suppliers Delivery time and other Delivery Days

53. Telephone Details & Internet

54. Trading accounts for 55. VAT Registration

56. Weights and measures signs and compliance

Order of Priority for Check List

1. Contract to buy Business, Signed and completion time.

2. Finance for Completion

3. Close business for part or whole of day for takeover.

4. Stocktaker for retail businesses

5. Fixtures and fittings

6. Delivery time and other Delivery Days for essentials on takeover day

7. Staff paperwork Inland Revenue, hours etc

8. Staff References

9. Staff Redundancy, Details of possible redundancy commitment for existing staff in cost, to you.

10. Contracts of Employment

11. Bank Business Accounts

12. Trading accounts for major suppliers,  and credit details

13. Snagging list and all queries

14. Refuse Collection

15. Local suppliers Accounts

Butcher, Baker, Builders Merchant, Catering equipment, Computer Service, Dry Goods, Frozen and Fresh Food, Gaming Machines, Garage local, Greengrocer, Ironmonger, Local Brewers, Office Equipment, Plumber, Electrician, Refrigeration Engineer

16. Weights and measures signs and compliance

17. Performing Rights and PPL Phonographic Performance licenses if applicable

18. Smoking legislation signs etc

19. Phone Numbers of Essential Contacts

20. Telephone Details of Pub/Restaurant

21. Deliveries on the Day

22. Cash and Change for Tills and Machines.

23. PDQ Machines for Credit Cards

24. Delivery Days for all suppliers and order days

25. Epos Tills understanding how they work

26. Fire Risk Assessment

27. Fire Safety Contract

28. Asbestos Check, including old Artex Ceilings and Walls.

29. First Aid Boxes

30. Inland Revenue if you have staff, ensure that you are registered

31. VAT Registration

32. Operating Schedule for businesses selling alcohol

33. Licences for machinery or equipment that requires registration

34. Insurance Documents, plus Public Liability

35. Staff Job Description (Jobs Manual is worth considering)

36. Equipment Details of outstanding rent or hire agreements

37. Certification of Electrical Appliances etc

38. Staff Dress Code

39. Cash and Carry account

40. Cold Storage Check if necessary

41. Environmental Health & Health and Safety Registration

42. Heating service record Boilers etc

43. External Notices for Car Park and Gardens

44. Environmental Performance Certificate

45. Energy Suppliers, annual contract

47. Diary for all Bookings and Incidents

48. Cleaning supplies for Toilets etc

49. Interview Staff if available

51. Rates payable and dates

50. Cleaning equipment, understand good cleaning methods

52. Service Contracts, Rodents, Equipment, Cleaning etc.

53. Advertising

54. Always go for completion at the beginning of the month, it helps cash flow by using your credit terms to the full, if you takeover at the end of the month, you get a bill within a week, if you have a months credit, you effectively get nearly six weeks credit.

55. Graph record of day to day Business

56.  Local Charities to support

suppliers,

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